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Yes Securities Report
KEC International Ltd. reported a mixed set of numbers, with healthy topline growth in transmission and distribution (up 43% YoY) and non-T&D segments such as civil (up 71% YoY) and oil and gas pipelines (up 39%) too contributed to the growth.
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Despite robust gross margins, Ebitda margins remained under pressure owing to execution of legacy domestic tariff-based competitive bidding projects while SAE Brazil managed to break even at Ebitda level. Order inflows grew by 121% YoY on a low base.
As on Q4 FY23 order book stands at a record ~Rs 305.5 billion (1.8 times trailing twelve months revenue), providing revenue visibility for next few quarters.
Going forward, KEC International's management expects adverse impact of SAE legacy projects and margin to improve sequentially. For FY24, management guided for 15% topline growth and order inflows at ~Rs 250 billion while margins are expected to be in the range of ~7%.
We believe KEC International is well poised to gain from upcoming opportunities in infrastructure segment given-
diversified business model,
healthy market share in T&D segment,
excellent execution track record with strong parentage and
comfortable balance sheet.
The stock is currently trading at 22.5 times/12.1 times FY24E/FY25E earnings.
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