Time to reset economy

Get App

Time to reset economy

Last Updated : Nov 12, 2019 12:35 PM IST | Source: Moneycontrol.com

Buy KEC International; target of Rs 335: ICICI Direct

ICICI Direct is bullish on KEC International has recommended buy rating on the stock with a target price of Rs 335 in its research report dated November 11, 2019.

Broker Research @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

ICICI Direct's research report on KEC International


KEC’s Q2FY20 revenues came in at Rs 2808.8 crore, up 16.6% YoY, above our estimate of Rs 2700 crore. Overall T&D business registered robust growth of 30.3% to Rs 1978 crore, the railways business continued its growth momentum with revenues up 34.7% to Rs 568 crore. Cable business de-grew 5.9% to Rs 249 crore. On the other hand civil & solar business registered weaker performance. EBITDA margins came in at 10.5% (vs. our estimate of 10.4%), which remained stable YoY. During Q2FY20, KEC’s order inflow came in at Rs 2651 crore while the YTD order book was at Rs 18085 crore.


Outlook


We continue to value the stock at 11.5x FY21E EPS and maintain our BUY rating (target price of Rs 335) as risk reward is favourable at this juncture.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Nov 12, 2019 12:35 pm
Sections
Follow us on