KEC International gains as Q1 profit more than doubles

The stock surged 5% to Rs 158 after the company reported net profit of Rs 30 crore in June quarter against Rs 11 crore in the year-ago quarter.

Shares of KEC International surged 5% at Rs 158 on the BSE after the company reported more than doubling in consolidated net profit at Rs 30.40 crore for the quarter ended June 30, 2015 (Q1) against Rs 11.40 crore in the corresponding quarter of previous year.

The EBITDA (earnings before interest, tax, depreciation and amortization) margin for the quarter increased to 7.5% compared to 5.9% in the previous year's corresponding quarter.

Net revenues rose by 9% year-on-year (YoY) at Rs 1,878 crore, while total expenditure increased by 7% YoY at Rs 1,760 crore, KEC International said in a statement.

The company currently has an order book position of Rs 10,537 crore against Rs 10,325 crore in the corresponding quarter of previous year, KEC International added.

Vimal Kejriwal, managing director & chief executive officer of KEC International expressed confidence about maintaining the growth momentum in the year ahead, aided by robust execution capabilities and good order book as well as a strong L1 (lowest bidder) pipeline.

The stock hit a 52-week high of Rs 161 on the BSE in early morning trades. Till 09:48 AM, a combined 1.23 million shares changed hands on the counter on the BSE and NSE.