New Delhi, Nov 1 (PTI) Patel Engineering on Monday posted a net profit of Rs 6.84 crore in the September quarter on the back of higher revenues.

The company had reported a consolidated net loss of Rs 71.57 crore in the same period last fiscal, according to a BSE filing.

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The total income of the company rose to Rs 740.09 crore in the quarter from Rs 458.90 crore a year ago.

"There is no doubt that the pandemic has pushed every sector into uncharted territory, however, the post-pandemic environment has introduced several new market dynamics, which present with the new prospects for the construction and infrastructure sector.

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“As we complete Q2FY22 and usher into Q3FY22, with a slew of initiatives to further consolidate our position as one of the leading players in the sector," Rupen Patel, Chairman & Managing Director, Patel Engineering said in a statement.

Kavita Shirvaikar, Director & CFO, Patel Engineering, said, "We have focused towards sustainability and recovery in the last quarter, but now we aim towards growth with an increase in the order book that will help us build a healthy cash flow from margins generated.

Also, we shall continue to focus on the monetisation of non-core assets and reduce further debt.

Patel Engineering is a 72-year old company established in 1949 and have a strong presence in tunnels and underground works for hydroelectric and dam projects.

The company has a consistent track record in the execution of projects in the domestic and international arena. It has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients, which are mostly central PSUs or state government organisations.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)