KEI Industries declined 1.44% to Rs 329.25 after the company posted a 10.4% drop in net profit to Rs 68.22 crore on 15.7% decline in net sales to Rs 1036.94 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) came at Rs 92.83 crore, a 20% increase over Rs 77.28 crore in the same period last year. Total tax expense were sharply higher at Rs 24.61 crore in Q2 September 2020 as against Rs 1.1 crore in Q2 September 2019.In wire and cable business, the company achieved 87% sales in Q2 as compared to previous year same period.
The company's cable business segment revenue fell 12.48% to Rs 870.68 crore in Q2 September 2020 over Q2 September 2019. Revenue from stainless steel wire segment fell 1.14% year-on-year to Rs 33.51 crore in Q2 September 2020. EPC projects segment revenue declined by 22.76% to Rs 247.71 crore in Q2 September 2020 over Q2 September 2019.
EBITDA stood at Rs 121.97 crore in Q2 September 2020, declining 3.58% YoY from Rs 126.5 crore in Q2 September 2019. EBITDA margin improved to 11.76% in Q2 September 2020 from 10.28% in Q2 September 2019.
KEI said it has a pending order book of Rs 2,663 crore as of 31 October 2020. The company's net debt stands at Rs 148 crore as on 30 September 2020 as against Rs 152 crore as on 31 March 2020.
KEI Industries is a cable manufacturing company. It offers high and low tension cables, control and instrumentation cables, house wires and stainless steel wires, and high-technology specialty cables.
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