KEC International Limited
4,384words
16turns
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Key numbers — 40 extracted
29%
26%
Rs. 22,378 crore
30%
Rs. 34,000 crore
Rs. 5,525 crore
Rs. 4,275 crore
Rs. 17,282 crore
Rs. 13,742 crore
Rs. 283 crore
Rs. 252 crore
Rs. 830 crore
Guidance — 11 items
Dividend
opening
“We are also pleased that SAE Brazil has delivered a positive EBITDA for Q4 FY23 and is on track to deliver a gradual improvement in profitability in the coming quarters.”
Dividend
opening
“The Company cannot guarantee that these assumptions and expectations are accurate or exhaustive or will be realised.”
Dividend
opening
“2 1 Overview – RPG Group & KEC International Substation project at Nicaragua 3 RPG Group: Powered by Passion, Driven by Ethics UNLEASHTALENT TOUCHLIVES OUTPERFORM AND ☺ RPG Enterprises was founded in 1979.”
Dividend
opening
“• Green hydrogen production capacity of ~5 MMTPA and associated renewable energy capacity of ~125 GW by 2030 • Commenced execution of our solar project of 500 MW in Karnataka largest • Delivered highest ever Revenues, Order Intake and Profitability • Achieved Revenues of Rs.”
Inter SBU
opening
“1,100 Cr in the last three quarters against our guidance of Rs.”
Status
opening
“Diversity has increased by 17% in FY23 vis-à-vis FY21 Occupational Heath & Safety Target: Work towards the goal of achieving Zero accidents”
Status
opening
“LTIFR has reduced to 0.25 in FY23 vis-à-vis 0.68 in FY21, a reduction of 63% Corporate Social Responsibility Target: Reach 2 lac CSR beneficiaries by FY 26”
Status
opening
“CSR beneficiaries for FY23 are 5.8 lakh (includes COVID-19 response beneficiaries of 2 lakh) Circularity Target: Zero waste to landfill by FY 26 for manufacturing plants”
Status
opening
“Waste to landfill has reduced by 51% in FY23 vis-à-vis FY21 Water Positive Approach Energy Consumption Carbon Emission Sustainable Procurement Target: Reduce water consumption intensity in manufacturing plants by 20% by FY26 Target: Reduce energy consumption intensity of manufacturing plants by 15% by FY26”
Status
opening
“Energy consumption intensity has reduced by 27% in FY23 vis-à-vis FY21 Target: Reduce Greenhouse Gas (GHG) emissions intensity of manufacturing plants by 20% by FY26”
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Risks & concerns — 2 flagged
Considering impact of this item, the PBT and PAT are as below: Q4 FY23 v/s Q4 FY22 FY23 v/s FY22 (Including Exceptional Item*) PBT: Rs.
— Consolidated Financial Performance
Considering impact of these items, the PBT and PAT are as below: Q4 FY23 v/s Q4 FY22 (Including Exceptional Item*) FY23 v/s FY22 (Including Exceptional Item*) PBT: Rs.
— Standalone Financial Performance
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Opening remarks
Consolidated Financial Performance
Q4 FY23 v/s Q4 FY22 FY23 v/s FY22 (Excluding Exceptional Item*) Revenue: Rs. 5,525 crore against Rs. 4,275 crore Revenue: Rs. 17,282 crore against Rs. 13,742 crore EBITDA: Rs. 283 crore against Rs. 252 crore EBITDA: Rs. 830 crore against Rs. 904 crore EBITDA Margin (Y-o-Y): 5.1% against 5.9% EBITDA Margin: 4.8% against 6.6% EBITDA Margin (Q-o-Q): 5.1% against 4.6% - Interest as % to Revenue: 2.9% against 2.2% Interest as % to Revenue: 3.1% against 2.3% PBT: Rs. 86 crore against Rs. 118 crore PBT: Rs. 161 crore against Rs. 443 crore PBT Margin: 1.6% against 2.8% PBT Margin: 0.9% against 3.2% PAT: Rs. 72 crore against Rs. 112 crore PAT: Rs. 176 crore against Rs. 363 crore PAT Margin: 1.3% against 2.6% PAT Margin: 1.0% against 2.6% *FY22: 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: Q4 FY23 v/s Q4 FY22 FY23 v/s FY22 (Including Exceptional Item*) PBT: Rs. 86 crore
