Sharekhan is bullish on KEC International has recommended buy rating on the stock with a target price of Rs 375 in its research report dated May 08, 2019.
Sharekhan's research report on KEC International
We have fine tuned our estimates for FY2020-FY2021, factoring management's revenue guidance and lower interest. KEC reported stable Q4FY2019 operational performance. However, increased interest expense and lower other income led to lower-than-expected profitability. Management has guided for 15-20% revenue guidance and KEC is expected to deliver strong growth on increased scalability in non-T&D business and stable execution in the T&D segment. We expect 21% earnings CAGR over FY2020-FY2021E given healthy order backlog and ability to ramp-up execution.
We maintain Buy on KEC International Limited (KEC) with unchanged price target of Rs. 375.
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