External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in Mumbai</li><li>We noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24</li><li>This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in MumbaiWe noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEC International: Looking at Better Margins for FY24. Maintain REDUCE