Standalone Financial Performance
Q4 FY23 v/s Q4 FY22 (Excluding Exceptional Item*) FY23 v/s FY22 (Excluding Exceptional Item*) Revenue: Rs. 4,961 crore against Rs. 3,878 crore Revenue: Rs. 15,413 crore against Rs. 12,573 crore EBITDA: Rs. 206 crore against Rs. 282 crore EBITDA: Rs. 850 crore against Rs. 1,129 crore EBITDA Margin (Y-o-Y): 4.2% against 7.3% EBITDA Margin: 5.5% against 9.0% EBITDA Margin (Q-o-Q): 4.2% against 4.7% - Interest as % to Revenue: 2.7% against 2.0% Interest as % to Revenue: 2.8% against 2.1% PBT: Rs. 47 crore against Rs. 78 crore PBT: Rs. 326 crore against Rs. 756 crore PBT Margin: 0.9% against 2.0% PBT Margin: 2.1% against 6.0% PAT: Rs. 29 crore against Rs. 46 crore PAT: Rs. 243 crore against Rs. 565 crore PAT Margin: 0.6% against 1.2% PAT Margin: 1.9% against 4.5% *FY23: In Q2 FY23, there is a provision of Rs. 76 Cr towards impairment of subsidiary in SAE Brazil FY22: in Q2 FY22, there was an exceptional write-off of Rs 44 Cr against a legacy arbitration case in South Africa and in Q4 FY22,
Order Book
Order Book as on 31 March 2023 of Rs. 30,553 crore, a robust growth of ~29% YoY; Additionally, L1 of over Rs. 3,500 crore. 2 | P a g e
Consolidated Net Debt and Net Working Capital
− Net Debt including Acceptances stand at Rs. 4,985 crore as on 31st Mar’23 against Rs. 4,765 crore as on 31st Mar’22 despite a Revenue increase of ~Rs. 3,500 crore, a growth of 26% YoY. − Net Working Capital (NWC) stands at 118 days as on 31st Mar’23 – Reduction of 19 days vis-à-vis 31 Mar’22 and reduction of 21 days vis-à-vis 31st Dec’22.
Dividend
Recommended a Dividend of Rs. 3/- per equity share i.e. 150% of face value of Rs. 2/- each for FY23. Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We have delivered a notable performance for the year by achieving the highest ever Revenues & Order Intake and considerable improvement in Working Capital. The EBITDA margins of the last two quarters have improved sequentially from 4.4% to 5.1%. We are also pleased that SAE Brazil has delivered a positive EBITDA for Q4 FY23 and is on track to deliver a gradual improvement in profitability in the coming quarters. The uptick in order intake has enhanced our order book & L1 stand to over Rs. 34,000 crore. Our focus on cash flows and working capital have brought down our Net debt including acceptances by ~Rs. 1,100 crore in the last three quarters. With a robust order book & L1 and strong focus on execution, we are confident of delivering an improved performance for both Revenues and Margins.” About KEC International Limited K
Inter SBU
Total Net Sales T&D Share Non T&D Share FY23 2,772 2,379 393 2,967 1,242 1,135 151 439 -214 5,525 50% 50% Q4 FY22 1,947 1,694 253 2,556 1,335 665 109 447 -229 4,275 46% 54% Growth (Y-o-Y) 42% 40% 55% 16% -7% 71% NA -2% 7% 29% Full Year FY22 6,956 6,072 884 7,462 3,860 1,897 181 1,524 -675 13,742 51% 49% FY23 8,809 7,485 1,324 9,117 3,701 3,319 483 1,615 -644 17,282 51% 49% Growth (Y-o-Y) 27% 23% 50% 22% -4% 75% NA 6% 5% 26% (₹ crore) 15 Borrowings & Working Capital (Consolidated) Particulars I) Net Debt II) Interest Bearing Acceptances Total (I + II) 31-Mar-23 31-Mar-22 2,872 2,113 4,985 2,613 2,152 4,765 Increase/ (Decrease) YoY 259 -39 220 31-Dec-22 3,432 2,185 5,617 Increase/ (Decrease) QoQ -561 -71 -632 (₹ crore) ❑ With dedicated efforts, we have brought down our Net debt including acceptances by ~Rs. 1,100 Cr in the last three quarters against our guidance of Rs. 500 Cr. reduction. Our debt level including acceptances stands below Rs. 5,000 Cr, at Rs. 4,985 Cr. as on 31 Mar’23, la
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