KEC International Limited
4,070words
15turns
0analyst exchanges
0executives
Key numbers — 40 extracted
31%
24%
Rs. 15,500 crore
10%
Rs. 35,000 crore
Rs. 4,375 crore
Rs. 3,340 crore
Rs. 11,757 crore
Rs. 9,467 crore
Rs. 200 crore
Rs. 239 crore
Rs. 546 crore
Guidance — 10 items
Consolidated Net Working Capital
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“With the closure of last EPC project in Brazil, we are confident of a gradual revival in the performance of SAE in the quarters to come.”
Consolidated Net Working Capital
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“The Company cannot guarantee that these assumptions and expectations are accurate or exhaustive or will be realised.”
Inter SBU
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“35,000 Cr 18 4 Environmental, Social and Governance (ESG) Solar rooftop installed at Dubai plant 19 ESG & Sustainability Goals and Status Happiness Quotient Diversity & Inclusion Target: Increase Happiness Quotient to 85% by FY26 Target: Increase in diversity by 25% by FY26”
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“Diversity has increased by 4% YoY in FY22 Occupational Heath & Safety Target: Work towards the goal of achieving Zero accidents”
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“LTIFR has reduced to 0.26 in FY22 vis-à-vis 0.68 in FY21, a reduction of 62% YoY Corporate Social Responsibility Target: Reach 2 lac CSR beneficiaries by FY 26”
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“CSR beneficiaries for FY22 are 3.3 lakh (includes COVID-19 response beneficiaries of 2.4 lakh) Circularity Target: Zero waste to landfill by FY 26 for manufacturing plants”
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“Waste to landfill has reduced by 34% YoY in FY22 Water Positive Approach Energy Consumption Carbon Emission Target: Reduce water consumption intensity in manufacturing plants by 20% by FY26 Target: Reduce energy consumption intensity of manufacturing plants by 15% by FY26”
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“Energy consumption intensity has reduced by 26% YoY in FY22 Target: Reduce Greenhouse Gas (GHG) emissions intensity of manufacturing plants by 20% by FY26”
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“GHG emission intensity has reduced by 12% YoY in FY22 Sustainable Procurement Target: 100% of key suppliers to be assessed under ESG criteria by FY23”
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“Self help groups driving solutions on sensitive themes like Parenting, Veteran Support, Wellness & Hygiene will be taken up by formal & informal groups.”
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Risks & concerns — 2 flagged
Considering impact of this item, the PBT and PAT are as below: Q3 FY23 v/s Q3 FY22 9M FY23 v/s 9M FY22 (Including Exceptional Item*) PBT: Rs.
— Consolidated Financial Performance
Considering impact of these items, the PBT and PAT are as below: Q3 FY23 v/s Q3 FY22 9M FY23 v/s 9M FY22 (Including Exceptional Item*) PBT: Rs.
— Standalone Financial Performance
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Opening remarks
Consolidated Financial Performance
Q3 FY23 v/s Q3 FY22 9M FY23 v/s 9M FY22 (Excluding Exceptional Item*) Revenue: Rs. 4,375 crore against Rs. 3,340 crore Revenue: Rs. 11,757 crore against Rs. 9,467 crore EBITDA: Rs. 200 crore against Rs. 239 crore EBITDA: Rs. 546 crore against Rs. 652 crore EBITDA Margin (Y-o-Y): 4.6% against 7.2% EBITDA Margin: 4.6% against 6.9% EBITDA Margin (Q-o-Q): 4.6% against 4.4% - Interest as % to Revenue: 3.4% against 2.5% Interest as % to Revenue: 3.2% against 2.3% PBT: Rs. 11 crore against Rs. 122 crore PBT: Rs. 75 crore against Rs. 325 crore PBT Margin: 0.3% against 3.7% PBT Margin: 0.6% against 3.4% PAT: Rs. 18 crore against Rs. 94 crore PAT: Rs. 104 crore against Rs. 251 crore PAT Margin: 0.4% against 2.8% PAT Margin: 0.9% against 2.7% *In Q2 FY22, there was an exceptional write-off of Rs 44 Cr against a legacy arbitration case in South Africa. Considering impact of this item, the PBT and PAT are as below: Q3 FY23 v/s Q3 FY22 9M FY23 v/s 9M FY22 (Including Exceptional Item*) PBT: Rs. 11 cr
