Kei Industries: Segment Results
| Segments | 1812(03) | 1712(03) | Var. (%) | % to Total | 1812(09) | 1712(09) | Var. (%) ^ | % to Total | 1803(12) | 1703(12) | Var. (%) | % to Total |
| Sales | ||||||||||||
| Cables | 878.19 | 700.39 | 25 | 75 | 2384.78 | 1914.06 | 76 | 2726.53 | 2283.19 | 19 | 72 | |
| Stainless Steel Wires | 33.54 | 28.11 | 19 | 3 | 100.90 | 87.36 | 3 | 118.26 | 113.15 | 5 | 3 | |
| Trunkey Projects | 258.63 | 244.51 | 6 | 22 | 646.78 | 706.79 | 21 | 956.15 | 675.44 | 42 | 25 | |
| Unallocated | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0 | ||
| TOTAL | 1170.35 | 973.01 | 20 | 100 | 3132.46 | 2708.21 | 100 | 3800.93 | 3071.78 | 24 | 100 | |
| Less: Segment elimination | 12.00 | -0.27 | LP | 5.10 | 14.61 | 2.60 | 0.48 | |||||
| Add: Unallocable sales | 70.84 | 84.63 | -16 | 159.19 | 227.41 | 301.91 | 228.30 | |||||
| Net Sales | 1087.51 | 888.66 | 22 | 2968.18 | 2466.20 | 3496.43 | 2843.00 | |||||
| PBIT | ||||||||||||
| Cables | 103.58 | 77.48 | 34 | 67 | 260.16 | 223.39 | 16 | 71 | 295.55 | 265.47 | 11 | 73 |
| Stainless Steel Wires | 1.32 | 1.96 | -32 | 1 | 8.07 | 4.70 | 72 | 2 | 7.06 | 7.70 | -8 | 2 |
| Trunkey Projects | 50.09 | 26.49 | 89 | 32 | 98.39 | 88.50 | 11 | 27 | 103.84 | 61.77 | 68 | 26 |
| Unallocated | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0 | ||
| TOTAL | 154.99 | 105.92 | 100 | 366.62 | 316.59 | 100 | 406.45 | 334.94 | 21 | 100 | ||
| Less intersegmental | 12.03 | -0.27 | 5.10 | 25.18 | 2.61 | 0.48 | 441 | |||||
| Less interest | 34.72 | 25.15 | 38 | 93.86 | 82.48 | 14 | 111.30 | 124.43 | -11 | |||
| Less unallocable expenditure net of inc. | 32.66 | 22.78 | 43 | 78.88 | 67.41 | 17 | 88.38 | 83.78 | 5 | |||
| PBT | 75.59 | 58.26 | 30 | 188.79 | 141.52 | 33 | 204.16 | 126.25 | 62 | |||
| Figures for 9 months ended Dec 18 are net of GST while figures for 9 months ended Dec 18 are inclusive of Excise duty and hence Var. (%) is not possible Figures in Crore, Source: Capitaline Database |
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KEI Industries (KEI) manufactures variety of cables namely High Tension (HT) and Low tension (LT) power cables, Control and Instrumentation Cables, other specialty cables, rubber insulated power, control & instrumentation cables. KEI also manufactures and sell wide range of steel wires, which have various applications such as manufacturing of springs and fastenings.
To follow the present demands of the market, KEI set foot into the manufacturing of EHV cables up to 220kV in collaboration with BRUGG Kables, a century old Swiss company.
For the quarter ended Dec 18, sales grew by around 22% YoY basis to Rs 1087.49 crore. OPM was higher by 130 bps to 10.8% thus, resulting the OP growth to 40% to Rs 117.68 crore. Other income stood at Rs 1.14 crore down by 84% YoY. Interest costs were higher by 38% to Rs 34.72 crore and depreciation cost rose 4% to Rs 8.51 crore. Thus, PBT was up by 30% to Rs 75.59 crore. After paying total tax of Rs 27.20 crore, up by 41%, PAT increased by 24% to Rs 48.39 crore for Dec 18 quarter.
