Latest news with #PatelEngineeringLtd
Hans India
23-05-2025
- Politics
- Hans India
CBI files charge sheet against ex-J&K Guv Malik
Jammu: The Central Bureau of Investigation (CBI) on Thursday filed a charge sheet against former Jammu and Kashmir Governor Satya Pal Malik and five others in the Kiru hydroelectric power project kickbacks case. In 2022, the Jammu and Kashmir government requested a CBI investigation into the alleged corruption in the allotment of a Rs 2,200 crore contract for civil works in the Kiru hydroelectric power project. In 2024, the CBI carried out searches at eight locations in Delhi and Jammu. Interestingly, the concern of kickbacks in the allotment of this contract was raised by Malik himself when he was the Jammu and Kashmir Governor from August 23, 2018 to October 30, 2019. Malik then alleged that he had been offered a bribe of Rs 300 crore to approve two files, one of which pertained to the Kiru hydroelectric power project, but he had refused to accept it. The award of civil works to Patel Engineering Ltd, a major infrastructure and construction company that was founded in 1949, has been called into question. The CBI booked Chenab Valley Power Projects Private Limited (CVPPPL) Chairman, MD and Directors, along with Patel Engineering. The FIR said an investigation had been conducted by the Jammu and Kashmir Anti-Corruption Bureau and the Power Department and it was found that guidelines for e-tendering in the awarding of civil works in the project were not followed. Further, allegations of substandard work and failure to provide jobs to local youth have been made against the hydel project. Kiru hydroelectric power project is a run-of-the-river scheme being developed over the Chenab River in the Kishtwar Tehsil of Kishtwar district in J&K. The project is being constructed between Kirthai II (upstream) and Kwar (downstream) hydroelectric plants. The project is being developed by Chenab Valley Power Projects, a joint venture between the National Hydroelectric Power Corporation (NHPC, 49 per cent), the Jammu and Kashmir State Power Development Corporation (JKSPDC, 49 per cent), and the Power Trading Corporation (PTC, 2 per cent). It is being constructed at an estimated cost of Rs 4,287 crore for an installed capacity of 624 MW. It was awarded scoping clearance by the Ministry of Environment, Forests and Climate Change (MoEF&CC) in 2008. Environment clearance was issued in 2016, and the project received approval from the State Administrative Council (SAC) in 2019. The foundation stone for the hydroelectric power plant was laid in 2019, while the deadline for initiating commercial operations is July 2025.
Hans India
22-05-2025
- Politics
- Hans India
Kiru hydropower corruption case: CBI files charge sheet against Satya Pal Malik
Jammu: The Central Bureau of Investigation (CBI) on Thursday filed a charge sheet against former Jammu and Kashmir Governor Satya Pal Malik and five others in the Kiru hydroelectric power project kickbacks case. In 2022, the Jammu and Kashmir government requested a CBI investigation into the alleged corruption in the allotment of a Rs 2,200 crore contract for civil works in the Kiru hydroelectric power project. In 2024, the CBI carried out searches at eight locations in Delhi and Jammu. Interestingly, the concern of kickbacks in the allotment of this contract was raised by Malik himself when he was the Jammu and Kashmir Governor from August 23, 2018 to October 30, 2019. Malik then alleged that he had been offered a bribe of Rs 300 crore to approve two files, one of which pertained to the Kiru hydroelectric power project, but he had refused to accept it. The award of civil works to Patel Engineering Ltd, a major infrastructure and construction company that was founded in 1949, has been called into question. The CBI booked then Chenab Valley Power Projects Private Limited (CVPPPL) Chairman, MD and Directors, along with Patel Engineering. The FIR said an investigation had been conducted by the Jammu and Kashmir Anti-Corruption Bureau and the Power Department and it was found that guidelines for e-tendering in the awarding of civil works in the project were not followed. Further, allegations of substandard work and failure to provide jobs to local youth have been made against the hydel project. Kiru hydroelectric power project is a run-of-the-river scheme being developed over the Chenab River in the Kishtwar Tehsil of Kishtwar district in J&K. The project is being constructed between Kirthai II (upstream) and Kwar (downstream) hydroelectric plants. The project is being developed by Chenab Valley Power Projects, a joint venture between the National Hydroelectric Power Corporation (NHPC, 49 per cent), the Jammu and Kashmir State Power Development Corporation (JKSPDC, 49 per cent), and the Power Trading Corporation (PTC, 2 per cent). It is being constructed at an estimated cost of Rs 4,287 crore for an installed capacity of 624 MW. It was awarded scoping clearance by the Ministry of Environment, Forests and Climate Change (MoEF&CC) in 2008. Environment clearance was issued in 2016, and the project received approval from the State Administrative Council (SAC) in 2019. The foundation stone for the hydroelectric power plant was laid in 2019, while the deadline for initiating commercial operations is July 2025. --IANS sq/svn/vd
Time of India
21-05-2025
- Business
- Time of India
Patel Engineering awarded ₹711 cr hydro project in Arunachal by NEEPCO
New Delhi: Patel Engineering Ltd (PEL) has received a Letter of Acceptance (LoA) from North Eastern Electric Power Corporation Ltd ( NEEPCO ) for the construction of the 240 MW HEO hydroelectric project in Arunachal Pradesh at a contract value of ₹711.29 crore. The project, located in Shi Yomi district of Arunachal Pradesh, will be executed under the Engineering, Procurement and Construction (EPC) mode with a completion timeline of 44 months. PEL was previously declared as the L1 (lowest) bidder for the project. The contract scope includes execution of civil and associated infrastructure works, supply, installation, testing and commissioning of hydro-mechanical plant and machinery, and ensuring successful operation and performance of all generating units of the HEO hydroelectric project. 'We are proud to have been awarded the HEO Hydropower project from NEEPCO. This order further cements our position as a trusted partner for building critical infrastructure for India's power sector and strengthens our position in the North-East. Arunachal Pradesh with its vast and largely untapped hydropower potential, is emerging as a key region in India's renewable energy landscape. As we embark on the execution of the HEO hydropower project, we bring with us decades of experience, a proven track record in complex hydropower works, and a deep sense of responsibility towards environmental stewardship and community engagement,' said Kavita Shirvaikar, Managing Director, Patel Engineering Ltd. Established in 1949, Patel Engineering Ltd operates in hydropower, tunnelling and irrigation segments and has executed more than 85 dams, 40 hydroelectric projects, and over 300 km of tunnelling in India and abroad.
