External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onKEC International We revise our EPS by -2.1% in FY25 owing to margin weakness in Railways, and +1.2% in FY26 factoring in strong execution.</li><li>KEC International (KEC) reported decent revenue growth of 11.6% YoY while EBITDA margin expanded by 116bps YoY to 6.3%.</li><li>Indian T&amp;D opportunity pipeline is robust given the push on renewable energy and new thermal projects to cater to rising power demand.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onKEC International We revise our EPS by -2.1% in FY25 owing to margin weakness in Railways, and +1.2% in FY26 factoring in strong execution.KEC International (KEC) reported decent revenue growth of 11.6% YoY while EBITDA margin expanded by 116bps YoY to 6.3%.Indian T&amp;D opportunity pipeline is robust given the push on renewable energy and new thermal projects to cater to rising power demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International (KECI IN) - Decent Quarter; but Order Inflows Disappoint

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>KEC International (KEC) reported a positive set of numbers in Q3FY24 with revenues at Rs 5007 Cr (up 14%YoY), EBITDA of Rs 308 Cr (up 54% YoY), and PAT of Rs 97 Cr (up 450% YoY).</li><li>The company’s EBITDA stood at 6.1% in Q3FY24 vs.4.6% in Q3FY23.</li><li>The revenue &amp; margins could have been better but due to challenges in the supply chain and increase in freight costs, the same could not be achieved.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International (KEC) reported a positive set of numbers in Q3FY24 with revenues at Rs 5007 Cr (up 14%YoY), EBITDA of Rs 308 Cr (up 54% YoY), and PAT of Rs 97 Cr (up 450% YoY).The company’s EBITDA stood at 6.1% in Q3FY24 vs.4.6% in Q3FY23.The revenue &amp; margins could have been better but due to challenges in the supply chain and increase in freight costs, the same could not be achieved.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International - Result Below Expectation Maintain HOLD

<ul><li>Encouraging revenue growth: KEC International (KEC) posted revenue of Rs 17,282 Cr in FY23, reporting a growth of 26%.</li><li>The growth was delivered by both T&amp;D and Non T&amp;D businesses.</li><li>Robust order book: The order intake for the FY23 was at a record level of Rs 22,378 Cr, with a robust growth of 30% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Encouraging revenue growth: KEC International (KEC) posted revenue of Rs 17,282 Cr in FY23, reporting a growth of 26%.The growth was delivered by both T&amp;D and Non T&amp;D businesses.Robust order book: The order intake for the FY23 was at a record level of Rs 22,378 Cr, with a robust growth of 30% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International Ltd - Robust Order Book; Margins Set To Increase

<ul><li>KEC International (KEC Int.) reported a positive set of numbers in Q1FY24 with revenues at Rs 4,244 Cr (up 28% YoY), EBITDA of Rs 244 Cr (up 45% YoY), and PAT of Rs 42 Cr (up 36% YoY).</li><li>The company’s EBITDA stood at 5.8% in Q1FY24 vs. 5.1% in Q4FY23 and 5.1% in Q1FY23.</li><li>Interest costs were higher by 59% on a YoY basis on account of an increase in interest costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International (KEC Int.) reported a positive set of numbers in Q1FY24 with revenues at Rs 4,244 Cr (up 28% YoY), EBITDA of Rs 244 Cr (up 45% YoY), and PAT of Rs 42 Cr (up 36% YoY).The company’s EBITDA stood at 5.8% in Q1FY24 vs. 5.1% in Q4FY23 and 5.1% in Q1FY23.Interest costs were higher by 59% on a YoY basis on account of an increase in interest costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International - Superior Execution Drives Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in Mumbai</li><li>We noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24</li><li>This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in MumbaiWe noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International: Looking at Better Margins for FY24. Maintain REDUCE

India

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

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KEC International (KECI IN)