 "KEC International share price rallies 7% on Rs 1,000-crore order win")
KEC International share zooms: Shares of construction engineering company KEC International climbed as much as 6.50 per cent to hit an intraday high of Rs 742.80 per share on Wednesday.
The surge came on the back of an order win worth Rs 1,002 crore.
In an exchange filing, KEC International said, “We are pleased to enclose a copy of the press release with respect to new orders of Rs 1,002 crore secured by the company.”
KEC International, an RPG Group company, has secured orders in its civil business, which include residential projects in Northern and Southern India from renowned real estate developers, and construction of official residences and associated facilities for senior Defence officials in India.
“We are pleased with the new orders in our Civil business, including our largest order in the Residential segment. The Civil business continues to be on an exponential growth trajectory, which is reflected in the substantial repeat orders secured from existing clients across diverse segments. With this order in Northern India, KEC is now constructing over 70 high-rise buildings for marquee clients across the country. These orders reaffirm our confidence that this business will continue to contribute significantly to KEC’s overall growth,” said Vimal Kejriwal, managing director and chief executive officer of KEC International Ltd.
KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, railways, civil, urban infrastructure, solar, oil & gas pipelines, and cables.
The construction engineering company is currently executing infrastructure projects in over 30 countries and has a footprint in more than 110 countries.
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Financial Performance
KEC International posted a strong set of results in the March quarter (Q4FY24). Its revenue grew 11.6 per cent to Rs 6,165 crore, as opposed to Rs 5,525 crore in the same quarter previous fiscal (Q4FY23).
The company’s profit more than doubled to 152 crore in Q4FY24, from Rs 72 crore in Q4FY23.
The board of directors also recommended a dividend of Rs 4 per equity share for FY24.
The market capitalisation of KEC International is Rs 18,408.81 crore, according to Bombay Stock Exchange (BSE).
The 52-week high of the stock is Rs 838.25 per share while its 52-week low is Rs 523.40 apiece.
At 12:56 PM, shares of KEC International were trading 2.79 per cent higher at Rs 716.85 per share. In comparison, BSE Sensex was trading 2.03 per cent higher at 73,538.91 levels.