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KEC Announces Q1 FY-24 Financials: Revenue Soars 28%, PAT Up 36% YoY

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KEC International Ltd. [NSE: KEC, BOM: 532714], part of the RPG Group, and a major name in the EPC space, has announced its financials for Q1 of FY-24.

“Growth backed by healthy execution in both T&D and civil business” – KEC MD

Mr. Vimal Kejriwal, MD and CEO of KEC International said that growth in Q1 of FY-24 has been supported by healthy execution of orders in the company’s Transmission and Distribution (T&D) and Civil businesses.

Our T&D business has achieved revenues of INR 2,188 crores, with a significant growth of 33% vis-a-vis Q1 last year. The growth has been delivered on the back of robust execution across both domestic and international markets”, said Mr. Kejriwal while speaking about KEC’s performance in the T&D segment.

Further, about the performance of the company’s civil business vertical, he said, “Our civil business continues to run a high growth trajectory as it delivered revenues of over INR 950 crores, a splendid growth of 60% vis-a-vis Q1 last year. The growth has been delivered by robust execution across all segments, especially industrial, urban, infra, water, and residential”.

KEC International’s Standalone Financial Figures for Q1 of FY-24

During Q1 of FY-24, KEC clocked a standalone revenue of Rs. 3,701.49 crore from its operations, and a corresponding Profit After Tax (PAT) of Rs. 3.77 crore for the period.

Earnings Per Share (EPS) of the company stood at Rs. 0.15 during Q1 of FY-24.

KEC’s Consolidated Financial Numbers for Q1 of FY-24

YoY Comparison of KEC’s Financials: Q1 FY-24 vs. Q1 FY-23

Comparison of KEC Financials: Q1 FY23 vs Q1 FY24 vs Q4 FY23

On a Year-over-Year (YoY) basis, the company’s Q1 revenue from operations grew remarkably by 27.89% to Rs. 4,243.59 crore in FY-24 from Rs. 3,318.08 crore in FY-23.

KEC’s Q1 PAT too exhibited an upward trend, increasing to Rs. 42.33 crore in FY-24 from Rs. 31.02 crore in FY-23. Thus the company’s Q1 profit grew impressively by 36.46% YoY.

EPS of the company stood at Rs. 1.65 during Q1 of FY-24 against Rs. 1.21 in Q1 of FY-23.

QoQ Comparison of KEC’s Financial Results: Q1 FY-24 vs. Q4 FY-23

Quarter-over-Quarter (QoQ) comparison of KEC’s top line shows a dip of 23.19% from Rs. 5,525.01 crore, which was logged during Q4 of FY-23. PAT followed suit, and plummeted by 41.35% from Rs. 72.17 crore, reported for Q4 of FY-23.

KEC’s Segment-Wise Revenue Comparison

Segment-Wise Comparison of KEC’s Financials: Q1 FY23 vs Q1 FY24

T&D: For Q1 of FY-24, the company’s T&D segment revenue stood at Rs. 2,188 crore as compared to Rs. 1,650 crore which was logged during Q1 of FY-23. Therefore, there has been a 33% increase in KEC’s top line from this segment.

Railways: Revenue from KEC’s Railways segment grew by 8% to Rs. 764 crore in Q1 of FY-24 from Rs. 705 crore reported for Q1 of FY-23.

Civil: KEC’s Civil segment revenue stood at Rs. 955 crore for the quarter ended 30th June 2023 as compared to Rs. 598 crore revenue reported for the first quarter of FY-23. Therefore, KEC’s revenue from this segment grew by a massive 60% YoY.

Oil & Gas Pipelines: Revenue from this segment grew by 13% YoY, to Rs. 104 crore in Q1 of FY-24 from Rs. 92 crore in Q1 of FY-23.

Cables: KEC’s Cables segment revenue shrunk by 7% on a YoY basis, to Rs. 389 crore for Q1 of 2023-24 from Rs. 419 crore, which had been reported for Q1 of 2022-23.

KEC Share Prices Up 3.8% Post Q1 FY-24 Results Announcement, Order Book Crosses 30,000 Cr.

KEC International’s share prices grew by about 3.8% post the announcement of its Q1 FY-24 financials. This flows from KEC’s robust financial performance. The company’s sales have grown at a Compound Annual Growth Rate (CAGR) of 11% over the past 5 fiscals.

Briefing KEC’s shareholders about the company’s order book, Mr. Kejriwal said, “We now have a well-diversified and strong order book of INR 30,125 crores as on 30th June, 23, a strong growth of 27% vis-a-vis last year”. Out of this 44% are T&D orders, 35% of the orders have been secured from the civil segment, while 15% of the orders are from the railway sector. Orders from the cables, oil & gas, and solar sectors contribute 2% each to the company’s order book as on 30th June 2023.

Further, the company’s Year-To-Date (YTD) order inflow stands at about Rs. 4,500 crore.

About KEC International Ltd.: Maharashtra-headquartered KEC International is a major Indian EPC player with a presence in almost 100 countries. Its portfolio comprises projects in Power Transmission and Distribution, Urban, Solar, Infrastructure, Railways, Civil, Oil and gas pipelines, Smart Infrastructure, and Cable sectors.