ICICI Direct: KEC International Delivers All-Round Q2 Performance
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ICICI Direct Report
KEC International Ltd. reported a decent set of Q2 FY21 numbers that were better than our estimates on the revenue front led by better execution in the non-transmission and distribution segment while T&D segment stayed flat.
However, margins saw some impact on the back of higher than expected operating cost.
The company’s year-to-date order inflow came in at Rs 4366 crore, up 16%, YoY.
Recognition of Covid-19 expenses, higher contracting expenses and forex loss in Brazilian projects led Ebitda margins to come in a tad below expectations.
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