Yahoo
14-05-2025
- Business
- Yahoo
Patel Engineering Ltd (BOM:531120) Q4 2025 Earnings Call Highlights: Record Revenue and ...
Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Patel Engineering Ltd (BOM:531120) achieved a milestone by surpassing INR 5,000 crore in revenue for the first time in its history, with a 12% increase compared to the previous year. The company reported a significant increase in profit before tax and exceptional items, rising to INR 477 crore from INR 319 crore in the previous year. Successful completion of several key projects, including Tunnel T15 and parts of Tunnel T14, as well as significant progress in projects across Jammu and Kashmir, Nepal, and other regions. The order book as of March 31, 2025, stands at INR 15,217 crore, with a strong pipeline of projects in hydropower, irrigation, and tunneling sectors. The company has reduced its consolidated gross debt from INR 1,886 crore to INR 1,600 crore, improving its debt-to-equity ratio to 0.42 from 0.6 in the previous year. Net profit decreased to INR 242 crore from INR 264 crore in the previous year due to exceptional items related to the Viva Vishwa scheme. The company expects flat revenue growth for FY 526 due to subdued order inflow in FY 525, impacted by elections. Employee costs increased by 30% in the quarter, outpacing the 20% revenue growth, attributed to new hiring. The company faces challenges in maintaining consistent margins due to variations in project execution and cost fluctuations. High percentage of promoter holdings (89%) is pledged, raising concerns about financial flexibility. Warning! GuruFocus has detected 3 Warning Sign with BOM:531120. Q: What is the actual amount received from the Viva Vishwa scheme this financial year, and will similar provisions be expected in FY26? A: This financial year, we received around INR 350 crore from the scheme. The scheme was only up to this year, so no similar provisions are expected in FY26. (Respondent: CFO, Mr. Rahul Agarwal) Q: Can you explain the increase in employee costs this quarter compared to revenue growth? A: There is no specific reason for the increase. On a yearly basis, the increase is around 8-9%. Some costs may have come in this quarter due to new hiring. For next year, it's better to consider the yearly number for growth projections. (Respondent: CFO, Mr. Rahul Agarwal) Q: What is the outlook for order inflow and revenue growth in FY26? A: Due to subdued order inflow in FY25, we expect stable revenue in FY26. However, with new projects worth INR 2,000 crore already received, we anticipate growth from FY27 onwards. (Respondent: Managing Director, Ms. Kavita Shivakar) Q: What opportunities arise from the suspension of the Indus Water Treaty, and how does it affect project timelines? A: The suspension is expected to expedite project clearances, particularly for hydropower projects. We anticipate faster project launches and clearances, enhancing visibility for the 30,000 megawatts of identified projects. (Respondent: Managing Director, Ms. Kavita Shivakar) Q: What is the company's strategy for managing debt and finance costs in the coming years? A: We aim to reduce term debt by around INR 200 crore, although working capital debt may increase. Overall, we do not expect a significant rise in total debt, and finance costs are expected to remain stable. (Respondent: CFO, Mr. Rahul Agarwal) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Business Standard
13-05-2025
- Business
- Business Standard
Aether Industries Ltd leads losers in 'A' group
UPL Ltd Partly Paidup, KFin Technologies Ltd, Patel Engineering Ltd and UPL Ltd are among the other losers in the BSE's 'A' group today, 13 May 2025. UPL Ltd Partly Paidup, KFin Technologies Ltd, Patel Engineering Ltd and UPL Ltd are among the other losers in the BSE's 'A' group today, 13 May 2025. Aether Industries Ltd lost 6.93% to Rs 750.45 at 14:47 stock was the biggest loser in the BSE's 'A' the BSE, 45471 shares were traded on the counter so far as against the average daily volumes of 5572 shares in the past one month. UPL Ltd Partly Paidup tumbled 6.74% to Rs 417.25. The stock was the second biggest loser in 'A' the BSE, 6590 shares were traded on the counter so far as against the average daily volumes of 3353 shares in the past one month. KFin Technologies Ltd crashed 5.61% to Rs 1055. The stock was the third biggest loser in 'A' the BSE, 11.88 lakh shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past one month. Patel Engineering Ltd pared 5.56% to Rs 42.14. The stock was the fourth biggest loser in 'A' the BSE, 10.76 lakh shares were traded on the counter so far as against the average daily volumes of 4.23 lakh shares in the past one month. UPL Ltd plummeted 4.85% to Rs 643.1. The stock was the fifth biggest loser in 'A' the BSE, 1.8 lakh shares were traded on the counter so far as against the average daily volumes of 65487 shares in the past one month.
