Patel Engineering Company stock jumps 14% as company posts strong profit for Q1

Patel Engineering Company share price rallied as much as 14 percent on Thursday after reporting profit at Rs 36.2 crore for the quarter ended June 2018.

The company had posted a loss of Rs 4.7 crore in corresponding period last fiscal.

Revenue from operations during the quarter fell 0.2 percent to Rs 555.5 crore compared to Rs 556.4 crore in same period last year.

Its engineering, procurement and construction business in Q1 declined 14 percent to Rs 476.59 crore with EBIT at Rs 3.94 crore (against EBIT loss Rs 2.70 crore YoY) while real estate business shot up sharply by 5,341 percent YoY to Rs 78.90 crore with EBIT at Rs 49.43 crore (against EBIT loss Rs 1.04 crore).