FINANCIAL PERFORMANCE FOR QUARTER & NINE MONTHS ENDED 31 DECEMBER 2023

KEC delivers Robust growth in Revenue and Profitability
Revenue grows by 14% in Q3 and 17% in 9M
EBITDA grows by 54% in Q3 and 51% in 9M; EBITDA Margin expands by 160 bps to 6.2% in Q3
PAT grows by ~6 times in Q3 and ~2 times in 9M
Record Order Book + L1 of over Rs. 38,000 crore

Mumbai, January 30, 2024: KEC International Ltd., a global infrastructure EPC major and an RPG Group Company, today announced its results for the third quarter (Q3 FY24) and nine months (9M FY24) ended December 31, 2023.

Consolidated Financial Performance:

Q3 FY24 v/s Q3 FY23	9M FY24 v/s 9M FY23
REVENUE: Rs. 5,007 crore against Rs. 4,375 crore EBITDA: Rs. 308 crore against Rs. 200 crore EBITDA Margin (Y-o-Y): 6.2% against 4.6% EBITDA Margin (Q-o-Q): 6.2% against 6.1% Interest as % to Revenue: 3.3% against 3.4% PBT : Rs. 121 crore against Rs. 11 crore PBT Margin:: 2.4% against 0.3% PAT: Rs. 97 crore against Rs. 18 crore PAT Margin:: 1.9% against 0.4%	REVENUE: Rs. 13,749 crore against Rs. 11,757 crore EBITDA: Rs. 827 crore against Rs. 546 crore EBITDA Margin (Y-o-Y): 6.0% against 4.6% Interest as % to Revenue: 3.6% against 3.2% PBT: Rs. 233 crore against Rs. 75 crore PBT Margin: 1.7% against 0.6% PAT: Rs. 195 crore against Rs. 104 crore PAT Margin: 1.4% against 0.9%

Q3 FY24 v/s Q3 FY23

9M FY24 v/s 9M FY23

REVENUE: Rs. 5,007 crore against Rs. 4,375 crore
EBITDA: Rs. 308 crore against Rs. 200 crore
EBITDA Margin (Y-o-Y): 6.2% against 4.6%
EBITDA Margin (Q-o-Q): 6.2% against 6.1%
Interest as % to Revenue: 3.3% against 3.4%
PBT : Rs. 121 crore against Rs. 11 crore
PBT Margin:: 2.4% against 0.3%
PAT: Rs. 97 crore against Rs. 18 crore
PAT Margin:: 1.9% against 0.4%

REVENUE: Rs. 13,749 crore against Rs. 11,757 crore
EBITDA: Rs. 827 crore against Rs. 546 crore
EBITDA Margin (Y-o-Y): 6.0% against 4.6%
Interest as % to Revenue: 3.6% against 3.2%
PBT: Rs. 233 crore against Rs. 75 crore
PBT Margin: 1.7% against 0.6%
PAT: Rs. 195 crore against Rs. 104 crore
PAT Margin: 1.4% against 0.9%

Standalone Financial Performance:

Q3 FY24 v/s Q3 FY23	9M FY24 v/s 9M FY23*
REVENUE: Rs. 4,398 crore against Rs. 3,868 crore EBITDA: Rs. 211 crore against Rs. 180 crore EBITDA Margin (Y-o-Y): 4.8% against 4.7% EBITDA Margin (Q-o-Q): 4.8% against 4.6% Interest as % to Revenue: 3.3% against 3.2% PBT : Rs. 56 crore against Rs. 28 crore PBT Margin:: 1.3% against 0.7% PAT: Rs. 44 crore against Rs. 15 crore PAT Margin:: 1.0% against 0.4%	REVENUE: Rs. 12,082 crore against Rs. 10,452 crore EBITDA: Rs. 564 crore against Rs. 644 crore EBITDA Margin (Y-o-Y):4.7% against 6.2% Interest as % to Revenue: 3.6% against 2.9% PBT: Rs. 71 crore against Rs. 203 crore PBT Margin: 0.6% against 1.9% PAT: Rs. 55 crore against Rs. 151 crore PAT Margin: 0.5% against 1.4%

Q3 FY24 v/s Q3 FY23

9M FY24 v/s 9M FY23*

REVENUE: Rs. 4,398 crore against Rs. 3,868 crore
EBITDA: Rs. 211 crore against Rs. 180 crore
EBITDA Margin (Y-o-Y): 4.8% against 4.7%
EBITDA Margin (Q-o-Q): 4.8% against 4.6%
Interest as % to Revenue: 3.3% against 3.2%
PBT : Rs. 56 crore against Rs. 28 crore
PBT Margin:: 1.3% against 0.7%
PAT: Rs. 44 crore against Rs. 15 crore
PAT Margin:: 1.0% against 0.4%

REVENUE: Rs. 12,082 crore against Rs. 10,452 crore
EBITDA: Rs. 564 crore against Rs. 644 crore
EBITDA Margin (Y-o-Y):4.7% against 6.2%
Interest as % to Revenue: 3.6% against 2.9%
PBT: Rs. 71 crore against Rs. 203 crore
PBT Margin: 0.6% against 1.9%
PAT: Rs. 55 crore against Rs. 151 crore
PAT Margin: 0.5% against 1.4%

*PBT of 9M FY23 included an exceptional item of Rs. 76 Cr towards provision for impairment of subsidiary in SAE Brazil

Consolidated Order Intake and Order Book:

Order Intake:
YTD Order intake of ~Rs. 13,000 crore, with significant contributions from T&D and Civil businesses.

Order Book:
YTD order book + L1 position stands at a record level of over Rs. 38,000 crore (Including L1 position of over Rs. 8,000 crore).

Consolidated Net Debt and Net Working Capital:

Net Debt including Acceptances stands at Rs. 6,045 Cr as on 31 Dec’23, a reduction of ~Rs. 300 Cr vis-à-vis 30 Sep’23; despite a sequential increase in revenue of over Rs. 500 Cr.
Net Working Capital (NWC) stands at 129 days as on 31st Dec’23 – Reduction of 4 days vis-à-vis 30th Sep’23.

Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We have delivered an impressive performance for the quarter, marked by robust revenue growth, a noteworthy increase in profitability and positive developments in working capital. The Transmission and Distribution (T&D) and Civil businesses have been the primary growth drivers. Our EBITDA margins continue to show an upward trajectory with an improvement every quarter with the margins increasing by a good 160 basis points, from 4.6% in Q3 FY23 to 6.2% in Q3 FY24. SAE Towers delivered a positive Profit Before Tax (PBT) for the third consecutive quarter. With a record order book & L1 position of over Rs 38,000 crore and a promising tender pipeline, we are confident of concluding the year with a healthy growth”

About KEC International Limited

KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil & Gas Pipelines, and Cables. The Company is currently executing infrastructure projects in 30+ countries and has a footprint in 110+ countries (includes EPC, Supply of Towers and Cables). It is the flagship Company of the RPG Group.

About RPG Enterprises

RPG Enterprises, established in 1979, is one of India's fastest growing business groups with a turnover of US$ 4.4 Billion. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation-led technology businesses.