KEC International secures ₹1,036 crore orders, boosting global presence, stock surge over 6%
Upstox
2 min read • Updated: April 30, 2024, 11:56 AM
Summary
KEC International said in an exchange filing that it has secured orders for setting up overhead transmission lines in the United Arab Emirates (UAE) and supply of towers, hardware, and poles in the Americas. The firm has also secured an order for additional work from railways, it said.
Shares of KEC International, an RPG group company, rose over 6% on Tuesday after the company announced it secured new orders worth ₹1,036 crore across its various businesses.
As of 11:45 am, KEC International stock trades ₹749 per share, up 2.4%, with a day high of ₹779.7 apiece on NSE.
The firm said in an exchange filing that it has secured orders for setting up overhead transmission lines in the United Arab Emirates (UAE) and supply of towers, hardware, and poles in the Americas.
The firm has also secured an order for additional work from railways, it said. Meanwhile, it has bagged orders for the supply of various types of cables in India and in the overseas market.
Vimal Kejriwal, MD & CEO at KEC International said these order wins have significantly enhanced the firm’s order book in the international transmission and distribution (T&D) market and has further strengthened its presence in the Middle East. “The order inflows at the start of the financial year reaffirm our confidence in achieving the targeted order intake for the year,” he said.
KEC International is a global infrastructure engineering, procurement, and construction (EPC) major. The firm has a presence in the verticals of power transmission and distribution, railways, civil, urban infrastructure, solar, oil & gas pipelines, and cables. It is currently executing infrastructure projects in over 30 countries and has a footprint in over 110 countries.
During the third quarter of fiscal year 2024, the company reported a 14.45% year-on-year (YoY) rise in its revenue at ₹5,007 crore. Earnings before interest, tax, depreciation and amortisation rose 54% YoY to ₹308 crore. EBITDA margin improved to 6.2% against 4.6% in the same period a year ago. Net profit for the quarter rose 439% YoY to ₹97 crore while net profit margin improved to 1% during the quarter compared to 0.4% in the same period a year ago.
Shares of the company have gained over 24% since the beginning of the year. The stock has risen nearly 52% in the last one year.