FINANCIAL PERFORMANCE FOR QUARTER & YEAR ENDED 31 MARCH 2023
KEC delivers Robust Revenue growth of 29% YoY in Q4 FY23 and 26% YoY in FY23
Higher ever Order Intake of Rs. 22,378 crore in FY23 – Growth of 30% YoY
Healthy Order Book & L1 of over Rs. 34,000 crore
Mumbai, May 3, 2023: KEC International Ltd., a global infrastructure EPC major and an RPG Group Company, today announced its results for the fourth quarter (Q4 FY23) and full year (FY23) ended March 31, 2023.
Consolidated Financial Performance:
| Q4 FY23 v/s Q4 FY22 | FY23 v/s FY22 (Excluding Exceptional Item*) |
|---|---|
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*FY22: In Q2 FY22, there was an exceptional write-off of Rs 44 Cr against a legacy arbitration case in South Africa.
Considering impact of this item, the PBT and PAT are as below:
| Q4 FY23 v/s Q4 FY22 | FY23 v/s FY22 (Including Exceptional Item*) |
|---|---|
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Standalone Financial Performance:
| Q4 FY23 v/s Q4 FY22 (Excluding Exceptional Item*) | FY23 v/s FY22 (Excluding Exceptional Item*) |
|---|---|
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*FY23: In Q2 FY23, there is a provision of Rs. 76 Cr towards impairment of subsidiary in SAE Brazil
FY22: in Q2 FY22, there was an exceptional write-off of Rs 44 Cr against a legacy arbitration case in South Africa and in Q4 FY22, there was an exceptional provision of Rs. 99 crore, primarily towards impairment of subsidiary in SAE Brazil.
Considering impact of these items, the PBT and PAT are as below:
| Q4 FY23 v/s Q4 FY22 (Including Exceptional Item*) | FY23 v/s FY22 (Including Exceptional Item*) |
|---|---|
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Consolidated Order Intake and Order Book:
Order Intake:
FY23 Order intake of Rs. 22,378 crore, a stellar growth of ~30% YoY.
Order Book:
Order Book as on 31 March 2023 of Rs. 30,553 crore, a robust growth of ~29% YoY; Additionally, L1 of over Rs. 3,500 crore.
Consolidated Net Debt and Net Working Capital:
– Net Debt including Acceptances stand at Rs. 4,985 crore as on 31st Mar’23 against Rs. 4,765 crore as on 31st Mar’22 despite a Revenue increase of ~Rs. 3,500 crore, a growth of 26% YoY.
– Net Working Capital (NWC) stands at 118 days as on 31st Mar’23 – Reduction of 19 days vis-à-vis 31 Mar’22 and reduction of 21 days vis-à-vis 31st Dec’22
Dividend:
Recommended a Dividend of Rs. 3/- per equity share i.e. 150% of face value of Rs. 2/- each for FY23.
Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We have delivered a notable performance for the year by achieving the highest ever Revenues & Order Intake and considerable improvement in Working Capital. The EBITDA margins of the last two quarters have improved sequentially from 4.4% to 5.1%. We are also pleased that SAE Brazil has delivered a positive EBITDA for Q4 FY23 and is on track to deliver a gradual improvement in profitability in the coming quarters. The uptick in order intake has enhanced our order book & L1 stand to over Rs. 34,000 crore. Our focus on cash flows and working capital have brought down our Net debt including acceptances by ~Rs. 1,100 crore in the last three quarters. With a robust order book & L1 and strong focus on execution, we are confident of delivering an improved performance for both Revenues and Margins”
About KEC International Limited
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. The Company is currently executing infrastructure projects in 30+ countries and has a footprint in 110+ countries (includes EPC, Supply of Towers and Cables). It is the flagship Company of the RPG Group.
About RPG Enterprises
RPG Enterprises, established in 1979, is one of India’s fastest growing business groups with a turnover of US$ 4 Billion. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation led technology businesses.