Standalone Financial Performance
Q3 FY23 v/s Q3 FY22 9M FY23 v/s 9M FY22 (Excluding Exceptional Item*) Revenue: Rs. 3,868 crore against Rs. 3,001 crore Revenue: Rs. 10,452 crore against Rs. 8,696 crore EBITDA: Rs. 180 crore against Rs. 307 crore EBITDA: Rs. 644 crore against Rs. 847 crore EBITDA Margin (Y-o-Y): 4.7% against 10.2% EBITDA Margin: 6.2% against 9.7% EBITDA Margin (Q-o-Q): 4.7% against 6.2% - Interest as % to Revenue: 3.2% against 2.4% Interest as % to Revenue: 2.9% against 2.2% PBT: Rs. 28 crore against Rs. 213 crore PBT: Rs. 279 crore against Rs. 578 crore PBT Margin: 0.7% against 7.1% PBT Margin: 2.7% against 6.7% PAT: Rs. 15 crore against Rs. 153 crore PAT: Rs. 214 crore against Rs. 420 crore PAT Margin: 0.4% against 5.1% PAT Margin: 2.0% against 4.8% *In Q2 FY23, there is a provision of Rs. 76 Cr towards impairment of subsidiary in SAE Brazil and in Q2 FY22, there was an exceptional write-off of Rs 44 Cr against a legacy arbitration case in South Africa. Considering impact of these items, the PBT and
Order Book
YTD Order Book of Rs. 28,981 crore including orders released in Q4 FY23 till date, a healthy growth of ~19% YoY; Additionally, L1 of ~Rs. 6,000 crore. 2 | P a g e
Consolidated Net Working Capital
Net Working Capital (NWC) stands at 139 days as on 31st Dec’22 – Reduction of 9 days vis-à-vis 30th Sep’22 and reduction of 2 days vis-à-vis 31st Dec’21. Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We have delivered a robust growth in revenues. The growth is backed by good performances in T&D, Civil and Oil & Gas businesses. While our EBITDA margins have shown a sequential improvement, they have been impacted primarily due to execution of legacy projects with adverse commodity prices and performance of SAE Brazil. With the closure of last EPC project in Brazil, we are confident of a gradual revival in the performance of SAE in the quarters to come. We continue to witness a good traction in order intake. With the new orders announced yesterday, our order book along with current L1 pipeline stands at a record level of over Rs. 35,000 crore. Most of these orders have been secured at current commodity prices and logistics costs. Our robust and well diversified order bo
Inter SBU
Total Net Sales T&D Share Non T&D Share FY23 2,272 1,927 345 2,269 897 845 159 368 -166 4,375 52% 48% Q3 FY22 1,620 1,400 220 1,886 945 482 71 387 -166 3,340 49% 51% Growth (Y-o-Y) 40% 38% 57% 20% -5% 75% NA -5% 0% 31% FY23 6,037 5,106 931 6,150 2,459 2,183 332 1,176 -431 11,757 51% 49% 9M FY22 5,008 4,377 631 4,905 2,525 1,232 71 1,077 -446 9,467 53% 47% Growth (Y-o-Y) 21% 17% 48% 25% -3% 77% NA 9% 3% 24% (₹ crore) 15 Borrowings & Working Capital (Consolidated) Particulars I) Net Debt II) Interest Bearing Acceptances Total (I + II) 31-Dec-22 31-Dec-21 3,432 2,185 5,617 2,913 1,938 4,851 Increase/ (Decrease) YoY 519 247 766 30-Sep-22 3,548 2,372 5,919 Increase/ (Decrease) QoQ -115 -187 -302 (₹ crore) ❑ With dedicated efforts, debt level including acceptances continues to show a declining trend and has reached Rs. 5,617 Cr as on 31st Dec’22, a reduction of over Rs. 300 Cr vis-à-vis 30th Sep’22, despite of a Revenue increase of over Rs. 300 Cr vis-à-vis Q2 FY23; targeting further reducti
Status
Diversity has increased by 4% YoY in FY22 Occupational Heath & Safety Target: Work towards the goal of achieving Zero accidents
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