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Geojit Research Report
KEC International Ltd. is a global infrastructure engineering procurement and construction major. It has presence in the verticals of power, transmission and distribution (T&D), cables, railways and water and renewable.
Q1 FY21 revenue de-grew by 8.5% due to impact on execution in April 2020. However, during May and June execution witnessed a healthy improvement led by railway and civil segment.
Ebitda margin declined by 159 basis points YoY to 8.83% despite 83 basis points YoY improvement in gross margin at 30.1%. Order book (including Level 1) stands at Rs.24,500 crore supported by 73% rise in order inflow, provide strong visibility.
Better order pipeline in railway, international T&D and civil to add positivity on order book. We believe near term headwinds has been factored in stock prices and execution to pick up from H2 FY21.
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