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Dolat Capital Report
KEC international Ltd. reported an earnings decline of 36% YoY (29%/ 22% below our/ consensus estimate) owing to unusual rainfall, subdued margin performance (contraction of 193 basis points YoY) largely led by operational losses at SAE Towers and inflationary input prices.
Order inflows during year-to-date-FY22 stood strong at Rs 141 billion, 107% up YoY and hence management has raised its guidance from Rs 150 billion to Rs 160- 180 billion for FY22E.
KEC International's order intake momentum continues in international transmission and distribution with significant orders in Middle East, SAARC and Americas.
Overall, pipeline remains healthy at Rs 600 plus billion, with good tender visibility seen in T&D, and encouraging prospects continuing for railways, water, data center and civil business.
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