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KEC International  
(20:18, 16 May 2018)
KEC International has registered 29% growth in consolidated sales for the quarter ended March 2018 to ₹ 3664.17 crore. With operating profit margin contract by 50 bps the growth at operating profit was restricted at 23% to ₹ 369.89 crore. Gained by higher other income as well as lower interest and depreciation cost as proportion of operating profit, the PBT was up by 39% to ₹ 289.35 crore. But with taxation stand higher by 49% to ₹ 93.04 crore, the growth at PAT was restricted at 35% to ₹ 196.31 crore. Other comprehensive income was ₹ 0.91 crore compared to an expense of ₹ 18.34 crore. On a deflated base, the total other comprehensive income was up by 55% to ₹ 197.22 crore.
  • Operating income net of GST/excise was up by 29% to ₹ 3664.17 crore facilitated largely by sharp jump in revenue of all business verticals.
  • Operating profit margin contracted by 50 bps to 10.1%. Fall in OPM is largely due to higher material and subcontract charges. While material cost, which as a proportion to sales net of excise, was higher by 700 bps to 58.2% and that of subcontracting charges was up by 70 bps to 18.3%. The staff cost was down by 60 bps to 6.0%. Similarly the other expense was down by 620 bps to 7.6%. Thus facilitated by higher sales the operating profit was up by 23% to ₹ 369.89 crore.
  • Other income was up by 10% to ₹ 12.55 crore. The interest was up by 3% to ₹ 65.60 crore and depreciation was down by 33% to ₹ 27.49 crore. But as % to OP, the interest cost and depreciation stayed low. Thus the PBT (before EO) was up by 39% to ₹ 289.35 crore.
  • EO income for the quarter as well as corresponding previous period was nil. Thus the PBT (after EO) was up by 39% to ₹ 289.35 crore. The current tax including deferred tax was higher by 49% to ₹ 93.04 crore. Thus the growth at PAT was 35% to ₹ 196.31 crore. The share of loss from associates is nil for the quarter as well as corresponding previous period.
  • Other comprehensive income was ₹ 0.91 crore compared to an expense of ₹ 18.34 crore in corresponding previous period. Thus on deflated base, the total comprehensive income was up by 55% to ₹ 197.22 crore.

Yearly performance

Consolidated sale was up by 17% to ₹ 10058.02 crore. The OPM was up by 50 bps to 10.0% and thus the operating profit was up by 23% to ₹ 1006.18 crore. After accounting for higher other income, lower interest and lower depreciation the PBT (before EO) was up by 49% to ₹ 690.24 crore. With tax rate stand lower at 33.3% compared to 34.2% in corresponding previous period, the PAT was up by 51% to ₹ 460.41 crore.

Order book

Current unexecuted order book of the company stands at ₹ 17298 crore as end of Mar 2018. YTD order inflow was at ₹ 15098 crore.

Other developments

Subject to the approval of shareholders to pay a dividend of ₹ 2.40 per equity share of RS 2 each for FY18.

KEC International : Consolidated Results

 

1803 (3)1703 (3)Var. (%)1803 (12)1703 (12)Var.(%)
Sales3664.172849.202910058.028584.4017
OPM (%)10.110.610.09.5
OP369.89301.14231006.18817.8823
Other inc.12.5511.381040.4128.8740
PBIDT382.44312.52221046.59846.7524
Interest65.6063.663246.61253.61-3
PBDT316.84248.8627799.98593.1435
Dep.27.4940.80-33109.74129.69-15
PBT289.35208.0639690.24463.4549
Share of profit / (Loss) from JV & Associates0.000.000.000.00
PBT 289.35208.0639690.24463.4549
EO0.000.000.000.00
PBT after EO289.35208.0639690.24463.4549
Current Tax 118.0350.28135249.32135.2984
Deferred Tax-24.9912.25-304-19.5023.38-183
PAT 196.31145.5335460.42304.7851
Minority interest0.000.000.000.00
PAT after Minority Interest 196.31145.5335460.42304.7851
Other comprehensive income (after tax) attributable to owners of the company0.91-18.34-105-8.16-8.81-7
Total Comprehensive Income for the period atributable to owners of the company 197.22127.1955452.26295.9753
EPS (₹)*##17.911.9
* EPS is on current equity of ₹ 51.42 crore, Face value of ₹ 2
# EPS is not annualised due to seasonality of business
Figures in ₹ crore
Source: Capitaline Corporate Database

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