Buy KEC International; target of Rs 375: Sharekhan
Sharekhan’s research report on KEC International
Company expected to increase its revenue contribution from non-T&D projects in long run. Management expects railway tenders to be finalised in Q2FY2020, while eyeing major civil projects arising from government spends. T&D business to grow steadily with focus on financially healthy state electricity boards and externally-funded projects. Geographical expansion to boost international order book.
We reiterate our Buy rating on KEC; PT unchanged at Rs. 375. Strong order backlog and healthy order pipeline to help net earnings clock a 21% CAGR during FY2019-FY2021E.
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