K E C International Ltd

K E C International Ltd

₹ 677 1.99%
23 Feb - 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 17,398 Cr.
  • Current Price 677
  • High / Low 748 / 443
  • Stock P/E 65.1
  • Book Value 150
  • Dividend Yield 0.44 %
  • ROCE 11.8 %
  • ROE 4.74 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 31.1%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.4% over past five years.
  • Company has a low return on equity of 10.5% over last 3 years.

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
3,289 4,361 2,540 3,587 3,340 4,275 3,318 4,064 4,375 5,525 4,244 4,499 5,007
2,991 4,006 2,380 3,334 3,101 4,023 3,150 3,886 4,175 5,242 3,999 4,225 4,699
Operating Profit 299 355 160 253 239 252 168 178 200 283 244 274 308
OPM % 9% 8% 6% 7% 7% 6% 5% 4% 5% 5% 6% 6% 6%
4 12 2 -40 5 3 8 16 2 6 3 16 26
Interest 66 63 65 73 82 95 100 128 149 162 159 178 164
Depreciation 38 38 38 39 39 42 39 40 41 42 42 47 49
Profit before tax 199 266 59 101 122 118 37 27 11 86 47 66 121
Tax % 27% 27% 21% 20% 23% 5% 16% -108% -54% 16% 9% 15% 20%
145 194 46 80 94 112 31 55 18 72 42 56 97
EPS in Rs 5.64 7.56 1.79 3.12 3.64 4.36 1.21 2.15 0.68 2.81 1.65 2.17 3.77
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
5,815 6,979 7,902 8,468 8,518 8,584 10,053 11,001 11,965 13,114 13,742 17,282 19,274
5,292 6,533 7,339 7,889 7,733 7,673 8,957 9,764 10,635 11,874 12,742 16,334 18,164
Operating Profit 523 447 563 579 785 911 1,095 1,237 1,330 1,240 1,001 948 1,110
OPM % 9% 6% 7% 7% 9% 11% 11% 11% 11% 9% 7% 5% 6%
61 16 -4 146 6 14 22 31 11 29 -31 30 50
Interest 211 260 333 376 368 332 318 398 403 360 413 656 662
Depreciation 48 56 71 88 132 130 110 117 147 153 158 161 179
Profit before tax 324 147 155 261 291 463 689 753 790 756 399 161 319
Tax % 35% 56% 57% 38% 49% 34% 33% 34% 28% 27% 17% -9%
209 65 67 161 148 305 460 496 566 553 332 176 267
EPS in Rs 8.14 2.53 2.60 6.26 5.75 11.86 17.91 19.28 22.00 21.50 12.92 6.85 10.40
Dividend Payout % 15% 20% 23% 14% 17% 14% 13% 14% 15% 19% 31% 44%
Compounded Sales Growth
10 Years: 9%
5 Years: 11%
3 Years: 13%
TTM: 20%
Compounded Profit Growth
10 Years: 10%
5 Years: -18%
3 Years: -32%
TTM: 24%
Stock Price CAGR
10 Years: 29%
5 Years: 22%
3 Years: 17%
1 Year: 43%
Return on Equity
10 Years: 14%
5 Years: 14%
3 Years: 10%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,056 1,096 1,140 1,278 1,239 1,535 1,946 2,384 2,746 3,308 3,569 3,720 3,793
1,239 1,669 2,130 2,214 3,221 2,106 1,766 1,839 2,519 2,066 3,065 3,383 4,912
3,204 3,418 4,069 4,183 4,362 5,023 6,749 7,389 7,538 8,566 9,613 11,507 10,782
Total Liabilities 5,551 6,235 7,390 7,727 8,874 8,715 10,512 11,663 12,855 13,992 16,298 18,661 19,538
1,131 1,321 1,352 1,259 1,198 1,149 1,112 1,182 1,352 1,398 1,538 1,583 1,650
CWIP 112 30 18 16 8 5 78 7 84 18 2 11 13
Investments 0 0 0 0 25 130 39 13 22 1 13 0 0
4,308 4,884 6,020 6,452 7,643 7,431 9,283 10,460 11,396 12,575 14,745 17,067 17,875
Total Assets 5,551 6,235 7,390 7,727 8,874 8,715 10,512 11,663 12,855 13,992 16,298 18,661 19,538

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
549 -87 -9 153 -75 1,662 660 199 87 840 -284 607
-40 -122 -136 125 -7 -182 -4 -67 -113 -134 -204 -132
-460 161 132 -216 -28 -1,379 -638 -150 3 -659 496 -401
Net Cash Flow 49 -48 -14 62 -110 101 17 -18 -23 47 8 74

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 157 151 176 166 200 179 183 162 166 150 136 146
Inventory Days 51 38 45 38 32 35 45 43 51 54 65 59
Days Payable 253 235 286 266 248 278 331 324 327 395 420 433
Cash Conversion Cycle -45 -46 -65 -62 -17 -64 -103 -119 -111 -191 -219 -229
Working Capital Days 42 49 57 63 112 74 66 82 93 86 101 84
ROCE % 21% 16% 16% 15% 16% 20% 27% 29% 25% 21% 14% 12%

Shareholding Pattern

Numbers in percentages

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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