Patel Engineering Ltd

Patel Engineering Ltd

₹ 61.8 4.80%
22 Apr 12:00 p.m.
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

Overview[1]
Patel Engineering Limited, founded in 1949 and headquartered in Mumbai, is a prominent player in civil engineering construction. The company holds a strong presence in various high-margin, technology-intensive areas like hydro, tunnelling, irrigation, water supply, urban infrastructure, and transport. It has executed 250+ projects. Patel Engineering Limited is involved in Hydropower, Irrigation and tunneling segments which constitute 90% of their orderbook.

  • Market Cap 4,783 Cr.
  • Current Price 61.8
  • High / Low 79.0 / 17.7
  • Stock P/E 23.8
  • Book Value 38.2
  • Dividend Yield 0.00 %
  • ROCE 13.7 %
  • ROE 6.93 %
  • Face Value 1.00

Pros

  • Debtor days have improved from 62.1 to 46.2 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 2.70% over last 3 years.
  • Contingent liabilities of Rs.3,080 Cr.
  • Promoters have pledged 88.7% of their holding.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -16.8%

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
544 734 666 724 878 1,112 901 830 955 1,205 1,119 1,021 1,061
474 655 562 602 732 957 767 712 814 1,036 948 881 919
Operating Profit 70 78 104 122 146 155 134 119 140 169 171 140 142
OPM % 13% 11% 16% 17% 17% 14% 15% 14% 15% 14% 15% 14% 13%
24 -171 30 16 16 24 39 31 26 35 12 24 52
Interest 98 116 106 104 106 104 99 104 105 104 88 92 89
Depreciation 18 20 20 20 21 21 19 20 21 21 22 23 23
Profit before tax -22 -229 9 14 36 54 55 25 40 80 72 49 82
Tax % -55% 36% 129% 39% 19% 37% 32% 48% 23% -0% 42% 22% 16%
-36 -141 -0 7 27 38 37 23 24 82 43 38 69
EPS in Rs -0.57 -2.02 -0.01 0.10 0.38 0.53 0.51 0.30 0.31 1.06 0.56 0.49 0.89
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
3,592 4,115 3,701 3,415 4,041 3,884 2,275 2,362 2,617 1,995 3,380 4,202 4,406
3,131 3,554 3,234 2,919 3,642 3,463 1,743 1,985 2,432 1,750 2,850 3,577 3,784
Operating Profit 461 561 467 496 399 421 531 377 185 244 530 625 622
OPM % 13% 14% 13% 15% 10% 11% 23% 16% 7% 12% 16% 15% 14%
91 79 99 131 41 165 106 247 202 -115 83 119 123
Interest 333 437 438 516 602 579 489 370 266 401 420 418 373
Depreciation 89 77 82 80 55 78 54 50 66 72 82 93 89
Profit before tax 130 126 46 32 -216 -71 94 204 55 -344 112 233 283
Tax % 46% 41% 46% 69% 9% -45% -12% 22% 43% 21% 39% 23%
70 74 25 10 -196 -103 105 154 11 -291 72 183 232
EPS in Rs 2.65 2.59 0.60 0.31 -7.10 -1.82 1.85 2.61 0.18 -4.16 1.00 2.37 3.00
Dividend Payout % 3% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 0%
5 Years: 13%
3 Years: 17%
TTM: 16%
Compounded Profit Growth
10 Years: 11%
5 Years: -1%
3 Years: 342%
TTM: 53%
Stock Price CAGR
10 Years: 1%
5 Years: 27%
3 Years: 78%
1 Year: 230%
Return on Equity
10 Years: 2%
5 Years: 3%
3 Years: 3%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,550 1,621 1,785 1,885 1,705 2,123 2,144 2,260 2,506 2,273 2,336 2,811 2,875
Preference Capital 0 0 0 0 0 0 0 0 0 0 0 0
2,838 3,475 4,478 5,163 5,395 4,982 2,910 2,698 2,296 2,296 2,292 1,770 2,005
1,797 1,920 2,337 2,183 2,404 2,555 2,344 3,226 3,485 3,471 3,835 4,092 3,720
Total Liabilities 6,192 7,023 8,608 9,239 9,512 9,676 7,414 8,201 8,328 8,087 8,510 8,750 8,678
635 715 674 658 622 629 556 578 607 683 1,181 1,294 1,228
CWIP 418 536 786 982 837 868 792 1,063 1,141 679 283 294 295
Investments 99 113 134 182 164 138 140 116 79 68 82 124 126
5,040 5,659 7,014 7,417 7,889 8,040 5,926 6,443 6,501 6,658 6,965 7,037 7,029
Total Assets 6,192 7,023 8,608 9,239 9,512 9,676 7,414 8,201 8,328 8,087 8,510 8,750 8,678

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
548 -1 -362 -1 -48 567 403 836 407 389 514 693
-227 -168 -377 -244 272 -222 245 -327 -47 7 -121 -217
-230 177 614 229 -311 -343 -578 -513 -367 -311 -340 -536
Net Cash Flow 91 8 -125 -16 -86 2 70 -4 -7 85 54 -60

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 104 92 53 61 46 24 39 35 46 79 61 46
Inventory Days
Days Payable
Cash Conversion Cycle 104 92 53 61 46 24 39 35 46 79 61 46
Working Capital Days 239 251 304 358 363 339 379 349 306 539 303 232
ROCE % 11% 12% 8% 8% 7% 8% 11% 10% 6% 6% 12% 14%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
56.23% 54.62% 54.62% 54.62% 54.62% 43.48% 39.11% 39.42% 39.42% 39.42% 39.42% 39.42%
0.00% 0.01% 0.51% 0.39% 0.37% 2.98% 2.92% 2.10% 2.38% 2.36% 2.83% 3.37%
19.44% 15.02% 15.02% 15.02% 15.03% 13.96% 13.96% 9.20% 9.25% 6.25% 5.59% 4.48%
21.50% 27.61% 27.10% 27.24% 27.25% 32.39% 36.82% 44.49% 44.15% 47.18% 47.37% 47.93%
2.83% 2.75% 2.75% 2.74% 2.74% 7.19% 7.19% 4.79% 4.79% 4.79% 4.79% 4.79%
No. of Shareholders 77,99588,66591,85892,86995,24599,0561,08,3211,19,5071,37,0562,00,9412,18,5822,59,605

* 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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