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KEI Industries’ Annual FY23 Revenue Rockets to 6,912 Cr, Profit Shoots 26.95% YoY

KEI Industries logo

KEI Industries Ltd. [NSE: KEI, BOM: 517569], a major player in the Indian wire and cable industry, has announced its financial results for the closing quarter of FY-23.

KEI’s Standalone Financial Figures

KEI Industries reported a standalone revenue of Rs. 1,954.53 crore for the fourth quarter of the 2022-23 financial year.

Moreover, net standalone profit clocked by the company during the quarter ended 31st March 2023 stood at Rs. 138.11 crore.

Standalone Earnings Per Share (EPS) of the company stood at Rs. 15.31 during Q4 of FY-23.

For the entire 2022-23 financial year, the company’s standalone revenue stood at Rs. 6,912.33 crore.

Correspondingly, KEI’s net profit for FY-23 was Rs. 164.67 crore, and the EPS for the entire 2022-23 fiscal amounted to Rs. 52.95.

KEI Industries’ Consolidated Financials for Q4 FY-23

YoY Comparison of KEI’s Financial Results: Q4 FY-22 vs. Q4 FY-23 & FY-22 vs. FY-23

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

On a Year-over-Year (YoY) basis, the company’s Q4 revenue from operations grew by 9.06% to Rs. 1,954.53 crore in FY-23 from Rs. 1,792.15 crore in FY-22.

Further, KEI’s Q4 net consolidated profit reflected a healthy increase of 19.07% YoY to Rs. 138.10 crore in 2022-23 from Rs. 115.98 crore clocked during 2021-22.

EPS of the company during Q4 of FY-23 was Rs. 15.31, which is 18.96% higher than the Rs. 12.87 EPS reported by KEI in the last quarter of FY-22.

Comparing KEI’s revenue from operations during the entire financial year, a growth of 20.7% is evident from FY-22 to FY-23. In the recently concluded fiscal, the company clocked Rs. 6,912.33 crore as revenue from operations, as against Rs. 5,726.99 crore earned during FY-22.

Annual net profit of the company also followed an upward trajectory, growing impressively by 26.95% to Rs. 477.34 crore in FY-23 from Rs. 376.02 crore in FY-22.

Comparison of KEI’s EPS: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23

Comparing the consolidated annual EPS, we see an increase of 26.74% to Rs. 52.94 for FY-23 from Rs. 41.77 in FY-22.

QoQ Comparison of KEI Industries’ Financials: Q3 FY-23 vs. Q4 FY-23

Quarter-over-Quarter comparison of KEI’s financial figures shows a growth of 9.54% in the company’s revenue from operations. KEI had clocked Rs. 1,784.32 crore as revenue during the quarter ended 31st December 2022.

Net profit of the company also followed the same trend, growing by 7.39% from Rs. 128.60 crore reported for Q3 of FY-23.

Eanings Per Share of the company exhibited a steady QoQ growth by 7.36% from Rs. 14.26 reported for the quarter ended 31st December 2022.

KEI’s Segment-wise Revenue Comparison

Comparison of KEI Financials: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23 (in INR Cr.)

Cables & Wires: Being primarily a cable and wire manufacturer, this segment accounts for the major chunk of KEI’s revenue. For the quarter ended 31st March 2023, KEI’s consolidated revenue from this segment was Rs. 1,755.46 crore, which is about 89.81% of the company’s total revenue from operations. In its investor presentation on the Q4 FY-23 financials, KEI stated that about Rs. 938 crore of its wire and cable segment revenue was attributed to institutional sales, while the rest was due to sales through dealers and distributors.

The company’s top line from wires and cables segment grew by 8.24% on a YoY basis from Rs. 1,621.80 crore. The QoQ growth in KEI’s wire and cable revenue was by 7.47% from Rs. 1,633.38 crore earned during the quarter ended 31st December 2022.

Considering the entire financial year, KEI’s revenue from this segment grew impressively by 22.07% to Rs. 6,253.91 crore in FY-23 from Rs. 5,123.12 crore reported for 2021-22.

In the entire year FY-23, institutional sales accounted for about Rs. 3,240 crore of the company’s wire and cable revenue while the balance has been earned through dealers and distributors.

Stainless Steel (SS) Wire: During the quarter ended 31st March 2023, KEI clocked a revenue of Rs. 64.87 crore from its Stainless Steel Wire business. This reflects a 6.01% growth from the company’s revenue from this segment in Q4 of FY-22, which was Rs. 61.19 crore.

On a QoQ basis there was an increase of 16.36% in KEI’s SS Wire revenue, from Rs. 55.75 crore reported for the quarter ended 31st December 2023.

For the year ended 31st March 2023, KEI’s SS Wire revenue stood at Rs. 255.09 crore, which is 12.90% higher than the revenue of Rs. 225.94 crore reported by the company in FY-22 for this segment. Export of SS wire brought in Rs. 120 crore to the company’s revenue during FY-23.

EPC Projects: KEI not only manufactures cables, wires and SS wires but also has its presence in the EPC segment.

The company’s revenue from its EPC undertakings stood at Rs. 223.17 crore in Q4 of FY-23, exhibiting a meagre increase of 2.64% from KEI’s EPC revenue of Rs. 217.44 crore for Q4 of FY-22.

QoQ change in KEI’s EPC revenue was nominal, shrinking by merely 0.10% from Rs. 223.40 crore clocked in Q3 of FY-23.

Considering the entire financial year, the company’s EPC revenue in FY-23 stood at Rs. 706.02 crore as against Rs. 873.49 crore earned during the year ended 31st March 2022. Therefore, this segment saw a YoY decrease of 19.17% in revenue.

Moreover, KEI stated that in FY-23 the company’s export sales in its EPC segment amounted to Rs. 71 crore.

About KEI Industries Ltd.: KEI Industries was founded in 1968 as a partnership firm. It was converted into a Limited company in 1992. The company has manufacturing facilities in Bhiwadi, Chopanki & Pathredi in Rajasthan and Silvassa in Dadra & Nagar Haveli. KEI is primarily a cable and wire company, dealing in Low Tension (LT) cables, High Tension (HT) and Extra High Voltage (EHV), control and instrumentation cables, speciality cables, elastomeric / rubber cables, submersible cables, flexible & house wires.