Turnaround Q4 results boost KEC International

KEC International rose 1.46% to Rs 76.70 at 15:22 IST on BSE after the company reported a consolidated net profit of Rs 34 crore in Q4 March 2014 as against net loss of Rs 14 crore in Q4 March 2013.

The Q4 result was announced after market hours on Wednesday, 30 April 2014. The stock market was closed on Thursday, 1 May 2014, on account of May Day.

Meanwhile, the S&P BSE Sensex was down 18.94 points or 0.08% at 22,398.86.

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 88,000 shares in the past two weeks.

The stock hit a high of Rs 82 and a low of Rs 76.50 so far during the day.

KEC International's consolidated net sales rose 1.2% to Rs 2176 crore in Q4 March 2014 over Q4 March 2013. EBITDA surged 70.3% to Rs 151 crore in Q4 March 2014 over Q4 March 2013. EBITDA margin improves by 282 basis points to 7% of net sales in Q4 March 2014.

KEC International's consolidated profit after tax (excluding voluntary retirement scheme expenses paid in Q1 June 2013, net of taxes) rose 20.8% to Rs 79 crore on 13.2% growth in net sales to Rs 7902 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). EBITDA rose 29.3% to Rs 493 crore in FY 2014 over FY 2013. EBITDA margin improves by 78 basis points to 6.2% of net sales in FY 2014.

The company's order book as on 31 March 2014 stood at Rs 10200 crore, of this approximately 55% is from outside India, KEC International said in a statement.

KEC Board has appointed Mr. Vinayak Chatterjee as a Director on the Board of the company. He has rich and vast experience in the infrastructure industry, the statement said. This will help in strengthening the company's Board, the company said in a statement.

Mr. Ramesh Chandak, MD & CEO, KEC International said, "Our EBITDA margins are gradually improving every quarter. It has gone up from 4.1% in Q4 March 2013 to 7% in Q4 March 2014. We are confident of delivering better profitability in FY 2015. Further, we are leveraging our strong international EPC experience which has helped us in securing one more EPC order in Brazil in FY 2014. Despite the challenging environment, we have a robust order book of over Rs 10000 crore which gives us good visibility for FY 2015 growth".

KEC International is a global infrastructure engineering, procurement and construction (EPC) company.

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