KEC · Construction
Kec International Ltd. reported revenue of ₹5,113 cr for July to September 2024, +13.6% on the year and +13.3% on the quarter.
Operating profit (EBITDA) was ₹320 cr, a margin of 6.3%, +17 bps on the year and +27 bps on the quarter. It is the widest margin of the last 6 quarters (range 5.7% to 6.3%). Operating costs grew +13.4% against revenue growth of +13.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹85.0 cr, +51.8% on the year and −3.4% on the quarter, with earnings per share of ₹3.21. Profit before other income, one-offs and tax grew faster, at +112.0%; other income, one-offs or tax held the headline back. The tax rate was 25% against an average of 17% over the previous 5 quarters, which weighed on profit this quarter.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹16.29 over the last four quarters, the stock at ₹352.65 trades at 21.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +51.8% on the year; profit before other income, exceptional items and tax +112.0%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,007 cr | ₹6,165 cr | ₹4,512 cr | ₹5,113 cr | ₹5,349 cr | ₹6,872 cr | ₹5,023 cr | ₹6,092 cr | ₹6,001 cr | ₹6,390 cr | ₹5,024 cr | ₹5,468 cr |
| YoY | — | — | +6% | +14% | +7% | +11% | +11% | +19% | +12% | −7% | +0% | −10% |
| EBITDA margin | 6.2% | 6.3% | 6.0% | 6.3% | 7.0% | 7.8% | 7.0% | 7.1% | 7.2% | 7.0% | 5.8% | 5.0% |
| Other income, % of PBT | 21% | 4% | 38% | 6% | 1% | 6% | 3% | 2% | −31% | 12% | 16% | 32% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 20% | 21% | 22% | 25% | 19% | 22% | 21% | 25% | 20% | 25% | 19% | 27% |
| Net profit | ₹97.0 cr | ₹152 cr | ₹88.0 cr | ₹85.0 cr | ₹130 cr | ₹268 cr | ₹125 cr | ₹161 cr | ₹127 cr | ₹193 cr | ₹72.6 cr | ₹29.7 cr |
| YoY | — | — | +110% | +52% | +34% | +76% | +42% | +89% | −2% | −28% | −42% | −81% |
| Core profit YoY | — | — | +57% | +112% | +67% | +74% | +123% | +97% | +31% | −29% | −51% | −87% |
| EPS | ₹3.77 | ₹5.90 | ₹3.41 | ₹3.21 | ₹4.87 | ₹10.08 | ₹4.68 | ₹6.04 | ₹4.79 | ₹7.24 | ₹2.73 | ₹1.12 |
| Flags | · | · | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Kec International Ltd. reported revenue of ₹5,113 cr (+13.6% on the year) and net profit of ₹85.0 cr (+51.8% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +112.0% on the year, against +51.8% for reported profit.
None of the 7 checks that could run raised a question.
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