K E C International Ltd

K E C International Ltd

₹ 701 -0.40%
16 Apr - close price
About

KEC International Ltd is primarily engaged in Engineering, Procurement and Construction business (EPC) relating to infrastructure interalia products, projects and systems and related activities for power transmission, distribution, railway and other EPC businesses.[1]

The company is a part of RPG group which is a diversified conglomerate with interests in areas of infrastructure, tyres, information technology, pharmaceuticals, energy and plantations.[2] The group is headed by Harsh Goenka.[3]

Key Points

Order Book
As of June 21, the company has an order book of 250+ projects[1] worth ~25,000 crores.[2]
In April 20, the company's order book consisted of ~54% of Transmission & distribution projects, followed by Railways (~30%), civil (~13%), cables (~2%) and others (1%).[3]

  • Market Cap 18,030 Cr.
  • Current Price 701
  • High / Low 839 / 444
  • Stock P/E 215
  • Book Value 153
  • Dividend Yield 0.43 %
  • ROCE 13.2 %
  • ROE 5.75 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 27.5%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.3% over past five years.
  • Company has a low return on equity of 13.0% over last 3 years.
  • Company has high debtors of 154 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
3,016 4,101 2,338 3,357 3,001 3,878 2,849 3,736 3,868 4,961 3,701 3,982 4,398
2,679 3,692 2,112 3,042 2,694 3,596 2,615 3,506 3,688 4,755 3,532 3,798 4,187
Operating Profit 337 409 225 315 307 282 234 230 180 206 169 184 211
OPM % 11% 10% 10% 9% 10% 7% 8% 6% 5% 4% 5% 5% 5%
4 8 3 -41 8 -94 8 -59 3 8 4 17 29
Interest 59 59 57 64 71 77 75 101 123 135 135 155 146
Depreciation 30 30 30 30 31 33 31 31 32 32 33 37 38
Profit before tax 252 328 141 180 213 78 136 39 28 47 5 9 56
Tax % 27% 30% 27% 27% 28% 41% 26% 9% 47% 37% 31% 28% 21%
185 230 104 132 153 46 100 36 15 29 4 7 44
EPS in Rs 7.20 8.96 4.03 5.14 5.94 1.78 3.90 1.39 0.57 1.14 0.15 0.26 1.71
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
4,604 5,592 6,559 6,592 7,690 7,566 9,037 10,118 10,471 11,852 12,573 15,413 17,043
4,214 5,298 6,120 6,204 6,924 6,764 8,043 8,949 9,252 10,527 11,354 14,457 16,273
Operating Profit 391 294 439 389 767 802 995 1,169 1,218 1,324 1,219 956 770
OPM % 8% 5% 7% 6% 10% 11% 11% 12% 12% 11% 10% 6% 5%
84 21 65 177 12 22 21 38 13 27 -125 -40 59
Interest 184 228 298 313 322 285 279 366 369 333 359 539 572
Depreciation 36 43 55 70 118 115 95 106 118 122 123 127 139
Profit before tax 255 44 151 182 339 424 641 735 745 897 613 250 118
Tax % 29% 90% 43% 39% 42% 33% 33% 32% 27% 28% 29% 28%
182 5 86 111 195 282 430 498 546 646 434 180 84
EPS in Rs 7.07 0.18 3.33 4.31 7.60 10.96 16.73 19.36 21.23 25.13 16.90 7.01 3.26
Dividend Payout % 17% 282% 18% 21% 13% 15% 14% 14% 16% 16% 24% 43%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 14%
TTM: 19%
Compounded Profit Growth
10 Years: 48%
5 Years: -12%
3 Years: -26%
TTM: -72%
Stock Price CAGR
10 Years: 25%
5 Years: 19%
3 Years: 19%
1 Year: 43%
Return on Equity
10 Years: 16%
5 Years: 16%
3 Years: 13%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 51 51 51 51 51 51 51 51 51 51 51 51 51
Reserves 948 925 981 1,059 1,331 1,604 1,987 2,443 2,787 3,468 3,804 3,912 3,889
679 1,096 1,423 1,542 2,564 1,465 1,334 1,577 2,200 1,785 2,483 2,754 4,263
2,870 3,105 3,575 3,493 4,043 4,569 6,362 7,028 7,082 8,142 8,843 10,558 9,899
Total Liabilities 4,548 5,177 6,031 6,145 7,989 7,690 9,735 11,100 12,120 13,446 15,182 17,276 18,102
699 861 817 724 757 712 686 728 757 709 767 779 841
CWIP 108 21 9 12 7 4 71 5 9 18 2 8 8
Investments 6 6 6 7 81 122 318 436 616 807 964 1,076 1,159
3,734 4,289 5,199 5,402 7,145 6,851 8,660 9,931 10,739 11,913 13,449 15,413 16,095
Total Assets 4,548 5,177 6,031 6,145 7,989 7,690 9,735 11,100 12,120 13,446 15,182 17,276 18,102

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
443 -151 -27 63 -37 1,545 774 171 120 833 104 569
-0 -91 -22 127 -103 -153 -347 -93 -286 -186 -373 -294
-408 209 75 -154 36 -1,327 -374 -108 105 -600 293 -309
Net Cash Flow 34 -33 26 36 -105 65 53 -30 -61 48 23 -34

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 176 171 186 179 208 190 195 171 182 161 137 154
Inventory Days 47 34 36 38 25 27 35 35 46 51 49 45
Days Payable 276 263 306 295 264 301 352 342 367 440 435 462
Cash Conversion Cycle -53 -58 -85 -78 -30 -84 -122 -136 -139 -228 -249 -262
Working Capital Days 48 59 68 74 124 93 77 89 106 92 104 90
ROCE % 23% 14% 20% 14% 20% 20% 28% 30% 24% 24% 19% 13%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
51.82% 51.82% 51.82% 51.82% 51.82% 51.88% 51.88% 51.88% 51.88% 51.88% 51.88% 51.88%
10.75% 11.06% 11.11% 12.25% 12.19% 12.17% 11.58% 12.62% 12.60% 11.58% 11.25% 10.90%
25.57% 26.52% 27.00% 26.35% 26.39% 26.47% 26.52% 25.56% 25.79% 26.65% 27.16% 26.95%
11.87% 10.60% 10.07% 9.58% 9.60% 9.48% 10.03% 9.93% 9.73% 9.90% 9.73% 10.28%
No. of Shareholders 1,01,2981,09,5321,14,5261,10,7931,12,2591,07,6321,06,2481,00,15498,14598,6431,03,0191,16,281

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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