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ICICI Securities Report
KEC International Ltd.'s FY22 revenue grew 5% to Rs 137 billion, led by growth in civil, railways and cables businesses.
Execution was impacted by Covid-related challenges, political unrest in Afghanistan, temporary suspension of construction activity in Delhi due to environmental restrictions and elevated commodity prices.
As a part of its diversification strategy, non-transmission and distribution business now contributes 50% of revenue compared to 13% in FY16 led by growth in railway and civil.
Civil segment is expected to continue to drive growth for KEC International. It secured its highest-ever order intake of Rs 172 billion in FY22, which grew 45%, led by civil and international T&D businesses.
Orderbook stands at a robust Rs 237 billion, up 24%. Higher working capital led to cashflow from operations declining to Rs 26 million during FY22 as against Rs 1 billion in FY21.
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