Patel Engineering (PATEN)

Profit and Loss account
(Year-end March) FY07 FY08E FY09E FY10E
Sales 1295.63 1684.32 2000.00 2340
% Growth 41.13 30.00 18.74 17.00
Op Profit 174.68 240.19 271.47 557.40
% Growth 21.86 37.50 13.02 105.33
Depreciation 34.90 41.60 43.68 52.86
EBIT 139.78 198.59 227.79 504.54
% Growth 24.57 42.07 14.70 121.49
Interest 9.67 17.62 23.76 32.90
Profit before Tax 130.11 180.97 208.56 304.49
% Growth 61.07 39.09 15.24 45.99
Taxation 14.44 39.81 41.71 60.89
Net Profit 115.67 141.16 166.85 243.59
% Change YoY 57.31 22.04 18.20 45.99
Balance sheet
Liabilities FY07 FY08E FY09E FY10E
Share Capital 5.97 5.97 5.97 5.97
Reserves Total 697.20 727.36 894.21 1137.79
Total Shareholders Funds 703.17 733.33 900.18 1143.76
Secured Loans 409.24 391.61 459.36 576.29
Unsecured Loans 51.13 97.90 114.84 144.07
Total Debt 460.37 489.37 574.21 720.36
Current liabilities 284.62 352.85 423.65 517.25
Net differ tax 10.81 10.81 10.81 10.81
Total
Assets
1458.99 1586.27 1908.76 2392.10
Gross block 196.19 259.13 280.72 390.00
Acc dep: 41.60 85.28 138.14
Net block 196.19 217.53 195.44 251.86
Capital In progress 7.92 0.00 0.00 0.00
Investments 191.83 191.83 191.83 191.83
Cash 88.64 53.04 197.62 390.54
Trade receivables 263.94 341.16 510.87 712.46
Loans and advances 320.64 350.00 350.00 350.00
Inventories 389.83 432.71 463.00 495.41
Total Current assets 1063.05 1315.70 1515.70 1749.70
Total 1458.99 1586.27 1908.76 2392.10
16 | P age
The growth in EBIT is mainly
contributed by real estate business
The interest cost will rise in due
course as company has huge
capex plan in coming 2 years.