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KEC International Announces FY-24 Financials: Revenue Up 15%, PAT Jumps 96%

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KEC International Limited, [NSE: KEC, BOM: 532714], a major Indian EPC company has announced its financial results for the quarter and financial year ended 31st March 2024.

Standalone Financial Results of KEC International: Q4 of FY-24 and FY-24

KEC International reported a standalone revenue of Rs. 5,301.81 crore during Q4 of FY-24 and corresponding Profit After Tax (PAT) of Rs. 92.93 crore. The company’s Earnings Per Share (EPS) were reported as Rs. 3.61 during the closing quarter of FY-24.

Taking the entire financial year 2023-24 into account, KEC International earned a standalone revenue of Rs. 17,383.35 crore and a PAT of Rs. 147.53 crore. Further, the company’s EPS were Rs. 5.74 during FY-24.

KEC International’s Consolidated Financial Figures: Q4 FY-24 & FY-24

YoY Comparison of KEC’s Financials: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

KEC’s Revenue Comparison: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

On a Year-over-Year (YoY) basis, KEC International’s consolidated revenue grew by 11.58% to Rs. 6,164.83 crore in Q4 of FY-24 from Rs. 5,525.01 crore which was logged during Q4 of FY-23. Consolidated PAT of the company jumped to Rs. 151.75 crore during Q4 of FY-24 which is 2.10 times of the company’s Q4 FY-23 profit of Rs. 72.17 crore.

KEC’s PAT Comparison: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Considering the entire financial year 2023-24, the company’s revenue from operations increased by 15.23% to Rs. 19,914.17 crore from Rs. 17,281.71 crore during FY-23. KEC International reported its PAT as Rs. 346.78 crore during FY-24, marking a staggering growth of 97% from Rs. 176.03 crore during FY-23.

The company’s EPS was reported as Rs. 5.90 during Q4 of FY-24 and Rs. 13.49 during entire financial year 2023-24.

KEC’s Revenue: Q3 FY-24 vs. Q4 FY-24
KEC’s PAT: Q3 FY-24 vs. Q4 FY-24

QoQ Comparison of KEC’s Financial Numbers: Q3 FY-24 vs. Q4 FY-24

KEC International’s Q4 revenue from operations grew by 23.13% from Rs. 5,006.72 crore during Q3 of FY-24. The company’s PAT also showed a significant increase of 56.65% from Rs. 96.87 crore profit for third quarter of FY-24.

Segment Wise Revenue Comparison of KEC International

Comparison of KEC’s Segment-wise Financials: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Transmission & Distribution (T&D): During Q4 of FY-24, T&D segment of the company bought in a revenue of Rs. 3,384 crore as compared to Rs. 2,730 crore during Q4 of FY-23. This showed a YoY increase of 23.96%.

Considering the entire financial year 2023-24, KEC International’s revenue from T&D segment stood at Rs. 10,456 crore, exhibiting a growth of 20.82% from Rs. 8,654 crore logged during FY-23.

During the company’s earnings call for FY-24 financial results, Mr. Vimal Kejriwal, Managing Director and Chief Executive Officer (CEO) of KEC International highlighted that in FY-24, T&D segment contributed the most to KEC’s revenue. KEC International generated 52.50% of its gross revenue* from its T&D business.

*Gross revenue of a company represents the total of segmental revenues before subtracting inter-segmental revenue.

Mr. Kejriwal also mentioned that as of 31st March 2024, 21% of the company’s total orders are for supplying T&D products like towers, cables, hardware and poles.

Civil: During Q4 of FY-24, the company reported Rs. 1,262 crore as its revenue from this segment. This is 11.19% higher than the company’s Civil revenue for Q4 of FY-23, which stood at Rs. 1,135 crore.

Next to the company’s T&D business, civil segment contributed the largest share of KEC’s revenue during financial year 2023-24. The company generated 21% of its gross revenue from its Civil business vertical. “We are confident that Civil will continue to be a major growth driver for us, said Mr. Kejriwal.

For the entire 2023-24 fiscal, KEC’s revenue from the Civil segment was Rs. 4,370 crore, reflecting a growth of 31.67%. In FY-23, the company’s revenue from Civil segment was Rs. 3,319 crore.

Railways: This segment of the company earned a revenue of Rs. 922 crore during Q4 of FY-24 which is 27.17% lower than Rs. 1,266 crore revenue during Q4 of FY-23.

For the entire fiscal year 2023-24, the company’s revenue from Railways segment saw a decrease of 17.33% to Rs. 3,115 crore from Rs. 3,768 crore revenue during FY-23.

Oil & Gas Pipelines: KEC’ revenue from its Oil and Gas Pipelines segment surged YoY by 40.40% to Rs. 212 crore in Q4 of FY-24 from Rs. 151 crore in Q4 of FY-23.

Over the entire FY-24, revenue from this segment exhibited a growth of 29.61% or Rs. 626 crore against Rs. 483 crore logged for the financial year ended 31st March 2023.

Cables: Speaking about the KEC’s Cables segment, Mr. Vimal Kejriwal said Our Cables business continues to deliver good performance with the highest-ever revenues, order intake and profitability during the year. The company has secured orders for supplying power transmission conductors ACSR and AL-59 from government utilities and private sector developers.

KEC International reported a revenue of Rs. 461 crore from its Cables segment during Q4 of FY-24. This reflects a YoY increase of 5.01% from the company’s Rs. 439 crore revenue clocked for Q4 of FY-23.

For the entire FY-24, the company reported Rs. 1,645 crore as revenue from the Cables segment, showing a marginal increase of 1.86% from Rs. 1,615 crore in FY-23.

Others: As per the company’s investor presentation, this segment consists of Solar projects and Cabling works. The company’s revenue from this segment stood at Rs. 163 crore during Q4 of FY-24 which is 10.18 times the company’s Rs. 16 crore revenue during Q4 of FY-23.

During entire financial year 2024, KEC International’s revenue from its ‘Others’ segment increased to Rs. 443 crore which is 5.03 times of the company’s Rs. 88 crore revenue in FY-23.

“Large L1 Position of Over INR 7,000 crores in T&D Business”- KEC MD & CEO

Mentioning KEC’s order book during the company’s earnings call, Mr. Vimal Kejriwal said that the company had a ‘well-diversified and strong order book’ of Rs. 30,000 crore as of 8th May 2024. He added “Additionally, we have a large L1 position of over INR 7,000 crores primarily in T&D business. With this, our order book-plus-L1 position stands at INR 37,000 crores which gives us a visibility for the next 6 to 8 quarters”.

About KEC International Limited: 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 & Gas pipelines, Smart Infrastructure and Cable sectors.