Buy KEC International Ltd For Target Rs.610 - ICICI Direct
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About the stock: KEC International (KEC) is one of the EPC majors in key infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables.
* A strategic shift in portfolio from T&D to non-T&D (13% contribution in FY16 increased to 50% in FY23)
* T&D diversified across countries with entry in ~20 countries in last five years
Q4FY23 Results: KEC reported mixed Q4FY23 results given the margin miss.
* Revenue grew 29.2% YoY to | 5525 crore owing to strong growth in T&D segment
* EBITDA was at | 283.5 crore, up 12.6% YoY with margins at 5.1%, impacted primarily by execution of legacy projects with adverse commodity prices
* Consequently, adjusted PAT came in at | 72.2 crore, down 35.6% YoY
* FY23 order inflows came in strong at | 22378 crore, up 30% YoY
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