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Motilal Oswal Report
The momentum of order wins has continued in this quarter, with KEC International Ltd. winning approximately Rs 25 billion worth of orders, including the recently won order worth ~ Rs 10 billion.
Notably, order inflows have commenced in the railways segment and are likely to pick up hereafter. Nine months FY21 order wins (to date) amount to ~ Rs 68 billion.
Although this is below Rs 98 billion worth of orders won in nine months FY20, we attribute the wins to large first time orders in the civil segment in the base year – as the company had forayed into metros (Kochi and Delhi metro orders).
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