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Patel Engineering

₹29 -0.5 | 1.7%

Market Cap ₹2243 Cr.

Stock P/E 10.1

P/B 0.8

Current Price ₹29

Book Value ₹ 37.3

Face Value 1

52W High ₹31.5

Dividend Yield 0%

52W Low ₹ 13.1

Overview Inc. Year: 1949Industry: Engineering - Construction

Patel Engineering was incorporated in 1949 by 4 young entrepreneurs, with an objective to cater to the infrastructural needs of a developing nation.The agency presents a extensive range of civil engineering offerings in layout and construction of power tasks, hydroelectric tasks, business constructing, business complexes, dams, tunnels, underground structures, metal and concrete structures, bridges, marine works, flyovers and national highways in India and abroad. It has worked on 75 dams, 30 hydro electric powered projects, 30 micro tunnelling initiatives and 130 km of tunnelling, etc. In 2010 the Company has received approval from the Central government for coal linkage for its thermal tasks. Also, Patel Engineering Ltd''s subsidiary provided with the most important Waterfront Development Project in Mauritius.

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Patel Engineering Share Price

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Patel Engineering Quarterly Results

#(Fig in Cr.) Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
Net Sales 544 734 666 724 878 1112 974 893 1037 1298
Other Income 24 43 30 16 29 41 36 30 27 28
Total Income 568 776 696 740 907 1153 1009 923 1064 1326
Total Expenditure 474 655 562 602 732 957 824 762 873 1117
Operating Profit 94 121 134 138 175 196 185 161 191 209
Interest 98 116 106 104 106 104 100 106 107 106
Depreciation 18 20 20 20 21 21 22 23 24 24
Exceptional Income / Expenses 0 -214 0 0 -13 -17 0 -1 -7 7
Profit Before Tax -22 -229 9 14 36 54 63 31 53 86
Provision for Tax 12 -83 11 5 7 20 21 15 15 3
Profit After Tax -34 -146 -2 9 29 34 42 16 38 83
Adjustments -3 5 2 -2 -2 4 -1 10 -7 2
Profit After Adjustments -36 -141 -0 7 27 38 41 26 31 85
Adjusted Earnings Per Share -0.8 -2.8 -0 0.1 0.5 0.7 0.8 0.5 0.6 1.1

Patel Engineering Profit & Loss

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
Net Sales 3922 3727 3169 2875 4041 3654 3934 2211 2556 1828 3397 4202
Other Income 91 82 107 116 153 254 243 175 171 109 116 121
Total Income 4014 3809 3276 2991 4194 3908 4177 2386 2727 1937 3514 4322
Total Expenditure 3461 3168 2710 2379 3624 3233 3403 1850 2371 1593 2870 3576
Operating Profit 552 640 566 612 569 675 773 535 356 344 644 746
Interest 333 437 438 516 602 579 489 370 266 401 420 419
Depreciation 89 77 82 80 55 78 54 50 66 72 82 93
Exceptional Income / Expenses 0 0 0 15 -129 -89 -136 89 31 -214 -30 -1
Profit Before Tax 130 126 46 32 -216 -71 94 204 55 -344 112 233
Provision for Tax 60 52 21 22 -20 32 -11 44 23 -71 43 54
Profit After Tax 70 74 25 10 -196 -103 105 159 31 -273 69 179
Adjustments -4 -9 -8 -1 8 44 -7 -11 -24 -30 -7 4
Profit After Adjustments 67 65 16 8 -188 -59 98 148 7 -303 62 183
Adjusted Earnings Per Share 6.6 6.4 1.5 0.8 -16.9 -2.6 4.3 6.2 0.2 -5.9 1.2 3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 86% 15% -1% -1%
Operating Profit CAGR 87% 6% -1% 2%
PAT CAGR 0% -24% 0% -0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 34% 34% -4% 1%
ROE Average 3% -2% 1% 0%
ROCE Average 12% 6% 8% 8%

Patel Engineering Balance Sheet

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Shareholder's Funds 1557 1628 1793 1893 1713 2139 2160 2277 2547 2320 2384
Minority's Interest 83 99 129 125 146 70 56 57 33 61 71
Borrowings 951 1398 1881 2368 2107 1599 1332 1305 919 753 761
Other Non-Current Liabilities 526 274 565 525 661 613 424 848 701 1244 1296
Total Current Liabilities 3075 3626 4240 4328 4862 5162 3522 3800 4011 3509 3803
Total Liabilities 6192 7023 8608 9239 9488 9582 7495 8286 8211 7887 8315
Fixed Assets 635 715 674 658 622 629 556 578 607 683 1181
Other Non-Current Assets 1351 1254 2699 3139 2706 2865 2423 2868 2613 1996 1716
Total Current Assets 4194 5034 5206 5406 6121 6088 4476 4840 4990 5134 5358
Total Assets 6192 7023 8608 9239 9488 9582 7495 8286 8211 7887 8315

