Patel Engg net jumps 29.39% for Q1 FY09
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