KEC International shares rally 5% on transmission, solar orders
Infrastructure company KEC International shares gained 5 percent intraday Friday on receiving major orders worth Rs 1,943 crore in transmission, cable and solar businesses.
“Transmission and distribution division has secured orders worth Rs 1,408 crore, including international orders of Rs 1,224 crore,” the Mumbai-based infrastructure EPC major said in its filing.
Its international transmission & distribution business segment has bagged orders in Africa, Middle East and America while in India, it has received orders worth Rs 184 crore from Power Grid Corporation for construction of transmission lines in Chandigarh and Kerala.
“Middle East portfolio diversification has strengthened further with new orders in Jordan and we are experiencing a remarkable pick up in momentum in Americas,” Vimal Kejriwal, MD & CEO said, adding the large order win in solar will significantly scale up solar business portfolio.
Its cable business has secured various supply/EHV cabling orders of Rs 85 crore and solar division has bagged Rs 450 crore worth of orders.
In an interview with CNBC-TV18, Vimal said he has been seeing an upswing in Africa business.
“We expect current year revenue growth of 5 percent while for next year (FY18) we will stick to revenue guidance of 15 percent and expect 100 bps margin expansion,” he said.
KEC’s current railway electrification order is close to Rs 1,400 crore.