KEC International (KEC) has reported a muted performance in 4QFY19 with its revenue growing by 5% YoY to Rs38.4bn (vs. our estimate of Rs41bn) owing to 1% YoY decline in core T&D; segment despite 23% YoY growth in non-T&D; segment. Delay in approvals in SAE and execution challenges in a domestic private project also impacted its top-line. EBITDA margin rose by 30bps YoY to 10.4% mainly led by lower other expenses cost at 6.5% of sales (vs. 7.7% in 4QFY18). Its net profit declined by 1% YoY to Rs1.94bn led by higher interest cost (+29% YoY). While its order book stood at Rs203bn (1.8x of FY18 revenue) as of 4QFY19-end, it is favourably placed (L1) in orders worth ~Rs30bn. NWC days increased to 103 days in FY19 from 93 days in 4QFY18, which the Company...