Segment results for the quarter ended Dec 18
For the quarter, sales from the Cables segment stood at Rs 878.19 crore and accounted for 75% of sales. PBIT from the same was higher by 34% to Rs 103.58 crore and accounted for 67% of total with PBIT margin at 11.8% compared to 11.1% for Dec 17 quarter. For the quarter, sales from the stainless steel wire Segment stood at Rs 33.54 crore and accounted for 3% of sales. PBIT from the same was down by 32% to Rs 1.32 crore and accounted for 1% of total. For the quarter, sales from the Turnkey division Segment stood at Rs. 258.63 crore and accounted for 22% of sales. PBIT from the same was up by 89% to Rs 50.09 crore and accounted for 32% of total with PBIT margin at 19.4% as compared to 10.8% YoY.
Performance for 9 months ended Dec 18
For 9 months ended Dec 18, net sales were up by 22% to Rs 2968.18 crore. OPM was up by 50 bps at 10.3%, thus resulting in the OP growth to 28%. Other income was lower by 65% to Rs 3.50 crore. Interest was higher by 14% to Rs 93.86 crore. Depreciation was up by 4% to Rs 25.31 crore. After providing total tax of Rs 67.05 crore, PAT for 9 months ended Dec 18 stood at Rs 121.94 crore, up by 28% YoY.
Segmental results for 9 months ended Dec 18
For the 9 months, sales from the Cables segment stood at Rs 2384.78 crore and accounted for 76% of sales. PBIT from the same was up by 16% to Rs 260.16 crore and accounted for 71% of total.
For the 9 months, sales from the stainless steel wire Segment stood at Rs 100.90 crore and accounted for 3% of sales. PBIT from the same was up by 72% to Rs 8.07 crore and accounted for 2% of total.
For the 9 months, sales from the Turnkey division Segment stood at Rs 646.78 crore and accounted for 21% of sales. PBIT from the same was up by 11% to Rs 98.39 crore and accounted for 27% of total.
Other Updates
Volume growth in cables business in Dec 18 quarter stood at 15% YoY. For 9 mths the volume growth was 19% YoY.
Export sales stood at Rs 190 crore during Dec 18 quarter as compared to Rs 109 crore for Dec 17 period. 9 months export sales stood at Rs
Retail sales through dealer network have seen an increase of around 32% growth to Rs 356 crore in Dec 18 quarter on YoY basis. Present dealer's network stood at 1400 active dealers as on Dec 18 with 50 new dealers added in Dec 18 quarter.
The company has total order book of around Rs 3866 crore as on Dec 18 of which EPC division stood at Rs 1508 crore, and cables order books stood at Rs 996 crore. Exports order stands at Rs 748 crore and EHV is around Rs 614 crore.
The 1 st Phase of expansion in Pathredi, for LT Power Cable has already been completed and the 2nd Phase, HT Power Cable expansion will be completed by February-March 2019 with cost of Rs. 30-35 Crore which will enhance capacity of HT Power Cable by Rs. 200 Crore.
In Silvassa, Company has bought Land & Building with investment of Rs. 16 Crore for expansion of House Wires capacity. In 1st Phase, Company will spend approx. Rs. 45 Crore (FY 2018-19 & 2019-20) for Capacity of Rs. 300 Crore and in 2nd phase company will spend approx. Rs. 30 Crore (during FY 2019-20) which will add further capacity of Rs. 300 Crore for House Wires.
