Shares of multibagger Patel Engineering rose nearly 5% on Thursday after the civil construction firm said Infomerics Valuation and Rating revised its credit rating. The Long term Ratings (cash credit, term loan, working capital term loan, OCD) have been revised to IVR A from IVR BBB+. The short term rating (Letter of Credit/ Bank Guarantee) was revised to IVR A2+ from the earlier IVR A2.
Reacting to the ratings upgrade, the multibagger stock rose 4.69% to Rs 59.70 against the previous close of Rs 57.05 on BSE. Market cap of Patel Engineering climbed to Rs 5011.37 crore. The stock has gained 339% in three years and risen 167% in two years.
Total 13.60 lakh shares of the firm changed hands amounting to turnover of Rs 8.01 crore on BSE. Patel Engineering stock has gained 107% in a year but fallen 8.5% since the beginning of this year. The stock fell to a 52-week low of Rs 28.01 on June 22, 2023 and rose to a 52 week high of Rs 79 on February 6, 2024.
The stock is neither oversold nor overbought on technical charts with its relative strength index (RSI) at 44.5. It had a very low volatility of 0.3 in a year.
Patel Engineering shares are trading higher than the 5 day, 20 day and 200 day but lower than the 10 day, 30 day , 50 day, 100 day and 150 day moving averages.
Net profit climbed to Rs 141 crore in the last quarter against Rs 84.8 crore in the corresponding quarter of the previous fiscal.
Revenue from operations climbed to Rs 1374.4 crore in Q4 compared to Rs 1326.2 crore in the corresponding period of the preceding fiscal. EBITDA rose to Rs 237.6 crore in the fourth quarter over Rs 180.6 crore in the corresponding period of the previous fiscal.
EBITDA margins climbed to 17.69% in Q4 compared to 13.91% in the corresponding period in the previous fiscal. The company's total order book as of March 31, 2024, stood at Rs 18,663 crore.
Patel Engineering is engaged in civil engineering and construction of hydro projects, dams, tunnels, roads, railways. It is also involved in real estate activities with owned or leased property.