Patel Engineering’s share price added almost 10% in the early trade on February 16 after the company, along with its joint venture (JV) partners, was acknowledged as the lowest bidder for projects worth Rs 1,567 crore.

Laterally, with its JV partners, Patel Engineering has been acknowledged as the L1 bidder for Rs 1,567 crore worth of projects in Madhya Pradesh and Maharashtra, the company believed. The company’s share in these new orders is Rs 1,006 crore.

These orders embrace the creation of a pressure irrigation system to supply water to complete the rising/gravity mains by pressurised pipeline organisms for micro-irrigation under the Rihand Micro Irrigation Project in Madhya Pradesh.

The order also comprises investigation, strategy, construction, testing, and appointing works encompassing civil and allied works under lift irrigation schemes no.1 and 2 of Krishna Marathwada Irrigation Project in Maharashtra’s Osmanabad district. All the missions are arranged to be accomplished in 36 months.

The unceasing order invasions shall give perceptibility of growth of revenues for the pending years and shall empower to upsurge the bottom line, the company supposed in its release.

Further, the company newly acknowledged new funds of Rs 90 crore under Niti Aayog strategies against bank guarantee for an adjudication award. It mentioned that the funds expected had been utilised for lessening debt.

The company dispatched a 13.5% jump in its combined net profit of Rs 31.19 crore in the December quarter against Rs 27.49 crore in the conforming quarter last year. Revenue from processes rose 18.1% to Rs 1,036.98 crore, besides Rs 877.94 crore year-on-year (YoY).

At 9:22 am, Patel Engineering Company was repeating at Rs 15.10, up Rs 1.35 or 9.82% on the BSE.