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KEC’s FY-23 Revenue Crosses Rs. 17,000 Cr. Mark; PAT Drops 47% YoY

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KEC International Ltd. [NSE: KEC, BOM: 532714], an RPG group company and a major Indian EPC player, has announced its financials for the quarter and year ended 31st March 2023.

KEC’s Standalone Financial Figures FY23

For the quarter ended 31st March 2023, KEC reported a standalone revenue of Rs. 4,961.37 crore from its operations. Corresponding Profit After Tax (PAT) earned during Q4 of FY-23 stood at Rs. 29.40 crore.

For the 2022-23 financial year, the company clocked a standalone revenue of Rs. 15,413.23 crore, and a PAT of Rs. 180.25 crore.

Considering the company’s Earnings Per Share (EPS), KEC reported Rs. 1.14 as its EPS for the last quarter of FY-23 and Rs. 7.01 for the entire FY-23.

KEC International’s Consolidated FY23 Financial Performance

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

Comparison of KEC Financials: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23

KEC International’s consolidated revenue stood at Rs. 5,525.01 crore for Q4 FY23, which is YoY 29.25% higher than the company’s Q4 FY22 revenue of Rs. 4,274.78 crore.

On a Year-over-Year (YoY) basis, KEC International’s Q4 PAT slumped by 35.59% to Rs. 72.17 crore in FY-23 from Rs. 112.04 crore in the 2021-22 financial year.

Comparison of KEC EPS: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23

EPS for the quarter ended 31st March 2023 stood at Rs. 2.81, which is 35.55% lower than KEC’s Q4 EPS of Rs. 4.36 in FY-22.

For entire FY-23, the company clocked a revenue of Rs. 17,281.71 crore, reflecting a robust YoY growth of 25.76% from Rs. 13,742.26 crore reported for FY-22.

However PAT followed a contrasting trend, dropping by 46.99% YoY to Rs. 176.03 crore during 2022-23 from Rs. 332.08 crore earned in FY-22.

KEC’s EPS for the recently concluded fiscal was Rs. 6.85 as compared to Rs. 12.92 for FY-22. This reflects a significant YoY decrease of 46.98% in Annual EPS.

QoQ Comparison of KEC International’s Financials: Q3 FY-23 vs. Q4 FY-23

KEC International’s revenue from operations grew by 26.30% on a Quarter-over-Quarter (QoQ) basis, from Rs. 4,374.62 crore earned during Q3 of FY-23.

Further, KEC’s Q4 PAT was 4.10 times the company’s PAT in Q3 of FY-23, which stood at Rs. 17.60 crore.

KEC’s Segment-Wise Consolidated FY23 Revenue

Comparison of KEC’s Segment-wise Revenue: Q4 FY22 vs. Q4 FY23 & FY22 vs. FY23

T&D: KEC international’s T&D business brought in Rs. 2,772 crore during Q4 of FY-23, which reflects a remarkable increase of about 42% from the Rs. 1,947 crore T&D revenue clocked by the company in Q4 of FY-22.

For the entire year, KEC’s T&D revenue stood at Rs. 8,809 crore during FY-23, exhibiting a robust growth by 27% YoY as compared to its Rs. 6,956 crore revenue from this segment in FY-22.

Railways: This segment usually comprises the largest share of KEC’s revenue from its non-T&D business. In FY-23, the company’s railways segment brought in 40.59% of its non-T&D revenue.

During the quarter ended 31st March 2023, KEC’s revenue from its railways business was Rs. 1,242 crore, exhibiting a slight YoY decrease of 7% from its Rs. 1,335 crore railways revenue in Q4 of FY-22.

Considering the entire 2022-23 financial year, KEC clocked Rs. 3,701 crore from this segment as compared to Rs. 3,860 crore in FY-22. Therefore revenue from KEC’s railways business has plummeted by 4% from FY-22 to FY-23.

Civil: KEC’s revenue from its civil business was Rs. 1,135 crore in Q4 of FY-23, as compared to Rs. 665 crore in Q4 of FY-22. Therefore, a remarkable 71% YoY growth is evident in the company’s Q4 civil segment revenue.

For the year ended 31st March 2023, KEC reported Rs. 3,319 crore as revenue from this segment, which reflects a stellar growth of 75% from its Rs. 1,897 crore civil revenue for FY-22.

Oil & Gas Pipelines: The company reported Rs. 151 crore as its revenue from this segment during Q4 of FY-23 against Rs. 109 crore earned during Q4 of FY-22, thus increasing by 38.53%.

For the full FY23, KEC’s topline from this segment was Rs. 483 crore, which is 2.67 times the company’s oil & gas pipeline segment revenue for FY-22, which stood at Rs. 181 crore.

Cables: During the quarter ended 31st March 2023, KEC earned a revenue of Rs. 439 crore from its cables business. This is 2% lower than the company’s cable revenue in Q4 of FY-22, which stood at Rs. 447 crore.

For the entire 2022-23 fiscal KEC’s revenue from this segment was Rs. 1,615 crore, reflecting a YoY growth of 6%. In FY-22 the company’s revenue from this segment was Rs. 1,524 crore.

KEC’s Order Intake Crosses Rs. 22,000 Cr. in FY-23, Grows by 30% YoY

KEC International’s order intake for the 2022-23 financial year stood at Rs. 22,378 crore, reflecting a YoY growth of 30.08% from Rs. 17,203 crore during FY-22.

Commenting on KEC’s financial performance and order intake, Mr. Vimal Kejriwal, MD and CEO of KEC International, said, “We have delivered a notable performance for the year by achieving the highest ever Revenues & Order Intake and considerable improvement in Working Capital. The uptick in order intake has enhanced our order book & L1 stand to over Rs. 34,000 crore.” Mr. Kejriwal further expressed his hopes for healthy growth in terms of revenue and margins based on the company’s strong order book.

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 & Gas pipelines, Smart Infrastructure, and Cable sectors.