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Patel Eng consolidated net profit up 41.78%

Patel Engineering Ltd, a construction company specialising in hydro-power generation and irrigation segment, has announced a 41.78% rise in consolidated net profit at Rs193.32 crore for the year ended March 31, 2010 as compared to Rs 136.36 crore for the previous year ended March 31, 2009.
Meanwhile, consolidated revenues grew by 25.26% to Rs3,081.08 crore as compared to Rs2,459.84 crore for the previous year ended March 31, 2009.
For the year ended March 31, 2010, the EBIDTA margins stood at 15.88% as compared to 15.84 per cent for the corresponding previous year. The earning per shares stood at Rs 30.21 for the year ended March 31, 2010, based on the weighted average shares after the QIP and ESOP issue in the current year.
Q4FY10 Performance
Consolidated revenue grew 24.05% to Rs1,197.09 crore for the fourth quarter ended March 31, 2010 as compared to Rs 964.99 crore for the corresponding quarter last year. During the quarter, consolidated net profit grew by 70.47% to Rs71.94 crore as compared to Rs 42.20 crore in the corresponding quarter last year.
During the quarter, the Company’s subsidiary was awarded a contract for the development of the largest Waterfront project in Mauritius. The project envisages the development of an integrated township within the capital city of Port Louis. The Government of Mauritius has entrusted the Company to develop the Master Plan in line with the government’s intention to establish Port Louis as the commercial hub in the Indian Ocean region.
This project involves construction of tourist heritage centre, apartments complex, office building, shopping malls, entertainment hub, marine garden etc, spanning a built up area of over 10 million sq ft and will generate gross revenues in excess of Rs4,500 crore.
The project is expected to be completed within a period of seven years from commencement. The foundation stone for this mega project was laid by the Prime Minister of Mauritius Dr. Navinchandra Ramgoolam.

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