Patel Engineering stock got locked at 5% upper circuit in today’s session!

On Wednesday, shares of Patel Engineering zoomed and got locked at 5% upper circuit to trade at an intraday high and a new 52-week high level of Rs 32.20 apiece on BSE. The scrip witnessed a massive spurt in volume.  

In Q4FY23, the company experienced a significant increase in net sales, with a surge of 14.32% compared to the same quarter of the previous year, amounting to Rs 1,192.18 crore. The company’s EBITDA level also showed positive growth, reaching Rs 176 crore, reflecting a 13.4% increase from the previous quarter in March 2022. Remarkably, the net profit of the company skyrocketed by an impressive 128% compared to the corresponding quarter of the previous year, reaching Rs 84.08 crore. 

Rupen Patel, the Chairman & Managing Director of Patel Engineering Limited, expressed satisfaction with the company’s results, highlighting the excitement generated by the addition of new projects during the current year. These projects have played a pivotal role in propelling the company’s order book to an exceptional level, surpassing Rs 20,000 crore. 

The company has achieved significant improvements in revenue and profit, demonstrating its resilience and ability to thrive in a fiercely competitive market. 

Patel Engineering, a 73-year-old construction company established in 1949, has grown to become a specialist in the hydropower generation and irrigation sectors. They have worked on various infrastructure projects, including dams, bridges, tunnels, roads, and industrial structures, as well as heavy civil engineering works, primarily as civil contractors, in the hydropower, irrigation and water supply, urban infrastructure, and transportation segments. 

As per the shareholding pattern as on March 31, 2023, Kedia Securities Private Limited (owned by Vijay Kedia) held a 1.29% stake in the company. Moreover, the stock has witnessed heavy buying as it has given multibagger returns of more than 130% in just 3 months. Keep a close eye on this trending multibagger stock.