KEC International beats street expectations: Two fold jump in Q1 net

Shares of KEC International Ltd., an EPC services provider, surged to a new high on Tuesday after the company's earnings beat street expectations on a rising order book.

KEC International, a part of the RPG group, said its first quarter Net Profit rose 168 percent to 30.4 crore rupees compared with 11.4 crore rupees in the same quarter a year ago. Sales during April-June gained 9.1 percent to 1,877 crore rupees from 1,720 crore rupees in the year ago period. The company said its order book surged to 10,537 crore rupees at the end of the first quarter. KEC's EBIDTA margins rose by 158 bps vs street's view of a 62 bps rise.

KEC rose 4.1 percent, or 6 rupees, to 156.20 rupees on the National Stock Exchange, where 11 lakh shares were traded in the first hour of trade compared with the 5-day average of 11.8 lakhs.

KEC's market capitalisation has gained 23 percent in the past one year to 4,100 crore rupees as its order book for construction projects rose.

(Image credits: Indiatimes)