Patel Engineering Cash Flow

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Opening Cash & Cash Equivalents 244 335 343 184 149 62 60 132 124 113 195
Cash Flow from Operating Activities 549 -1 -362 -1 -48 567 403 836 407 389 537
Cash Flow from Investing Activities -227 -152 -377 -244 272 -222 245 -327 -47 7 -144
Cash Flow from Financing Activities -230 177 614 229 -311 -343 -578 -513 -367 -311 -340
Net Cash Inflow / Outflow 92 25 -125 -16 -86 2 70 -4 -7 85 54
Closing Cash & Cash Equivalent 335 360 219 168 62 64 131 127 118 198 249

Patel Engineering Ratios

# Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Earnings Per Share (Rs) 6.59 6.44 1.48 0.76 -16.9 -2.59 4.32 6.25 0.16 -5.92 1.18
CEPS(Rs) 15.78 15.02 9.67 8.05 -12.71 -1.09 7 8.82 2.17 -3.93 2.86
DPS(Rs) 0.3 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 152.91 159.1 159.95 167.04 150.57 94.19 93.36 95.8 56.76 43.89 44.12
Core EBITDA Margin(%) 11.76 14.99 14.49 17.26 10.31 11.52 13.49 16.29 7.25 12.84 15.53
EBIT Margin(%) 11.81 15.1 15.27 19.05 9.53 13.9 14.82 25.97 12.56 3.15 15.64
Pre Tax Margin(%) 3.31 3.38 1.45 1.1 -5.36 -1.95 2.38 9.22 2.14 -18.81 3.3
PAT Margin (%) 1.79 1.99 0.78 0.34 -4.86 -2.82 2.66 7.21 1.22 -14.93 2.02
Cash Profit Margin (%) 4.06 4.07 3.37 3.11 -3.49 -0.68 4.04 9.48 3.81 -10.99 4.43
ROA(%) 1.2 1.12 0.32 0.11 -2.1 -1.08 1.23 2.02 0.38 -3.39 0.85
ROE(%) 4.74 4.71 1.47 0.53 -11.12 -5.4 4.92 7.25 1.3 -11.4 3
ROCE(%) 11.19 11.89 8.55 8.26 5.47 7.16 9.59 11.48 6.54 1.23 11.69
Receivable days 85.68 101.36 91.12 70.28 48.86 38.32 22.94 38.87 39.78 75.99 53.48
Inventory Days 181.93 213.22 333.86 462.27 391.55 477.23 371.88 553.8 507.86 718.46 387.88
Payable days 942.1 -909.71 -640.26 -586.51 0 -1370.7 215.1 -2672.4 -8218.14 -2823.09 0
PER(x) 11.1 6.13 27.57 69.34 0 0 9.65 2.82 51.01 0 19.09
Price/Book(x) 0.48 0.25 0.26 0.32 0.26 0.58 0.45 0.18 0.14 0.24 0.51
Dividend Yield(%) 0.28 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.83 0.95 1.5 1.95 1.42 1.68 0.95 1.35 1 1.43 0.94
EV/Core EBITDA(x) 5.87 5.52 8.38 9.14 10.11 9.12 4.82 5.59 7.15 7.61 4.94
Net Sales Growth(%) 31.54 -4.98 -14.97 -9.26 40.53 -9.57 7.66 -43.81 15.63 -28.48 85.85
EBIT Growth(%) -3.83 21.5 -14.03 13.23 -29.69 31.91 14.73 -1.5 -44.1 -82.06 823.13
PAT Growth(%) -46.31 5.76 -66.7 -60.87 -2128.25 47.56 201.85 52.13 -80.36 -971.89 125.14
EPS Growth(%) -45.69 -2.38 -76.94 -48.65 -2316.51 84.7 267.12 44.61 -97.43 -3786.68 119.89
Debt/Equity(x) 1.84 2.16 2.54 2.78 3.23 2.33 1.37 1.19 0.9 1.01 0.97
Current Ratio(x) 1.36 1.39 1.23 1.25 1.26 1.18 1.27 1.27 1.24 1.46 1.41
Quick Ratio(x) 0.76 0.73 0.45 0.33 0.29 0.24 0.37 0.34 0.36 0.43 0.46
Interest Cover(x) 1.39 1.29 1.11 1.06 0.64 0.88 1.19 1.55 1.21 0.14 1.27
Total Debt/Mcap(x) 3.84 8.72 9.92 8.79 12.65 4.03 3.07 6.45 6.25 4.14 1.91

Patel Engineering Shareholding Pattern

# Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
Promoter 60.87 56.23 56.23 54.62 54.62 54.62 54.62 43.48 39.12 39.41
FII 0 0 0 0.01 0.51 0.39 0.37 2.98 2.92 2.1
DII 18.98 24.31 19.44 15.02 15.02 15.02 15.02 13.96 13.96 9.2
Public 20.15 19.46 24.33 30.35 29.85 29.98 29.99 39.58 44.01 49.29
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Stock is trading at 0.8 times its book value

Cons

  • Promoter holding is low: 39.41%.
  • Company has a low return on equity of -2% over the last 3 years.
  • Debtor days have increased from -2823.09 to 0days.
  • The company has delivered a poor profit growth of 0% over past five years.

* 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.

Patel Engineering News