KEC International surges on two-fold jump in Q1 net

NEW DELHI: KEC International surged over 7 per cent to hit its fresh 52-week high in trade today after the company said its consolidated net profit grew to Rs 30.39 crore in the June quarter.

The RPG group company had reported a consolidated net profit of Rs 11.37 crore in the corresponding quarter of last year.

The EPC company’s first quarter numbers came in post-market hours of Monday.

The stock rose 7.26 per cent to hit its fresh one-year high of Rs 160.95 in intraday trades on the BSE in response to the news.

In the past three months, the scrip has surged 62 per cent against a modest 3.26 per cent rise in the BSE 500 index.

The company said its net revenue rose 9.1 per cent YoY to Rs 1,877.96 crore for the first quarter, compared with Rs 1,720.74 crore in the same quarter of last year.

Ebitda margins rose to 7.5 per cent in the first quarter, up from 5.9 per cent in the year-ago quarter.

Order book stood at Rs 10,537 crore at the end of June quarter, compared with Rs 10,325 crore at the end of June quarter of last year.

KEC's MD and CEO Vimal Kejriwal, in a filing to BSE, said, “Building on its strong performance in Q4 (fourth quarter of last fiscal), the company has further delivered another good quarter. It has performed well on all three parameters of revenue, profitability and order intake".

"We are confident of maintaining the growth momentum, in the year ahead, aided by our robust execution capabilities and good order book as well as a strong L1 pipeline," he added.

The company has recently completed the sale of its telecom assets to ATC Telecom Tower Corporation Private Limited for a total consideration of Rs 82.3 crore.

The telecom assets consisted of 381 telecom sites and are in the states of Chhattisgarh, Meghalya and Mizoram.