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KEI’s Q3 FY23 Results: Cable Revenue Up 16.2% YoY, Profits Shoot up 27.04%

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

KEI’s Standalone Financials for Q3 FY-23

KEI reported Rs. 1,784.32 crore as its revenue from operations for the quarter ended 31st December 2022.

Correspondingly, the company’s net profit stood at Rs. 128.61 crore for Q3 of the ongoing fiscal.

Q3 Consolidated Financial Numbers for KEI Industries

YoY Comparison of KEI’s Q3 Financial Performance: Q3 FY23 vs. Q3 FY22

KEI Industries reported a consolidated revenue of Rs. 1,784.32 crore from operations during the third quarter of 2022-23. This reflects a Year-over-Year (YoY) increase of 14.10% in revenue from the Rs. 1,563.85 crore revenue clocked during Q3 of FY-22.

Comparison of KEI Financials: Q3 FY22 vs Q3 FY23 vs Q2 FY23

Third quarter net profit of the company jumped remarkably by 27.04% to Rs. 128.60 crore in FY-23 from Rs. 101.23 crore earned during FY-22.

QoQ Comparison of KEI Industries’ Financials: Q3 FY23 vs. Q2 FY23

On a Quarter-over-Quarter basis, the company exhibited a steady growth of 10.96% in revenue from Rs. 1,608.07 crore earned during Q2 of the current fiscal.

KEI’s net profit also showed an upward trend, growing impressively by 20.32% from Rs. 106.88 crore that the company reported for Q2 of the current financial year.

KEI’s Segment-Wise Consolidated Revenue

KEI Segment-wise Financials: Q3 FY22 vs Q3 FY23 vs Q2 FY23

Cables: The major chunk of KEI Industries’ revenue comes from its cables portfolio. For Q3 of FY-23, cable segment revenue of the company accounted for 91.54% of KEI’s total revenue.

KEI’s cable segment revenue for the quarter ended 31st December 2022 stood at Rs. 1,633.38 crore. This figure is up by 16.20% on a YoY basis, which is a healthy number. For Q3 of the previous fiscal, the company’s earnings from its cables portfolio amounted to Rs. 1,405.67 crore.

QoQ comparison of the company’s cable revenue reflects a resilient increase of 13.08% from Rs. 1,444.49 crore reported for Q2 of the current financial year.

Stainless Steel Wire: Stainless Steel (SS) Wire revenue of the company went down by 14.49% YoY to Rs. 55.75 crore in Q3 of FY-23 from Rs. 65.20 crore during Q3 of FY-22.

Comparing KEI’s Q3 earnings to Q2 earnings in this segment, a slump of 24.13% is evident. During the quarter ended 30th September 2022, this segment contributed Rs. 73.48 crore to the company’s consolidated revenue.

EPC Projects: KEI’s Q3 revenue from its EPC portfolio has suffered, dropping by about 8% to Rs. 223.40 crore in FY-23 as against Rs. 242.80 crore clocked during FY-22.

QoQ, the company’s EPC business performed well, and KEI’s EPC revenue rocketed by 111.05% from Rs. 105.85 crore which was reported for the quarter ended 30th September 2022.

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 cables and house wires.