Patel Engineering has reported a steep drop in standalone net profit for the quarter ended March 2011. During the quarter, the profit of the company declined 27.42% to INR 371.60 million from INR 512 million in the same quarter of 2010.

Net sales for the quarter for the quarter rose 9.44% to INR 11,557.40 million, while total income for the quarter rose 9.30% to INR 11,577.60 million, when compared with the prior year period.

It reported earnings of INR 5.32 a share during the quarter, registering 27.52% decline over previous year period.

(Sourced from www.myiris.com)