Firstly, the company’s board appointed Janky Patel as an additional director/non-executive director, to be designated as ‘chairperson’ of the company effective from 6 July 2024 for a period of 3 years. Janky Patel is wife of Rupen Patel. She is a graduate from Mumbai University.
Further, the board appointed Kavita Shirvaikar as an acting managing director of the company effective from 6 July 2024. She stepped down from the position of chief financial officer (CFO).
Kavita Shirvaikar is a qualified chartered accountant and a graduate of the Institute of Cost & Works Accountants of India. She has vast experience of more than 20 years in the fields of accountancy, tax, audit, banking, finance and fund management, etc. She is currently whole time director & CFO of the company.
Lastly, the company’s board also appointed Rahul Agarwal as an acting CFO of the company effective from 6 July 2024. Pursuant to his appointment as CFO, he will be appointed as key managerial personnel and senior management personnel of the company.
Rahul Agarwal is a chartered accountant with more than 18 years of experience in the field of finance, investor relations, accounting, auditing including related legal, corporate and other structuring.
Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects.
The company reported consolidated net profit of Rs 68.83 crore in Q3 FY24 steeply higher than Rs 24.34 crore recorded in Q3 FY23. Net sales jumped by 11% year on year to Rs 1,061.01 crore in Q3 FY24 over Q3 FY23.
The scrip rose 0.07% to end at Rs 69.03 on Friday, 5 July 2024.