Buy KEC International target of Rs 240: Sharekhan

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Sharekhan's research report on KEC International

Lower execution due to the lockdown impacted revenue, while operating profit margin remained almost flat. Lower interest cost and lower tax outgo resulted in flat net earnings growth. The management refrained from giving any revenue and margin guidance due to the COVID led uncertain business environment. The company has bagged orders worth Rs. 739 crore YTD 2021 and is L1 in Rs. 4,000 crore orders.Order book remains healthy providing 1.7x TTM revenues.

Outlook

We maintain a Buy rating on KEC International Limited (KEC) with a revised price target of Rs. 240 revising our valuation multiple given a healthy order backlog along with order inflow visibility in both T&D & non T&D business and KEC’s ability to ramp-up execution.

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