India's KEC International posts Q1 profit beat on strong demand
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Engineering and construction company KEC International posted a bigger-than-expected rise in first-quarter profit on Thursday boosted by strong infrastructure demand.
Consolidated profit for RPG Group's flagship company rose 36.5% to 423.3 million rupees ($5.11 million), while revenue rose 27.9% year-on-year to 42.44 billion rupees.
Analysts, on average, expected a profit of 332 million rupees, according to Refinitiv IBES data.
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KEY CONTEXT
With less than a year to go for India's general elections, there has been an increase in government spending on infrastructure. KEC International operates in the power transmission & distribution, civil and railways sectors among others.
Rival Cummins India reported an almost 79% increase in profit, led by the strong sales in engines segment while Thermax posted a smaller-than-expected 1.7% rise in first-quarter profit. ABB and Siemens are yet to report results.
