KEC has continued its order winning spree by bagging multiple orders in all its business domains for a total value of Rs1,378cr.

Its Transmission & Distribution (T&D) business has secured orders worth Rs786cr across India, Middle East and SAARC.

Railway business has secured four orders for composite and overhead electrification works aggregating to Rs473cr across India. The cable business has received orders of Rs78cr for various types of cables. The civil business has secured an order of Rs41cr for the construction of factory and related civil works in Andhra Pradesh.

At the end of 9MFY18, KEC’s order inflows stood at Rs11,300cr (up 31% yoy), coupled with L1 status of Rs4,000cr.

KEC International, a leading global EPC company, is set to benefit from increasing traction in power transmission & distribution (T&D) business. In addition, traction in railway business, turnaround in its cables business and net debt reduction to Rs2,000cr by FY18 are key growth triggers. We expect sales and PAT to grow at ~15% and 26.6% CAGR over FY17-20E given healthy order book of ~Rs17,150cr (1.9xTTM sales) and increasing operational efficiencies.

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