KEC International skid after Q1 PAT drops 33% YoY to Rs 31 cr

4 Aug 2022 , 01:21 PM

The companys profit before tax stood at Rs 37.11 crore in the quarter ended 30 June 2022, down 36.6% from Rs 58.55 crore recorded in Q1 FY22. Total expenses spiked 32.45% to Rs 3,288.92 crore in Q1 FY23 over Q1 FY22. During the quarter, cost of raw materials consumed jumped 14.41% to Rs 1,175.77 crore and employee benifits expense rose 12.82% to Rs 340.55 crore. Consolidated EBITDA rose 5% to Rs 168 crore in Q1 FY23 as against Rs 160 crore posted in Q1 FY22. EBITDA margin declined to 5.1% in Q1 FY23 as compared to 6.3% reported in corresponding quarter previous year. The companys year to date (YTD) order intake was Rs 3,472 crore. The order book as on 30 June 2022 stood at Rs 23,720 crore, recording a strong growth of 16% YoY; L1 of over Rs 8,000 crore. Vimal Kejriwal, MD & CEO, KEC International commented, ?We are pleased with our healthy revenue growth and order intake, despite significant challenges. The growth has been delivered by good performances in most of our businesses such as T&D, Civil, Railways, Oil & Gas and Cables. The consolidated margins have been impacted primarily due to the elevated commodity prices & logistics costs and SAE Brazil performance. With the new orders announced last week, our order book along with current L1 pipeline stands at a record level of over Rs. 30,000 crore. Our robust and well diversified order book gives us confidence of delivering a continued good growth in the coming quarters.? Meanwhile, the companys board approved voluntary liquidation of two of the companys inoperative overseas wholly owned subsidiaries (WOS) namely KEC Global FZ LLC and KEC Global Mauritius, domiciled in the United Arab Emirates and the Republic of Mauritius respectively. These WOS are not material subsidiaries of the company, the firm stated. The company said that the liquidation process of these entities are expected to be completed between 9-12 months. KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines, and cables. Powered by Capital Market – Live News