KEC International (KEC) Q3 24/25 earnings summary

Executive summary

• Achieved record YTD order inflows of ₹22,090 crores, up over 70% year-over-year, with 70% from T&D segment.

• Q3 FY25 consolidated revenue grew 7% year-over-year to ₹5,349 crores; PAT up 34% to ₹130 crores.

• Nine-month FY25 consolidated revenue rose 9% to ₹14,975 crores; PAT up 55% to ₹303 crores.

• Order book plus L1 position exceeds ₹41,000 crores, providing strong execution visibility.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2024, were approved by the Board on February 3, 2025.

Financial highlights

• Q3 FY25 EBITDA grew 22% year-over-year to ₹374 crores, with margin expansion to 7%, highest in three years.

• Q3 FY25 PBT increased 32% year-over-year to ₹160 crores; PAT margin improved to 2.4%.

• Net debt at ₹5,574 crores as of Dec 31, 2024, down ₹471 crores year-over-year.

• Interest cost as % of revenue reduced to 3.2% in Q3 FY25.

• Basic EPS (consolidated) for Q3 FY25 was ₹4.87, up from ₹3.77 in Q3 FY24.

Outlook and guidance

• FY25 revenue growth guidance revised to 12%-14%; FY26 expected revenue growth of at least 15% with margin improvement to 9%-10%.

• T&D segment expected to contribute over 60% of revenue next year, supporting higher margins.

• Working capital days targeted at 110-115 by year-end.

• Positive outlook driven by government focus on infrastructure and strong momentum in T&D and renewables.