Patel Engineering Ltd Quarterly profit up at Rs.26.36 Crores

Patel Engineering Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.263.6 million for the quarter ended June 30, 2007 where as the same was at Rs.199.59 million for the quarter ended June 30, 2006. Total Income is Rs.3336.1 million for the quarter ended June 30, 2007 where as the same was at Rs.2925.7 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.4.42 for Quarter ended June 30, 2007 compared to Rs.3.69 reported during Quarter ended June 30, 2006.

The company is actively pursuing to exploit its existing land bank which is in excess of 500 acres by creating SPV in which it will induct either financial investors or developers.

During the quarter ended June 30, 2007 the company incorporated four wholly owned subsidiaries.

The company plans to foray as an Independent Power Producer (IPP) both in Hydro Power and Thermal Power sector with its maiden venture coming up in Thermal space with 1200 MW at Bhavnagar, in the State of Gujarat. This would be taken up through special purpose vehicles.

Source : Equity Bulls

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