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KEC International secures orders worth `1,018cr
KEC International (KEC) has bagged orders totaling to `1,018cr across the transmission,
railways and cables segments.
In the transmission segment, the company has bagged three orders totaling `540cr for the
construction of 765kV transmission lines. These orders were received from Rajasthan Rajya
Vidyut Prasaran Nigam (`313cr), PGCIL (`130cr) and Eskom, South Africa (`97cr). Further,
KEC’s wholly owned subsidiary SAE Towers has secured supply orders worth `246cr in
Americas. The orders include transmission tower orders worth `208cr from the U.S.,
Canada, Mexico, Brazil and Argentina; and transmission line-related hardware orders
worth `38cr from Brazil. In the railways segment, KEC has secured various orders worth
`97cr for civil works from Indian Railways. In the cable segment, the company has secured
supply orders worth `135cr for telecom cables and low-tension, high-tension and extra
high-voltage power cables from various customers.
Post the above order inflows, the current order backlog stands at `7,400cr (~1.6x
FY2011E sales). We maintain our Buy rating on the stock with a Target Price of `648.
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