KEC International (KEC) Q4 23/24 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹19,914 crore in FY24, up 15% year-over-year, driven by strong execution in Power Transmission & Distribution (T&D) and Civil businesses.

• EBITDA grew 46% to ₹1,215 crore, with margins expanding by 130 bps to 6.1%. PAT nearly doubled to ₹347 crore from ₹176 crore in FY23.

• Order intake for the year was ₹18,102 crore, with a robust order book of ₹29,644 crore as of March 31, 2024, providing strong revenue visibility.

• Board recommended a dividend of ₹4 per share (200% of face value), totaling ₹103 crore.

Financial highlights

• Revenue: ₹19,914 crore (up 15% YoY); EBITDA: ₹1,215 crore (up 46% YoY); EBITDA margin: 6.1% (up from 4.8%).

• PAT: ₹347 crore (up from ₹176 crore); EPS: ₹13.49 (up from ₹6.85).

• Net working capital days reduced to 112 from a peak of 133; net debt-to-equity ratio at 0.9.

• Net worth increased to ₹4,096 crore; market capitalization at ₹17,840 crore as of March 31, 2024.

Outlook and guidance

• Strong order book and L1 position (over ₹37,000 crore) provide revenue visibility for the next 6–8 quarters.

• T&D business expected to see continued growth, supported by government focus on renewables and grid expansion.

• Civil business poised for further growth with a robust and diversified order book; selective approach in Railways and Oil & Gas to focus on profitability.

• Renewables and cables businesses expected to contribute significantly to future growth.