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Dolat Capital Report
KEC International Ltd. reported a strong revenue growth of 18.8% YoY at Rs 43.6 billion.
Ebitda declined by 4.4% to Rs 3.5 billion with margin contracting by 197 basis points at 8.1% mainly due to increase in raw material cost.
Interest as % of revenue stood at 1.4%.
Adjusted profit after tax grew marginally by 0.7%YoY at Rs 1.9 billion.
We expect Ebitda/ earnings per share compound annual growth rate of 15%/20% over FY21-FY23E led by incremental growth from non-transmission and distribution business (especially railways and civil), and improved sales mix from SAE.
We pencil in order inflows of Rs 142 billion in FY22E primarily driven by non-transmission and distribution.
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