KEC International Ltd. share price target

KEC International reported consolidated PAT of Rs371.6mn for 3QFY16, in line with our expectation of Rs345.1mn on account of margin improvements. However, revenue was flat and marginally below our expectation of (3.1%) on passing over...

while on a q/q basis it improved on account of lower Other expenses. KEC reported EBITDA of `1,548mn (+28.1% y/y;+10% q/q),. EBITDA margins of the company were in line with our expectation and stood at 7.7% owing to better execution of high margin international orders , which are fixed price contracts and aid in a low commodity environment. Also management has given an...

Background: KEC International (KEC), the flagship company of the RPG (Harsh Goenka) group, is a leading EPC player in T&D; Space. KEC has over six decades of experience with presence across 50 countries globally and strong execution capabilities. KEC, the global leader in Power Transmission EPC has also ventured into Power Systems, Cables, Telecom, Railways and Water. KEC has 7 manufacturing facilities spread across India, Brazil &...

In spite of increase in debt to Rs 22.3bn in September 2015 from Rs20.5bn inMarch 2015,interestcostsdeclinedsharplyonbetterfinancialmanagement. Key highlights: KEC's 2Q order inflows increased 37% yoy to Rs 15bn from a low base,...

KEC International (KEC) reported strong and in-line consolidated net PAT in 2Q. It increased by 118% yoy to Rs441mn on account of margin improvement; however, revenue went down by 7.0% below our expectation, on passing of lower commodity prices to the clients (Rs800mn) and depreciation of Brazil currency (Rs500mn). With stable margin expected from the transmission tower business coupled with improvement in margin from new businesses, the overall margin profile of the company will continue to look up. Thus, we maintain our BUY recommendation on...

KEC International Limited, the flagship company of RPG Group is global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission & Distribution, Cables, Railwaysmainly into power and Waters. The Company has powered infrastructure development in 61+ countries across Africa, Americas, Central Asia, Middle East, South Asia and South East Asia. Improving opportunity in Indian T&D; sector going ahead: - Indian T&D; sector remained underinvested relative to power generation sector. However, twelfth plan...

subsidiary performance and improvement in margins led by lower legacy orders. Management reiterated guidance of 10%15% growth for FY16 sales and improvement in marginsto7.58%.WetweakourFY16e/FY17etofactorinhighermarginsinneworders....

Background: KEC International (KEC), the flagship company of the RPG (Harsh Goenka) group, is a leading EPC player in T&D; Space. KEC has over six decades of experience with presence across 50 countries globally and strong execution capabilities. KEC, the global leader in Power Transmission EPC has also ventured into Power Systems, Cables, Telecom, Railways and Water. KEC has 7 manufacturing facilities spread across...

performance and improvement in margins led by lower legacy orders. Management has guided for 10%15% growth for FY16 sales and improvement in margins to 7.58%. We tweak our FY16e/ FY17e to factor in higher margins in new orders. We maintain Neutral...