KEC International Surges 8% on ₹1,007 Crore Order Win
During early trade on August 21, the stock price of KEC International surged by 8% following the company's announcement of orders worth ₹1,007 crore across various sectors. In early trade the stock was trading at ₹655.50, marking a nearly 5% increase from the previous day's closing price on the BSE.
• The civil division of the company has successfully secured a substantial contract for the planning, design, engineering, procurement, and construction of a comprehensive multi-specialty hospital located in India.
• The transmission and distribution (T&D) business secured an order for a 380 KV overhead transmission line project in the Middle East.
• The cable business secured orders for the supply of various cable types, both in India and overseas.
These orders come on the heels of KEC International winning orders worth ₹1,065 crore across different sectors earlier in August. Brokerage House reaffirmed its 'Accumulate' rating on the stock, as of their report dated August 16, with a target price of ₹703.
In the quarter ending June FY24, KEC International reported robust financial performance:
• A consolidated profit increase of 36.5% to ₹42.33 crore.
• Revenue growth of 27.9% to ₹4,243.59 crore, compared to Q1FY23.
Vimal Kejriwal, the Managing Director and Chief Executive Officer (MD & CEO) of KEC International, expressed his satisfaction with the continuous influx of orders. He mentioned, "We are pleased with the ongoing flow of orders, particularly in our Transmission and Distribution (T&D) and Civil businesses. In accordance with our strategic goals, the civil business has expanded its presence by securing a significant order to construct a Multispeciality Hospital in Eastern India."
Regarding the T&D order in the Middle East, Kejriwal further commented, "The Transmission and Distribution order in the Middle East region has substantially bolstered our international T&D market order book. With these recent orders, our Year-to-Date (YTD) order intake has reached a record level of over ₹5,500 crore, representing a robust growth of approximately 15% compared to the previous year.
KEC International is a prominent global infrastructure company specializing in engineering, procurement, and construction (EPC) services. The company operates across various sectors, including power transmission and distribution, railways, civil engineering, urban infrastructure, solar energy, oil and gas pipelines, as well as cable installation.
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