The Hindu Business Line : Patel Engg net rises 64 pc

MUMBAI: Patel Engineering has registered a 64 per cent rise in net profit in the fourth quarter ended March 2005 to touch the Rs 10.6-crore mark against the corresponding quarter of the previous fiscal. During the quarter, its revenue went up by 9.5 per cent to reach Rs 290 crore.

For the year ended March 31, 2005, the net profit grew by 29.2 per cent to Rs 36 crore, while revenues touched Rs. 801.2 crore, up by 2.2 per cent. During the year, its order book stood at Rs 3,171 crore.

According to Mr Rupen Patel, Managing Director, the last fiscal marked the beginning of a "new optimism" for the infrastructure construction sector. "Our strategic focus on hydropower and irrigation sectors combined with our technological expertise is gaining traction," he pointed out.

The company recently bagged a Rs 18.4 crore micro-tunnelling project in Mumbai, which is the second such project in India.

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