Patel Engineering Ltd

Patel Engineering Ltd

₹ 56.9 -0.87%
28 Mar - close price
About

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport. [1]

Key Points

Projects
The Co has undertaken various projects such as Kameng Hydro Electric Project, SRSP Canal Project, Raichur Sholapur Transmission Project, Rampur Hydro Electric Project, and High Altitude Road projects in various areas among other projects. [1]

  • Market Cap 4,402 Cr.
  • Current Price 56.9
  • High / Low 79.0 / 14.6
  • Stock P/E 19.9
  • Book Value 39.2
  • Dividend Yield 0.00 %
  • ROCE 13.7 %
  • ROE 6.09 %
  • Face Value 1.00

Pros

  • Debtor days have improved from 52.9 to 41.4 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 2.58% over last 3 years.
  • Contingent liabilities of Rs.2,966 Cr.
  • Promoters have pledged 88.7% of their holding.
  • Earnings include an other income of Rs.200 Cr.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -21.4%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
473 624 575 652 760 1,043 881 814 929 1,192 1,091 1,012 1,052
420 566 489 556 640 888 758 704 799 1,016 938 877 908
Operating Profit 53 57 87 96 120 155 123 111 131 176 152 136 145
OPM % 11% 9% 15% 15% 16% 15% 14% 14% 14% 15% 14% 13% 14%
35 -52 39 26 11 15 44 36 26 32 116 30 22
Interest 95 93 99 96 100 99 96 101 103 101 87 90 88
Depreciation 16 17 17 17 17 18 19 20 21 21 22 23 23
Profit before tax -23 -105 11 9 14 54 52 27 33 86 160 52 56
Tax % -47% 83% 67% 35% 35% 32% 34% 42% 34% 3% 17% 20% 24%
-34 -17 4 6 9 37 34 16 22 84 132 41 43
EPS in Rs -0.52 -0.25 0.05 0.09 0.13 0.51 0.48 0.20 0.28 1.08 1.71 0.53 0.55
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,550 3,103 2,704 2,473 2,764 2,926 2,039 2,070 2,333 1,719 3,030 3,817 4,347
2,207 2,659 2,331 2,042 2,409 2,397 1,582 1,793 2,208 1,550 2,570 3,277 3,739
Operating Profit 343 444 373 431 355 529 457 277 125 169 460 540 609
OPM % 13% 14% 14% 17% 13% 18% 22% 13% 5% 10% 15% 14% 14%
94 105 146 195 281 262 176 202 326 49 90 138 200
Interest 288 420 429 552 629 638 536 323 331 369 393 400 366
Depreciation 53 53 54 52 46 46 44 41 59 64 68 81 89
Profit before tax 96 77 36 22 -39 107 52 115 61 -215 88 198 354
Tax % 37% 36% 31% 46% 24% 61% -13% 28% 39% 36% 37% 22%
60 49 25 12 -30 42 59 83 37 -138 56 156 300
EPS in Rs 2.40 1.96 0.91 0.43 -1.08 0.74 1.05 1.40 0.61 -1.98 0.77 2.01 3.87
Dividend Payout % 3% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 2%
5 Years: 13%
3 Years: 18%
TTM: 19%
Compounded Profit Growth
10 Years: 13%
5 Years: -5%
3 Years: 72%
TTM: 75%
Stock Price CAGR
10 Years: 3%
5 Years: 26%
3 Years: 74%
1 Year: 282%
Return on Equity
10 Years: 3%
5 Years: 3%
3 Years: 3%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 7 7 8 8 8 16 16 16 41 47 48 77 77
Reserves 1,407 1,451 1,607 1,692 1,733 2,167 2,210 2,287 2,529 2,446 2,305 2,780 2,952
Preference Capital 0 0 0 0 0 0 0 0 0 0 0 0
2,080 2,735 3,516 4,081 4,834 4,474 2,403 2,215 1,904 1,949 2,020 1,559 1,830
1,452 1,368 1,792 1,642 2,027 2,288 2,110 2,766 3,009 3,028 3,364 3,714 3,534
Total Liabilities 4,946 5,562 6,922 7,422 8,601 8,946 6,739 7,286 7,483 7,469 7,736 8,131 8,393
257 297 247 214 184 293 249 270 301 360 1,070 1,184 1,178
CWIP 104 18 21 4 101 5 2 3 11 5 5 14 12
Investments 554 571 592 606 515 492 495 600 669 654 258 226 237
4,032 4,675 6,063 6,598 7,801 8,155 5,994 6,412 6,502 6,449 6,403 6,708 6,967
Total Assets 4,946 5,562 6,922 7,422 8,601 8,946 6,739 7,286 7,483 7,469 7,736 8,131 8,393

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
218 68 -334 -55 -8 405 340 428 394 242 311 546
-52 -248 -93 -47 9 -30 349 -4 -64 -22 -12 -139
-120 225 397 77 -45 -370 -625 -442 -348 -206 -229 -445
Net Cash Flow 46 44 -30 -26 -43 5 65 -18 -19 13 70 -38

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 121 94 50 64 31 24 36 37 49 71 46 41
Inventory Days
Days Payable
Cash Conversion Cycle 121 94 50 64 31 24 36 37 49 71 46 41
Working Capital Days 279 279 340 397 475 392 373 391 299 517 275 221
ROCE % 11% 13% 10% 10% 10% 13% 14% 11% 8% 6% 12% 14%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
56.23% 56.23% 54.62% 54.62% 54.62% 54.62% 43.48% 39.11% 39.42% 39.42% 39.42% 39.42%
0.00% 0.00% 0.01% 0.51% 0.39% 0.37% 2.98% 2.92% 2.10% 2.38% 2.36% 2.83%
24.31% 19.44% 15.02% 15.02% 15.02% 15.03% 13.96% 13.96% 9.20% 9.25% 6.25% 5.59%
16.63% 21.50% 27.61% 27.10% 27.24% 27.25% 32.39% 36.82% 44.49% 44.15% 47.18% 47.37%
2.83% 2.83% 2.75% 2.75% 2.74% 2.74% 7.19% 7.19% 4.79% 4.79% 4.79% 4.79%
No. of Shareholders 60,11177,99588,66591,85892,86995,24599,0561,08,3211,19,5071,37,0562,00,9412,18,582

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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