Execution delay in Brazil owing to pandemic and rise in commodity price resulted into EBITDAM contraction of 254bps YoY to 6.3%. KEC International (KECI) reported Q1FY22 performance above expectation, led by strong execution in its Non T&D; business with revenue growth of 15% YoY led by strong growth of 191%/109%/14% YoY in Civil/Cables/Railways, while T&D; segment declined 4% YoY mainly due to execution delay in Brazil caused by Covid second wave. Rise in commodity price and cost overrun in...