KEI’s Q2 Cable Revenue Up 19.26%, Q2 Net Profit Shoots Up 16.55% YoY

KEI Industries Ltd. [NSE: KEI, BOM: 517569], a major player in the Indian wire and cable industry, has announced its financial results for the quarter ended 30th September 2022.
KEI Industries’ Q2 FY23 Standalone Financials
Standalone revenue from operations clocked by the company stood at Rs. 1,608.07 crore for Q2 of the current fiscal.
Correspondingly, KEI reported a standalone net profit of Rs. 106.9 crore for the second quarter of 2022-23.
KEI’s Consolidated Q2 FY23 Financial Performance
YoY Comparison of KEI’s Financial Results: Q2 FY-23 vs. Q2 FY-22
On a Year-over-Year basis, KEI’s Q2 revenue from operations showed an increase of 18.81% to Rs. 1,608.07 crore during FY-23 from Rs. 1,353.43 crore in FY-22.
Net Profit of the company also showed an upward trend, increasing by 16.55% YoY to Rs. 106.88 crore for Q2 of the current fiscal as compared to the Rs. 91.71 crore net profit clocked for the same quarter of FY-22.

QoQ Comparison of KEI’s Financials: Q2 FY-23 vs. Q1 FY-23
Quarter-over-Quarter (QoQ) analysis of KEI’s financials show a meagre 2.73% increase in the company’s revenue from operations. KEI had reported a revenue from operations of Rs. 1,565.41 crore for the first quarter of the current fiscal.
Net Profit of the company also increased by 3.01% on QoQ basis, from Rs. 103.76 crore reported for Q1 of FY-23.
Therefore, the company’s financials over Q1 and Q2 of the current fiscal have remained steady.
KEI’s Segment-Wise Financial Performance

Cables: KEI is primarily a cable company since this segment contributes most to its revenue. In Q2 of FY-23, KEI’s cable business earned revenue of Rs. 1,444.49 crore, which is 89.83% of the company’s consolidated revenue from operations for this quarter.
Segmental revenue for KEI’s cable business showed a YoY increase of 19.26% from Rs. 1,211.23 crore clocked during Q2 of FY-22. KEI’s QoQ increase in cable segment revenue was by a miniscule 1.68% from Rs. 1,420.57 crore earned in the first quarter of FY-23.
Stainless Steel (SS) Wires: The company’s revenue from this segment showed an impressive YoY growth by 41.99%, to Rs. 73.48 crore during Q2 of FY-23 from Rs. 51.75 crore reported for the same quarter of FY-22.
On a QoQ basis, KEI recorded an increase of 20.47% in its SS Wires segmental revenue from Rs. 60.1 crore clocked during the quarter ended 30th June 2022.
EPC Projects: This is the only segment where the company’s revenue has dropped YoY as well as QoQ. KEI’s EPC projects revenue slumped by 61.56% YoY, to Rs. 105.85 crore during Q2 of FY-23 from Rs. 275.39 crore recorded for the corresponding period of FY-22.
QoQ decrease in KEI’s revenue from this segment was 31.08%, dropping from Rs. 153.59 crore revenue reported during Q1 of the current financial year.
About KEI Industries Ltd.: KEI Industries was established in 1968, and is headquartered in New Delhi. The company has 38 branch offices and 21 warehouses across India. KEI has manufacturing facilities in Bhiwadi, Chopanki & Pathredi in Rajasthan and Silvassa in Dadra & Nagar Haveli. KEI deals in Low Tension cables, High Tension and Extra High Voltage, control and instrumentation cables, speciality cables, elastomeric / rubber cables, submersible cables, flexible & house wires.