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ICICI Securities Report
KEC International Ltd.'s revenues grew 10% year-on-year in Q2 FY22 owing to a 34% year-on-year rise in the non-T&D segment, while T&D continued to struggle as it declined 4% year-on-year.
Orderbook grew 8.5% YoY to Rs 211.6 billion (1.5x TTM sales) led by international T&D, civil and railway segments.
Non-T&D now constitutes 48% of the orderbook.
Company's efforts to diversify continue as it grabbed orders in the airports segment and also T&D in Europe, during the quarter.
Margins remain impacted and would take another quarter to normalise as execution in T&D picks pace.
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