Patel Engineering Limited has informed the Exchange regarding Board meeting held on May 13, 2025.
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Patel Engineering's board met on May 13, 2025 and approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025. Standalone revenue from operations grew about 13.5% to Rs 50,076 million (FY24: Rs 44,120 million), while profit before tax and exceptional items jumped to Rs 4,818 million from Rs 2,752 million. However, a large exceptional charge of Rs 1,418 million (vs an exceptional gain of Rs 1,034 million in FY24) — covering impairment provisions on subsidiary investments and write-offs of receivables — pulled FY25 profit after tax down to Rs 2,622 million from Rs 2,856 million, an 8% decline. Q4 revenue rose about 26% year-on-year but Q4 PAT fell sharply. Auditor Vatsaraj & Co. issued an unmodified opinion on both standalone and consolidated results, but flagged an emphasis of matter on subsidiary Dirang Energy, whose project has temporarily halted, with financials still prepared on a going-concern basis. The board also appointed Mr. Rajnish Ved as Senior Management Personnel (General Manager – Insurance).
Operational performance improved with strong revenue growth and better pre-exceptional profits, but bottom-line was hit by heavy one-time impairment and write-off charges, dragging FY25 PAT and EPS lower. The going-concern flag on the Dirang Energy subsidiary is a watch item, though the parent auditor's opinion remains unmodified, so the immediate credit impact should be limited.