Patel Engineering Ltd

₹ 25.8 0.39%

02 Jun - close price

pateleng.com BSE: 531120 NSE - BE : PATELENG

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]

Website BSE NSE - BE

Market Cap ₹ 2,000 Cr.
Current Price ₹ 25.8
High / Low ₹ 29.7 / 13.1
Stock P/E 10.9
Book Value ₹ 37.3
Dividend Yield 0.00 %
ROCE 14.0 %
ROE 6.98 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Stock is trading at 0.69 times its book value
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 2.71% over last 3 years.
Contingent liabilities of Rs.2,323 Cr.
Promoters have pledged 88.7% of their holding.
Company's cost of borrowing seems high
Promoter holding has decreased over last 3 years: -24.5%

* 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	550	276	441	544	734	666	724	878	1,112	974	893	1,037	1,298
	619	236	395	474	655	562	602	732	957	824	762	873	1,117
Operating Profit	-69	40	46	70	78	104	122	146	155	150	131	164	181
OPM %	-13%	14%	10%	13%	11%	16%	17%	17%	14%	15%	15%	16%	14%
	60	25	18	24	-171	30	16	16	24	36	29	20	35
Interest	70	82	107	98	116	106	104	106	104	100	106	107	106
Depreciation	17	17	17	18	20	20	20	21	21	22	23	24	24
Profit before tax	-97	-33	-60	-22	-229	9	14	36	54	63	31	53	86
Tax %	24%	3%	-2%	-55%	36%	129%	39%	19%	37%	34%	48%	29%	3%
Net Profit	-80	-42	-72	-36	-141	-0	7	27	38	41	26	31	85
EPS in Rs	-1.30	-0.67	-1.11	-0.57	-2.02	-0.01	0.10	0.38	0.53	0.58	0.34	0.40	1.10
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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
	3,592	4,115	3,701	3,415	4,041	3,884	2,275	2,362	2,617	1,995	3,380	4,202
	3,131	3,554	3,234	2,919	3,642	3,463	1,743	1,985	2,432	1,750	2,850	3,577
Operating Profit	461	561	467	496	399	421	531	377	185	244	530	625
OPM %	13%	14%	13%	15%	10%	11%	23%	16%	7%	12%	16%	15%
	91	79	99	131	41	165	106	247	202	-115	83	120
Interest	333	437	438	516	602	579	489	370	266	401	420	418
Depreciation	89	77	82	80	55	78	54	50	66	72	82	93
Profit before tax	130	126	46	32	-216	-71	94	204	55	-344	112	233
Tax %	46%	41%	46%	69%	9%	-45%	-12%	22%	43%	21%	39%	23%
Net Profit	70	74	25	10	-196	-103	105	154	11	-291	72	183
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
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:	24%

Compounded Profit Growth
10 Years:	11%
5 Years:	-1%
3 Years:	343%
TTM:	101%

Stock Price CAGR
10 Years:	-1%
5 Years:	-5%
3 Years:	32%
1 Year:	13%

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
	7	7	8	8	8	16	16	16	41	47	48	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
	2,838	3,475	4,478	5,163	5,395	4,982	2,910	2,698	2,296	2,296	2,292	1,770
	1,797	1,920	2,337	2,183	2,404	2,555	2,344	3,226	3,485	3,471	3,835	4,092
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
	635	715	674	658	622	629	556	578	607	683	1,181	1,294
CWIP	418	536	786	982	837	868	792	1,063	1,141	679	283	294
Investments	99	113	134	182	164	138	140	116	79	68	82	124
	5,040	5,659	7,014	7,417	7,889	8,040	5,926	6,443	6,501	6,658	6,965	7,037
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

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	537	693
	-227	-168	-377	-244	272	-222	245	-327	-47	7	-144	-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												1,383
Days Payable												573
Cash Conversion Cycle	104	92	53	61	46	24	39	35	46	79	61	856
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

3 Recently

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
62.71	60.87	60.87	56.23	56.23	54.62	54.62	54.62	54.62	43.48	39.11	39.42
0.58	0.21	0.14	0.00	0.00	0.01	0.51	0.39	0.37	2.98	2.92	2.10
17.61	20.00	18.84	24.31	19.44	15.02	15.02	15.02	15.03	13.96	13.96	9.20
15.93	15.86	17.09	16.63	21.50	27.61	27.10	27.24	27.25	32.39	36.82	44.49
3.17	3.07	3.07	2.83	2.83	2.75	2.75	2.74	2.74	7.19	7.19	4.79

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
24.77	20.74	19.46	61.87	56.23	54.62	39.42
0.06	0.66	0.02	0.59	0.00	0.39	2.10
53.41	55.49	50.94	18.25	24.31	15.02	9.20
17.92	19.27	21.48	16.05	16.63	27.24	44.49
3.84	3.84	8.09	3.24	2.83	2.74	4.79

* 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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May 2023
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Nov 2022
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