KEI Industries Q1 revenue rises to ₹1,790.90 crore

KEI Industries Limited on Monday reported a revenue at ₹1,790.90 crore for the first quarter ended June 30, 2023, as compared to ₹1,568.94 crore a year ago.

Its sales for the June quarter of fiscal year 2024 stood at ₹1,782.57 crore as compared to ₹1,565.41 crore a year ago. 

The company reported a net profit for the June quarter of FY24 at ₹121.38 crore, up from ₹103.76 crore in the same period of fiscal year 2023, KEI Industries said in an exchange filing.

Basic earnings per share (EPS) from continuing operations was at ₹13.46, the company said. Diluted earnings per share from continuing operations was at ₹13.43.

Shares of KEI Industries on Monday closed at ₹2,430, down 0.31%, on the NSE. 

KEI manufactures and markets power cables - low tension, high tension and EHV, house wire, stainless steel wire catering sectors such as power, oil refineries, railways, automobiles, cement, steel, fertilizers, textile and real estate, among others.

In FY23, KEI’s revenue increased 21% year-on-year (YoY) at ₹6,912 crore, led by growth of 23% in the winding and house wire segment, 20% YoY in the cable segment, and 10% YoY in the stainless-steel wire segment.

As on 31 March 2023, KEI had an order book of ₹3,568 crore; 40% of the orders were from the cables division, 24% from the EHV cables division, 27% from the EPC division and 9% from cable exports, according to an earlier report by Business Standard. 

KEI Industries aims to increase its export sales to 12% of total sales in the financial year 2023-24, with a long-term goal of reaching 20%, Anil Gupta, chairman and managing director (CMD) of KEI Industries, said in June in an interview with CNBC-TV18. 

He also had said that to achieve this target, the company is establishing a new plant that will primarily concentrate on catering to export markets.