KEC International - Transmission Orders Picking Up: ICICI Securities

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .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..Click on the attachment to read the full report:.Hitachi Energy - Building On Electrification: HDFC Securities Initiates Coverage.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

KEC International - Transmission Orders Picking Up: ICICI Securities

With lower commodity prices, gradually improving supply chain, execution is expected to pick up over FY24 & improvement in margin.

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KEC International - Transmission Orders Picking Up: ICICI Securities

With lower commodity prices, gradually improving supply chain, execution is expected to pick up over FY24 & improvement in margin.

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