ICICI Direct has given Hold recommendation for KEC International with a target price of Rs. 379 in its research report issued on May 04, 2022

ICICI Direct’s research report on KEC International

KEC International (KEC) is one of the EPC majors in key infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic shift in portfolio from T&D to non-T&D (13% contribution in FY16 increased to 50% in FY22) • T&D diversified across countries with entry in ~20 countries in last five years.

Outlook

We remain long term positive and retain our HOLD rating on the stock. We value KEC at Rs 379 i.e. 15x P/E on FY24E EPS.

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