Net loss of Patel Engineering reported to Rs 71.57 crore in the quarter ended September 2020 as against net profit of Rs 29.39 crore during the previous quarter ended September 2019. Sales declined 33.14% to Rs 441.12 crore in the quarter ended September 2020 as against Rs 659.75 crore during the previous quarter ended September 2019.

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Net loss of Patel Engineering reported to Rs 51.20 crore in the quarter ended September 2020 as against net profit of Rs 21.38 crore during the previous quarter ended September 2019. Sales declined 33.45% to Rs 396.30 crore in the quarter ended September 2020 as against Rs 595.49 crore during the previous quarter ended September 2019.

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Patel Engineering will hold a meeting of the Board of Directors of the Company on 13 November 2020.

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Subansiri Lower Hydro Electric Project is having installed capacity of 2000 MW which will be a single largest hydro power generation project in India.

Patel Engineering has been able to get this project and even mobilize the same during this Covid-19 Pandemic. The project is located at Village Kolaptukar in Kamle district of Arunachal Pradesh, the company said in a BSE filing made during market hours today.

The project comprises of balance civil works of power house complex including HRT intake structures, tail race channel, etc.

The scrip surged as much as 16.9% to hit the day's high of Rs 12.86 today.

Patel Engineering's work spans tunneling, underground works for hydropower generation, irrigation and urban infrastructure projects.

On a consolidated basis, the civil construction company reported a consolidated net loss of Rs 41.89 crore in Q1 FY21 as compared to a net profit of Rs 42.18 crore in Q1 FY20. Net sales during the quarter slumped 58.2% YoY to Rs 276.04 crore.

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