The India T&D vertical clinched a large composite project from a well-known private sector client. The scope of work includes the construction of a 765 kV transmission line along with a 765/400 kV air-insulated substation, to be executed on a turnkey basis.
Separately, the company’s civil engineering arm has bagged an order for additional civil and structural works related to a 150 MW thermal power plant. The latest contract strengthens KEC’s footprint in the power infrastructure segment, particularly in thermal projects.
“We are delighted with these order wins in India, particularly the significant composite order secured by our India T&D business for the evacuation of renewable energy. This order has substantially increased the share of private sector clients in our India T&D order book,” Vimal Kejriwal, MD and CEO of the company, said. “The Civil business has increased its presence in the growing thermal power plant segment. With these wins, our YTD order intake has crossed Rs 18,000 crore, reaffirming our confidence in achieving our annual order intake target,” he added.
For the quarter ended September, KEC reported a 19% year-on-year increase in revenue, driven primarily by a strong performance in the T&D segment, which recorded growth of 44%. However, this was partly tempered by subdued activity in the civil construction business.
The civil segment was impacted by monsoon-related disruptions, labour availability issues and delays in certain water projects, largely due to slower release of payments, the company said.
KEC International shares are down over 40% since the beginning of the year. In the last month alone, the stock is down nearly 12%. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)