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Anand Rathi Report
KEI Industries Ltd.'s Q2 was operationally good. Retail and domestic cables recovered swiftly; weak exports were due to the high base (Dangote order).
The strong 11.4% Ebitda margin was led by the gross-margin expansion. The stretched working capital-cycle (lower payables, delayed payments from government projects) is likely to be normal in H2.
The declining orderbook (Rs 26 billion) is due to reduction in engineering, procurement, and construction as the company wants to focus more on retail.
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