Patel Engineering Q4 net up 121.20 pc to Rs 23.41 crore

Mumbai, Apr 26 (UNI) Patel Engineering, a civil infrastructure construction company, has posted a net profit of Rs 23.41 crore for the quarter ended March 31, 2006 as compared to Rs 10.58 crore in the corresponding quarter of the previous year, reflecting a jump of 121.20 per cent.

Announcing the results, the Company said its total income during the quarter rose 25.85 per cent to Rs 358 crore compared to Rs 284.45 crore during the same period previous year.

Meanwhile, the Company's consolidated net profit grew 75.86 per cent to Rs 73.07 crore for the year ended March 31, 2006 compared to Rs 41.55 crore the previous year. Its total income during the year grew 30 per cent at Rs 1011.38 crore as against Rs 777.94 crore the previous year.

The earning per share (basic and diluted of face value of Re 1) for the year stood at Rs 14.92 as on March 31, 2006 compared to Rs 8.55 in the previous year.

The Follow-on Public Offer (FPO) of Patel Engineering is scheduled to open for subscription on May 3 and close on May 9. The FPO is for fresh equity shares of Re 1 each for cash at a premium, at a price to be determined through 100 per cent book building process.

The Company is raising funds to make investments in infrastructure projects and capital equipment, repayment of contractee advances/debt and for general corporate purpose including additional working capital. The Company also intends to bid for projects on an Annuity, IPP, BOT or BOOT basis and also invest in subsidiaries and joint ventures within and outside India.

UNI SN MAZ NV2121