Patel Engineering soars 10% on bagging Rs 640 crore irrigation order

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Shares of Patel Engineering soared 10 percent on March 3 after the company bagged an irrigation order worth  Rs 640.06 crore.

At 2:46 pm, the stock was up 8.4 percent at Rs 15.66 on the BSE. The scrip has rallied 16 percent in the past week but is down 18 percent YTD.

The company along with its JV Partners have received a letter of award for Rihand Micro Irrigation Project from the Department of Water Resources, Madhya Pradesh, the company said in an exchange filing.

“The company being 80 percent partner in the JV, our share in the project is Rs 512.04 crore,” the company added.

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The company’s total order book as of December 2022 end stood at Rs 16,809.4 crore with its nine irrigation orders valuing Rs 2,372.5 crore.

In Q3 of FY23, of the total standalone revenue, 19 percent came from the irrigation segment. During the December quarter, the company reported a 20 percent jump in standalone revenue to Rs 929.39 crore.

Meanwhile, the majority of the orders are from the central government, public sector undertakings and state government departments.