KEC International’s (KEC) Q1FY23 revenue grew 31% YoY to Rs33bn, led by robust execution across all segments. YTD FY23 order inflows stood at Rs34.7bn, taking the order backlog to over Rs300bn (including L1 position of Rs80bn). Management expects ordering momentum to continue, mainly in T&D (international T&D, Ladakh HVDC and green energy corridor phase-II), civil, railways and oil & gas segments.