KEC International Ltd. share price target

ICICI Securities Ltd | Retail Equity Research KEC International delivered a reasonable set of Q1FY18 results. The key positive surprise was higher-than-expected revenues led by a pick-up in domestic execution. EBITDA margin improvement continues further coupled with a decline in interest rates. PAT was also a tad higher than expectations The topline increased 6.2% YoY to | 1856.8 crore, which was a tad higher than our estimate of | 1822.2 crore. Order backlog at | 13532...

ICICI Securities Ltd | Retail Equity Research Over the last fiscal, KEC has managed to exhibit a strong financial performance across all variables. Most notably order inflow wins across geographies (42% YoY growth in order inflows at | 12350 crore), consistent improvement in margins (from a low of 6.1% in FY15 to 9.5% in FY17) and massive reduction in leverage has resulted in RoEs shooting up from 7.5% in FY15 to 17.4% in FY17. We believe a strong backlog, improving execution environment and a relatively leaner balance sheet...

KEC International (KEC) has delivered a strong performance in 4QFY17 with its net profit rising by 90% YoY to Rs1.45bn, led by higher margin and lower interest cost. Its revenue grew by 10% YoY to Rs28.8bn compared to Rs26.1bn in 4QFY16 (vs. our estimate of Rs28.9bn), mainly due to lower T&D; sales. Further, lower sales from overseas business (particularly SAE Tower) owing to INR appreciation arrested its overall revenue growth. We expect KEC's earnings to witness 25% CAGR over FY17-19E on strong order book, improving margin profile and healthy outlook in T&D; and other emerging segments. Rolling over our estimates to FY19E, we reiterate our...

KEC International Limited (KEC) is a global infrastructure Engineering Procurement and Construction (EPC) major. It has presence in the verticals of Power T&D;, Cables, Railways and Water & Renewable....

KECs 4QFY17 result was positively impacted by strong growth in the railway segment. Revenues grew 11.3% YoY (below management?s implied growth guidance of ~25%) and EBITDA margin expanded 150bps to 10.6%. Higher other income further boosted APAT to Rs 1.5bn ( 90.5% YoY).

ICICI Securities Ltd | Retail Equity Research KEC International reported strong Q4FY17 results. Key positive takeaways were higher-than-expected EBITDA margins and muted finance costs that drove profitability despite in line revenues. KEC has exceeded its guidance on the margins and profitability front The topline increased 11.1% YoY to | 2849.2 crore, a tad below our estimate of | 2964 crore. KEC reported strong growth in railways segment wherein revenues grew 312% for Q4FY17 and 112.4% YoY...

ICICI Securities Ltd | Retail Equity Research KEC International reported a good set of Q3FY17 results. The key positive takeaways were higher-than-expected EBITDA margins and lower finance costs that drove profitability despite a miss on...

KECs 3QFY17 revenue (below estimates) declined 7% YoY as execution was impacted by demonetization. However EBITDA margins (9.5%, 140bps YoY) surprised positively leading to an in line operating performance. Improvement in railway margins and reduction in cables losses contributed to the margin improvement for the quarter.

Reported revenues grew 2.6% YoY to ~| 2074.2 crore (vs. I-direct estimate: | 2225.2 crore). The revenue miss may be largely on account of execution of domestic orders where lower steel costs are pass through, impacting realisation, hence, lower absolute revenues. On an overall basis, transmission revenues grew 3.4% YoY to | 1790 crore. SAE Towers reported handsome growth of 29% YoY in revenues to | 261 crore. Infrastructure segment revenues witnessed mixed trends as railways business grew a strong 54% YoY whereas...