Buy KEC International; target of Rs 364: Anand Rathi

Anand Rathi 's research report on KEC International

With better execution in T&D, railways and civil/water orders, KEC’s performance bettered expectations. With execution back on track, May and June revenue grew y/y. The `197bn order book and L1 of `50bn offer robust revenue assurance. The good execution ramp-up, strong order pipeline, lower debt, softening interest costs and stringent working-capital management gives us the required assurance of strong future execution and earnings.

Outlook

Hence, we upgrade our valuations to 14x with a higher target price of `364.

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