Sharekhan has given Buy recommendation for KEC International with a target price of Rs. 435 in its research report issued on Jan 29, 2021
Sharekhan’s research report on KEC International
KEC posted stable results in Q3FY2021, in line with estimates despite challenges. Order book remains strong, providing 1.4x TTM revenue. Strong YTD order inflow of Rs. 6,827 crore. Management indicated strong tender pipeline for the remainder of FY2021. Dubai unit has commenced fully from Q3FY2021 and has started receiving orders from existing as well as new clients and provides edge in international orders with the benefit of freight and exemption of customs duty.
Outlook
We retain Buy on KEC International Limited (KEC) with an unchanged PT of Rs. 435, taking into account improving operations and reasonable valuations.
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