Patel Engg net jumps 29.39% for Q1 FY09

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New Delhi, Jul 15 (UNI) Civil infrastructure construction company, Patel Engineering, has churned a 29.39 per cent jump in its consolidated net profit at Rs 34.99 crore for the quarter ended June 2008 as against Rs 27.04 crore in the corresponding period previous year.

Consolidated income from operations for the reporting quarter rose 34.47 per cent at Rs 558.39 crore as against Rs 415.25 crore in Q1 FY08, a company statement today said.

On Patel Realty, the company's wholly-owned real estate development subsidiary, the statement said it currently owns development rights for more than 1,000 acres of urban land-bank in Bangalore, Chennai, Hyderabad, Mumbai and Panvel, Mumbai.

''The company plans to focus on residential and commercial development in these metros and is in the first phase of development,'' Patel Engineering's Managing Director, Rupan Patel, said adding ''with several big infrastructure projects expected to take-off in the coming months, we continue to remain bullish on the business environment.'' UNI PDT SR KN1657

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