KEC Intl Q1 PAT tumbles 20% to Rs 71 cr

KEC International reported 20% decline in consolidated net profit to Rs 71 crore on 9% fall in revenues to Rs 2,207 crore in Q1 June 2020 over Q1 June 2019.

EBITDA contracted by 22% to Rs 195 crore in the June quarter from Rs 251 crore in the same period last year. EBITDA margin was at 8.8% as on 30 June 2020 as against 10.4% as on 30 June 2019.

Profit before tax in Q1 FY21 stood at Rs 96 crore, down by 30% from Rs 138 crore in Q1 FY20. Tax expense decreased by 47% to Rs 26 crore in Q1 June 2020 over Q1 June 2019.

Vimal Kejriwal, MD & CEO, KEC International, commented, "We are pleased to have delivered a steady performance amidst global upheavals. Our performance for the quarter reflects our concerted efforts toward accelerated ramp up in execution, optimization of costs and focus on cash flows. We have started deploying various mechanization and digitalization initiatives across projects to improve productivity and quality of execution with reduced manpower strength. With operations nearing pre-COVID levels and an order book plus L1 pipeline of over Rs. 24,500 crore, we are confident of delivering a good performance in FY21."

KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of power transmission & distribution, railways, civil, solar, smart infrastructure and cables.

The stock jumped 6.35% to Rs 291.35. It traded in the range of 275.75 and 291.95 so far during the day.

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