KEC International Receives Rs 1,034 Crore Order From Multiple Clients
In April, KEC International secured fresh orders totaling Rs 1,236 crore across domestic and international markets.
(Source: KEC International website)
KEC International Ltd. bagged a transmission and distribution order for Rs 1,034 crore for both domestic and international customers.
The company's civil business segment received an order for supplying of towers, hardware and poles in America, developing semiconductor plant and conducting an upstream project for clients in India, according to an exchange filing on Monday. The cable division has won order to supply cables to domestic clients.
“We are pleased to begin the financial year with prestigious order wins in emerging and high-growth segments," according to Vimal Kejriwal, managing director and chief executive officer at KEC International.
The company T&D business has achieved a major milestone by securing its first ever order in the STATCOM segment, Kejriwal said. " These strategic orders reinforce our confidence in achieving the targeted order intake for the year and reflect our continued progress in deepening and solidifying our business portfolio."
In April, KEC International secured fresh orders totalling Rs 1,236 crore across domestic and international markets.
In its civil business segment, the company received a contract for a residential project from a leading private developer in western India. Meanwhile, its transportation division secured an order under the Train Collision Avoidance System initiative in India.
The civil construction firm recorded a 34% year-on-year rise in net profit during the quarter ended December of this financial year, missing analysts' estimates.
It recorded a net profit of Rs 130 crore for the third quarter, compared to Rs 97 crore in the same quarter of the previous fiscal. This was below the Rs 162-crore estimate by analysts tracked by Bloomberg.
Shares of KEC International closed 5.13% higher at Rs 730.50 apiece on the NSE, compared to a 3.82% rise in the benchmark Nifty. The stock has risen 1.86% in the last 12 months but fallen 39.06% on a year-to-date basis.
Out of 26 analysts tracking the company, 19 have a 'buy' rating on the stock, five recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of the 12-month analysts' price target implies a potential upside of 25.2%.
