Q3 FY21 Result Update - KEC International - YES Securities

(Rating: BUY, TP: Rs414, Upside 15%)

- Q3FY21 performance in-line with expectations

- Healthy ordering prospects given the government's thrust on large infras projects, rural electrification, railway electrification and expansion of metro rail network.

- Expect KECI to deliver ~20% earnings CAGR over FY21-FY23E.

- Cut our FY22E earnings estimates by 7% respectively to factor the delay in normalization for international execution owing to COVID led disruptions & commodity price headwinds.

- Retain BUY with TP of Rs414 at 14x FY23E EPS

Shares of KEC INTERNATIONAL LTD. was last trading in BSE at Rs.359.9 as compared to the previous close of Rs. 357.95. The total number of shares traded during the day was 25970 in over 1657 trades.

The stock hit an intraday high of Rs. 363.7 and intraday low of 349.7. The net turnover during the day was Rs. 9229139.

Source : Equity Bulls

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