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KEC International’s Q1 FY23 Revenue Up 30.63% YoY, PAT Down 32.77% YoY

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KEC International Ltd. [NSE: KEC, BOM: 532714], a major India-based EPC company has announced its financial results for the first quarter of FY-23.

KEC’s Standalone Financial Results for Q1 of FY-23

Standalone revenue from operations of KEC International for Q1 of the current fiscal stood at Rs. 2,848.64 crore.

Standalone profit of the company after tax was reported as Rs. 100.29 crore for the quarter ended 30th June 2022.

KEC International’s Q1 FY-23 Consolidated Financials

Y-o-Y Comparison of KEC’s Financial Performance: Q1 FY-23 vs. Q1 FY-22

Comparison of KEC’s Financials: Q1 FY-22 vs. Q1 FY-23 vs. Q4 FY-22

KEC reported Rs. 3,318.08 crore as consolidated revenue from operations in Q1 of the current fiscal. This reflects a healthy increase of 30.63% YoY from Rs. 2,540 crore, which was the company’s revenue during the corresponding period in FY-22.

The EPC major’s profit After Tax (PAT) declined by 32.77% to Rs. 31.02 crore during Q1 of FY-23. in comparison to PAT recorded for the quarter ended 30th June 2021, which was Rs. 46.14 crore.

QoQ Comparison of KEC International’s Financial Results: Q1 FY-23 vs. Q4 FY-22

Quarter-over-Quarter (QoQ) comparison of the company’s financials reflects a 22.38% drop in revenue from operations from Rs. 4,274.78 crore clocked during the last quarter of the previous fiscal.

KEC’s profits also suffered, dropping by 72.31% from Rs. 112.04 crore which the company had reported for the last quarter of the 2021-22 financial year.

This change is in line with the general trend followed by the Indian cable sector and Industry in general, where in Q4 is usually the highest grossing quarter during any financial year.

Summary of KEC’s Financial Performance

Commenting on the company’s financial results, Mr. Vimal Kejriwal, Managing Director & CEO, KEC International said, “We have achieved revenues of Rs. 3,318 crores for the quarter, with robust consolidated growth of 31% and a standalone growth of 22% vis-à-vis Q1 last year. The growth has been delivered by good performances in most of our businesses such as T&D, civil, railways, oil and gas and cables.”

Mr. Kejriwal further said that elevated commodity prices and logistics costs, and KEC’s performance in Brazil had affected the company’s margins.

Speaking about KEC’s order book, Mr. Kejriwal elaborated that the company has had a robust intake of orders, and as of 30th June 2022, it stands at Rs. 23,720 crores.

The company is the lowest bidder (L1 position) for orders worth over Rs. 8,000 crore across various businesses. “The largest contributor in the order intake has been our civil and T&D businesses followed by railways and cables”, he said.

About KEC International Ltd.: KEC International is a major EPC player with its headquarters in Maharashtra. The company has operations in over 30 countries, and its portfolio comprises projects in Power Transmission and Distribution, Urban, Solar, Infrastructure, Railways, Civil, Oil & Gas Pipeline, Smart Infrastructure and Cable sectors.