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					                                                                                            Regd off: Patel Estate Road., Jogeshwari (W), Mumbai - 400 102
PATEL ENGINEERING LTD.                                                                      E-Mail:    investors@pateleng.com
                                                                                            Web site: www.patelengineering.com
                                                                                            Telephone: (022) 2676 7500 Fax: (022) 2678 2455
CONSTRUCTION                                                       MISCELLANEOUS            Tr agent: Link Intime India, C-13, Pannalal Mills Compd, L.B.S.Marg, Mumbai-78
Chairman: Pravin Patel                                                         SEC: Shobha Shetty                                      AUD: Vatsaraj & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m      P/E          P/CF         Yield         Mkt cap               Vol.             ISIN
 1949   531120             PEC:IN      1           439.3          2.3             7.3         14.5          8.7          0.4          26,226.2              33.9        INE244B01030
SHAREHOLDING                                                     FX Transaction (FY09)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 53.2%               Exports (fob)          Rs m        0
                                                                                                    (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m      631
Indian inst/Mut Fund       : 11.1%               Fx inflow              Rs m      950         1250
FIIs/GDR                   :  7.1%               Fx outflow             Rs m      881                                                                        DAILY
Free float                 : 28.6%               Net fx                 Rs m       69
Shareholders               : 48,793
                                                                                              1000                                                           100 DMA

                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09       750
EQUITY SHARE DATA
 High                                 Rs                 635          1,070          638
Low                                   Rs                 222            310          103       500
Sales per share                       Rs              216.2           311.7        412.3
Earnings per share                    Rs                17.8           25.5         30.3
Cash flow per share                   Rs                23.6           36.0         50.3
                                                                                               250
Dividends per share                   Rs                1.30           1.50         1.75
Dividend yield (eoy)                  %                  0.3            0.2           0.5
                                                                                                    0
Book value per share                  Rs               118.1          141.4        169.5
Shares outstanding (eoy)              m               59.66           59.66        59.66            Aug-06          Jun-07            Feb-08                Nov-08           Aug-09
Bonus/Rights/Conversions                           PI,ESOP                 -            -
Price / Sales ratio                   x                   2.0            2.2          0.9                                No. of months                 12           12             12
Avg P/E ratio                         x                 24.1           27.1         12.2                                   Year ending           31/03/07     31/03/08       31/03/09
                                                                                             CASH FLOW
P/CF ratio (eoy)                      x                 18.2           19.2           7.4
Price / Book Value ratio              x                   3.6            4.9          2.2    From Operations                          Rs   m      -1,609           -1,474      -3,242
Dividend payout                       %                  7.3             5.9          5.8    From Investments                         Rs   m        -463           -4,516         -85
Avg Mkt Cap                           Rs m           25,564          41,165       22,104     From Financial Activity                  Rs   m       4,135            6,385       3,084
No. of employees                      `000                  1              1          NA     Net Cashflow                             Rs   m       2,063              395        -243
Total wages/salary                    Rs m            6,171           8,556       13,644
Avg. sales/employee                   Rs Th        10,932.2        12,598.9           NA                                        INTERIM RESULTS
Avg. wages/employee                   Rs Th         5,229.7         5,796.7           NA                                            2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee              Rs Th           897.5         1,029.1           NA     Net sales                    Rs    m     3,092   3,171              7,615          4,763
                                                                                             Gross profit                 Rs    m       572      660               845            723
INCOME DATA                                                                                  Gross profit margin          %            18.5     20.8              11.1           15.2
Net Sales                             Rs     m        12,900        18,596        24,598     Net profit                   Rs    m       335      351               747            250
Other income                          Rs     m           319           347         1,560     Net profit margin            %            10.8     11.1                9.8            5.2
Total revenues                        Rs     m        13,219        18,943        26,158
Gross profit                          Rs     m         1,661         2,740         3,896                                           KEY DATA
Depreciation                          Rs     m           349           627         1,196     Parameters                           Unit              FY07             FY08       FY09
Interest                              Rs     m           319           605         1,890     Domestic operations                  % of sales         96.8             86.2       78.1
Profit before tax                     Rs     m         1,312         1,855         2,370     International operations             % of sales          3.2             13.8       21.9
Minority Interest                     Rs     m           -27          -109          -129     Cost of construction                 % of sales         79.2             74.2        7.8
Prior Period Items                    Rs     m           -15              0             0
Extraordinary Inc (Exp)               Rs     m           -67              0             0
Tax                                   Rs     m           144           227           436
                                                                                                                                     NOTES
Profit after tax                      Rs     m         1,059         1,519         1,805
Gross profit margin                   %                 12.9          14.7          15.8    Incorporated in 1949, Patel Engineering (PEL) is one of India's leading civil
Effective tax rate                    %                 11.0          12.2          18.4    engineering and construction companies with a niche presence in tunnels and
                                                                                            underground works for hydroelectric and transport projects. The company is also
Net profit margin                     %                   8.2           8.2           7.3
                                                                                            involved in providing activities such as design, construction for power, hydroelectric,
BALANCE SHEET DATA                                                                          commercial buildings, industrial complexes, dams, steel and concrete structures,
                                                                                            bridges, marine works, flyovers and national highways. As on June 2009, the
Current assets                        Rs m            11,282        20,360        28,653    company's order backlog stood at about Rs 74 bn (nearly 3 times its FY09 sales).
Current liabilities                   Rs m             4,872         6,489         6,915
Net working cap to sales              %                 49.7          74.6          88.4    During the year, PEL's consolidated topline and bottomline grew by 32% YoY and
Current ratio                         x                   2.3           3.1           4.1   19% YoY respectively. The company's operating margin expanded by 0.9% to 15.8%
Inventory Turnover                    Days               120           160           165    during the year. This was mainly on the back of execution of some high margin
Debtors Turnover                      Days                86            91            86    projects. PEL recorded a net margin of 7.3%, lower by 0.9% YoY. This is attributable
Net fixed assets                      Rs m             2,536         6,702         5,701    to higher depreciation, finance costs and tax charges.
Share capital                         Rs m                60            60            60
                                                                                            Given that PEL has a strong order book position provides revenue visibility over the
"Free" reserves                       Rs m             7,013         8,103         9,813
                                                                                            next two to three years. However, in order to cushion itself from the slowdown in
Net worth                             Rs m             7,047         8,436        10,113    particular segments, PEL is diversifying its revenue stream vertically into the power
Long term debt                        Rs m             3,277         9,380        12,351    and real estate businesses. This diversification does seem as a positive move over
Total assets                          Rs m            15,531        27,423        34,859    the long run given the scope for growth in these segments. However, a lot depends
Interest coverage                     x                   5.1           4.1           2.3   on how efficiently PEL can execute these projects. For these initiatives, the company
Debt to equity ratio                  x                   0.5           1.1           1.2   will need to infuse funds through a mix of debt and equity, which could in turn hold
Sales to assets ratio                 x                   0.8           0.7           0.7   back its growth potential. Further, given that the company has worked on a handful
Return on assets                      %                 13.3          11.9          16.4    of high margin projects (mainly hydropower), the likelihood of a further improvement
Return on equity                      %                 15.0          18.0          17.8    in margins is low.
Return on capital                     %                 14.7          13.2          18.4
Exports to sales                      %                   0.0           0.0           0.0
Imports to sales                      %                   1.1           3.0           2.6
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posted:11/6/2010
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