KEC International’s Q3 PAT Grows 34%, Revenue Up 7% YoY

KEC International Limited [NSE: KEC, BOM: 532714], a major player in the Transmission & Distribution (T&D) and civil segments, has posted its financials for Q3 of FY-25.

KEC International’s Q3 FY-25 Standalone Financials

During Q3 of FY-25, KEC reported a standalone revenue of Rs. 4,757.64 crore from operations, and a corresponding Profit After Tax (PAT) of Rs. 72.89 crore.

KEC’s Consolidated Q3 FY-25 Financial Numbers

YoY Comparison of KEC’s Financial Figures: Q3 FY-25 vs Q3 FY-24

KEC International reported a consolidated top line of Rs. 5,349.38 crore for Q3 of FY-25, representing a slight 6.8% Year-over-Year (YoY) growth from its Rs. 5,006.72 crore revenue for Q3 of FY-24.

However, KEC’s Q3 PAT exhibited an impressive 33.75% growth YoY to Rs. 129.56 crore in FY-25 from Rs. 96.87 crore in FY-24.

The company’s Earnings Per Share (EPS) stood at Rs. 4.87 for Q3 of FY-25 against Rs. 3.77 during Q3 of FY-24.

QoQ Comparison of KEC’s Financial Performance: Q3 FY-25 vs. Q2 of FY-25

Considering KEC’s financials Quarter-over-Quarter (QoQ), there was a slight 4.62% increase in revenue from Rs. 5,113.31 crore, which was logged for Q2 of FY-25.

In contrast, KEC’s PAT grew impressively by 51.69% on a QoQ basis, from Rs. 85.41 crore earned during Q2 of FY-25.

KEC’s Segment-Wise Revenue Comparison: Q3 FY25 vs. Q3 FY-24

Transmission & Distribution (T&D): KEC’s T&D segment usually forms the bulk of its gross top-line*. In Q3 of FY-25, the company clocked Rs. 3,175 crore as its quarterly revenue from its T&D vertical, 16.60% higher than KEC’s T&D segment revenue for Q3 of FY-24, which stood at Rs. 2,723 crore.

KEC mentioned in its investor presentation that its YTD order intake in this segment has crossed Rs. 16,000 crore.

KEC mentioned that the company has expanded is Jaipur plant, and is in the process of expanding its Jabalpur plant for tower manufacturing. Once the expansion at Jabalpur is complete, KEC will have a total tower manufacturing capacity of 4,68,000 Metric Tonne Per Annum (MTPA) from the current 4,22,000 MTPA.

Civil: KEC’s civil segment raked in Rs. 1,102 crore of the gross quarterly revenue during Q3 of FY-25. YoY, this number remained almost flat, growing negligibly by 0.27% from Rs. 1,099 crore which was reported as civil segment quarterly revenue for Q3 of FY-24.

As per a report by ICICI Direct Research, this slowdown in the company’s civil segment is due to “…slowdown in the water business and persisting labour shortages”. Despite this, the company reported a civil segment order book, which taken together with the value of projects for which KEC holds L1 position, amounts to over Rs. 9,700 crore.

Transportation: This business segment was earlier referred to as KEC’s Railways segment. The company has expanded this segment to include ropeways EPC works.

KEC’s transportation business vertical contributed Rs. 456 crore to the company’s quarterly gross revenue during Q3 of FY-25. YoY, this figure represents a 30.17% shrinkage from KEC’s Q3 FY-24 transportation segment revenue of Rs. 653 crore.

Oil & Gas Pipelines: The company’s oil & gas pipelines business brought in Rs. 76 crore during Q3 of FY-25, which represents a massive decrease of 58.24% YoY. In Q3 of FY-24, KEC registered Rs. 182 crore as quarterly revenue from this segment.

Renewables: This segment comprises KEC’s EPC orders to develop Renewable Energy plants. Renewables segment contributed Rs. 238 crore to KEC’s Q3 FY-25 revenue, which is 51.59% up from its Q3 FY-24 renewables segment revenue of Rs. 157 crore.

KEC also mentioned that as of Q3 of FY-25, the company’s Renewables segment order book, taken together with projects in this segment for which it is the L1 bidder, totals to Rs. 1,000 crore.

Moreover, up until Q3 of FY-25, the company used to bid primarily for solar EPC projects, but now KEC has also started bidding for EPC works for developing wind energy projects.

Cables: KEC’s earned a quarterly revenue of Rs. 406 crore from its cables segment during Q3 of FY-25. This is 6.05% higher than KEC’s quarterly revenue of Rs. 383 crore from this segment during Q3 of FY-24.

The company mentioned that with effect from 1st January 2025, the entire cables business of KEC International has been transferred to Asian Cables Ltd., a 100% subsidiary of KEC.

KEC has commissioned phase-1 of its Aluminium conductor plant in Vadodara, and the entire plant is expected to be commissioned in Q4 of FY-25. Apart from this KEC is adding a facility for elastomeric and e-beam cable manufacturing which is expected to be commissioned by Q4 of FY-26.

About KEC International Limited: Headquartered in Maharashtra, KEC International is an EPC player with a significant name and presence in around 100 countries. Its segments include Urban, Infrastructure, Solar, Smart Infrastructure, Civil, Cable sector, Power Transmission and Distribution, Railways, and Oil and Gas pipelines.