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Centrum Broking Report
KEC International Ltd.'s Q4 FY22 earnings missed estimate mainly due to lower execution and lower margins.
Profit after tax declined 42% YoY to Rs 1.1 billion (estimate: Rs 2.4 billion, consensus: Rs 2.1 billion).
Order inflows were robust and grew 45% YoY to Rs 172 billion in FY22 boosting order backlog to Rs 237 billion (1.7 times trailing twelve months revenues).
Execution remained disrupted by deferment of certain supplies due to higher commodity costs, supply chain disruptions and suspension of work in Afghanistan. SAE's losses narrowed in Q4 FY22 and profitability is likely to continue to improve going ahead.
Working capital levels remained elevated due to slower execution leading to delayed milestone payments but are guided to normalise by Q2 FY23.
KEC International is among the few credible names in the diversified engineering and construction space with strong management, governance and presence in technologically enabled areas.
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