Kei Industries: Results
| 1812(03) | 1712(03) | Var. (%) | 1812(09) | 1712(09) | Var. (%) | 1803 (12) | 1703 (12) | Var. (%) | |
| Sales | 1087.49 | 888.66 | 22 | 2968.18 | 2428.40 | 22 | 3458.80 | 2628.46 | 32 |
| OPM (%) | 10.8 | 9.5 | 10.3 | 9.8 | 9.8 | 10.2 | |||
| OP | 117.68 | 84.30 | 40 | 304.66 | 237.36 | 28 | 338.40 | 269.01 | 26 |
| Other inc. | 1.14 | 7.32 | -84 | 3.50 | 9.90 | -65 | 9.30 | 10.07 | -8 |
| PBIDT | 118.82 | 91.62 | 30 | 308.16 | 247.26 | 25 | 347.69 | 279.08 | 25 |
| Interest | 34.72 | 25.15 | 38 | 93.86 | 82.48 | 14 | 111.30 | 124.43 | -11 |
| PBDT | 84.10 | 66.47 | 27 | 214.30 | 164.78 | 30 | 236.39 | 154.66 | 53 |
| Dep. | 8.51 | 8.21 | 4 | 25.31 | 24.25 | 4 | 32.23 | 28.40 | 13 |
| PBT | 75.59 | 58.26 | 30 | 188.99 | 140.53 | 34 | 204.16 | 126.25 | 62 |
| EO | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 |
| PBT after EO | 75.59 | 58.26 | 30 | 188.99 | 140.53 | 34 | 204.16 | 126.25 | 62 |
| Total Tax | 27.20 | 19.24 | 41 | 67.05 | 45.53 | 47 | 59.60 | 32.42 | 84 |
| PAT | 48.39 | 39.03 | 24 | 121.94 | 95.00 | 28 | 144.56 | 93.83 | 54 |
| EPS (Rs) * | # | # | # | # | 18.5 | 12.0 | |||
| * on current equity of Rs 15.67 crore: Face value of Rs 2 each, # EPS cannot be annualised due to seasonality of business, PL: Profit to Loss Figures in crore, Var.(%) exceeding 999 is restricted to 999 Source: Capitaline Database |
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Kei Industries: Segment Results
| Segments | 1812(03) | 1712(03) | Var. (%) | % to Total | 1812(09) | 1712(09) | Var. (%) ^ | % to Total | 1803(12) | 1703(12) | Var. (%) | % to Total |
| Sales | ||||||||||||
| Cables | 878.19 | 700.39 | 25 | 75 | 2384.78 | 1914.06 | 76 | 2726.53 | 2283.19 | 19 | 72 | |
| Stainless Steel Wires | 33.54 | 28.11 | 19 | 3 | 100.90 | 87.36 | 3 | 118.26 | 113.15 | 5 | 3 | |
| Trunkey Projects | 258.63 | 244.51 | 6 | 22 | 646.78 | 706.79 | 21 | 956.15 | 675.44 | 42 | 25 | |
| Unallocated | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0 | ||
| TOTAL | 1170.35 | 973.01 | 20 | 100 | 3132.46 | 2708.21 | 100 | 3800.93 | 3071.78 | 24 | 100 | |
| Less: Segment elimination | 12.00 | -0.27 | LP | 5.10 | 14.61 | 2.60 | 0.48 | |||||
| Add: Unallocable sales | 70.84 | 84.63 | -16 | 159.19 | 227.41 | 301.91 | 228.30 | |||||
| Net Sales | 1087.51 | 888.66 | 22 | 2968.18 | 2466.20 | 3496.43 | 2843.00 | |||||
| PBIT | ||||||||||||
| Cables | 103.58 | 77.48 | 34 | 67 | 260.16 | 223.39 | 16 | 71 | 295.55 | 265.47 | 11 | 73 |
| Stainless Steel Wires | 1.32 | 1.96 | -32 | 1 | 8.07 | 4.70 | 72 | 2 | 7.06 | 7.70 | -8 | 2 |
| Trunkey Projects | 50.09 | 26.49 | 89 | 32 | 98.39 | 88.50 | 11 | 27 | 103.84 | 61.77 | 68 | 26 |
| Unallocated | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0 | ||
| TOTAL | 154.99 | 105.92 | 100 | 366.62 | 316.59 | 100 | 406.45 | 334.94 | 21 | 100 | ||
| Less intersegmental | 12.03 | -0.27 | 5.10 | 25.18 | 2.61 | 0.48 | 441 | |||||
| Less interest | 34.72 | 25.15 | 38 | 93.86 | 82.48 | 14 | 111.30 | 124.43 | -11 | |||
| Less unallocable expenditure net of inc. | 32.66 | 22.78 | 43 | 78.88 | 67.41 | 17 | 88.38 | 83.78 | 5 | |||
| PBT | 75.59 | 58.26 | 30 | 188.79 | 141.52 | 33 | 204.16 | 126.25 | 62 | |||
| Figures for 9 months ended Dec 18 are net of GST while figures for 9 months ended Dec 18 are inclusive of Excise duty and hence Var. (%) is not possible Figures in Crore, Source: Capitaline Database |
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