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Yes Securities Report
KEC International Ltd. reported a mixed set of numbers, with healthy topline growth across both transmission and distribution (17% YoY) and non‐T&D segments such as cables (25% YoY), railways (19% YoY) and civil (99% YoY).
Despite robust gross margins, Ebitda margins remained under pressure owing to elevated freight costs. On account of delay in order finalisation and deferment in ordering particularly in T&D space, order inflows declined 21% YoY.
As on Q1 FY23 order book stands at ~Rs 237 billion (1.6 times trailing twelve months revenue), providing revenue visibility for next few quarters.
Going forward KEC International expects adverse impact of SAE Towers legacy projects and margin pressures to ease by Q3 FY23. Management expects 15‐20% growth in order inflows in FY23 and double‐ digit margins by FY24.
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