KEC International Bags Overseas Transmission, Distribution Orders Worth Rs 3,243 Crore

KEC International has received transmission and distribution orders amounting to Rs 3,243 crore, according to an exchange filing on Monday.

One order is for 400 kilovolt or kV transmission lines in the United Arab Emirates, and the other is supply of towers, hardware and poles "in the Americas", as per details given in the exchange filing.

"We are delighted with the new order wins in our T&D business, especially our largest ever EPC order till date," Chief Executive Officer Vimal Kejriwal. "This order has further strengthened our presence in the Middle East and substantially expanded our international T&D order book."

He added that this order, along those secured earlier in the year, will reflect how important the west Asia region continued to be as a strategic growth driver for the company.

Kejriwal further stated, "With the above orders, our year-to-date order intake stands at Rs 11,700 crore. These orders will play a key role in driving our targeted growth going forward."

KEC International is a global infrastructure engineering, procurement and construction major. It has a presence in the verticals of power transmission & distribution, civil, transportation, renewables, oil & gas pipelines and cables & conductors. It has a footprint in 110+ countries. It is the flagship company of the RPG Group.

RPG Enterprises has interests in the areas of infrastructure, tyres, Pharma, IT, and innovation-led technology businesses. It was established in 1979.

KEC International shares were little changed at close, rising only 0.01% to settle at Rs 866.15 apiece. The stock has fallen 27.75% year-to-date and 7.98% in the last 12 months.

Out of 25 analysts tracking the company, 17 maintain a 'buy' rating, six recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 13%.