KEC International Ltd. on Wednesday announced that it has received new transmission and distribution orders worth Rs 1,171 crore in the Middle East.
The infrastructure engineering, procurement and construction major received an order for a 400 kV transmission line in the United Arab Emirates and a 380 kV transmission line in Saudi Arabia, according to the company's exchange filing.
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These orders have taken the company's order intake to about Rs 10,000 crore, which is an increase of 80% compared to the previous fiscal.
"These orders, coupled with the orders announced earlier during the year, reaffirm our confidence in achieving the targeted growth going forward,” said Vimal Kejriwal, managing director and chief executive officer at KEC International.
Earlier this month, the company had also bagged new orders worth Rs 1,079 crore across its transmission, distribution, and cable businesses. This order included 230 kV and 132 kV transmission line orders in Saudi Arabia and Oman, and an order for upgrading an existing 400 kV transmission line in the United Arab Emirates.
KEC International's stock fell as much as 1.08% during the day to Rs 854.80 apiece on the NSE. However, the shares closed 0.46% higher at Rs 868.05 per share compared with a 0.14% advance in the benchmark Nifty 50. It has risen 32.77% in the last 12 months and 43.35% year-to-date.
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