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ICICI Securities Report
On year-to-date basis, KEC International Ltd. has achieved an order intake of Rs 210 billion (up 49% YoY) against our FY23 estimates of Rs 200 billion, led by growth across businesses.
Interestingly, as indicated in our earlier note, we have started seeing a pickup in domestic transmission and distribution awarding with Power Grid Corporation of India Ltd. being awarded eight projects (four projects in nine months-FY23) on tariff-based competitive bidding basis.
We reiterate our positive stance on strong T&D ordering, sustaining for the next four-five years, led by government's consistent measures to increase the transmission capacity.
The government has come out with a capex transmission plan of Rs 2.44 trillion to evacuate 537 giga watts of renewable power capacity by 2030, a positive for KEC International.
We also expect non-T&D business (mainly civil) to continue witnessing strong growth led by water pipeline, public spaces, industrial, residential and data centre.
We expect a gradual improvement in balance sheet with pick up in execution pace and lower commodity prices.
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