• Sales of Segment-Cables segment has gone up 22.92% to Rs 1,775.53 crore (accounting for 82.67% of total sales).  Sales of Segment-Stainees Steel Wire segment has gone down 19.60% to Rs 59.07 crore (accounting for 2.75% of total sales).  Sales of Segment-EPC project segment has gone up 195.77% to Rs 313.08 crore (accounting for 14.58% of total sales).  Inter-segment sales rose Rs 15.75 crore to Rs 201.12 crore.  
• Profit before interest, tax and other unallocable items (PBIT) has jumped 56.07% to Rs 226.94 crore.  PBIT of Segment-Cables segment rose 52.18% to Rs 191.91 crore (accounting for 84.56% of total PBIT).  PBIT of Segment-Stainees Steel Wire segment fell 19.06% to Rs 3.61 crore (accounting for 1.59% of total PBIT).  PBIT of Segment-EPC project segment rose 111.69% to Rs 31.42 crore (accounting for 13.85% of total PBIT).  
• PBIT margin of Segment-Cables segment rose from 8.73% to 10.81%.  PBIT margin of Segment-Stainees Steel Wire segment rose from 6.07% to 6.11%.  PBIT margin of Segment-EPC project segment fell from 14.02% to 10.04%.  Overall PBIT margin rose from 8.95% to 10.57%.  

 For year-to-date (YTD) results analysis.

Net sales (including other operating income) of KEI Industries for the half year ended Sep 2023 has increased 17.51% to Rs 3729.15 crore.  Sales of Segment-Cables segment has gone up 18.23% to Rs 3,387.47 crore (accounting for 84.62% of total sales).  Sales of Segment-Stainees Steel Wire segment has gone down 12.18% to Rs 118.10 crore (accounting for 2.95% of total sales).  Sales of Segment-EPC projects segment has gone up 91.85% to Rs 497.74 crore (accounting for 12.43% of total sales).  Inter-segment sales rose Rs 85.50 crore to Rs 274.16 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 39.22% to Rs 397.16 crore.  PBIT of Segment-Cables segment rose 31.53% to Rs 333.37 crore (accounting for 83.94% of total PBIT).  PBIT of Segment-Stainees Steel Wire segment fell 10.19% to Rs 6.74 crore (accounting for 1.70% of total PBIT).  PBIT of Segment-EPC projects segment rose 134.72% to Rs 57.05 crore (accounting for 14.36% of total PBIT).  

PBIT margin of Segment-Cables segment rose from 8.85% to 9.84%.  PBIT margin of Segment-Stainees Steel Wire segment rose from 5.58% to 5.70%.  PBIT margin of Segment-EPC projects segment rose from 9.37% to 11.46%.  Overall PBIT margin rose from 8.75% to 9.92%.  

Operating profit margin has jumped from 10.09% to 10.25%, leading to 19.34% rise in operating profit to Rs 382.13 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 75.16% to 75.95%.   Purchase of finished goods cost rose from 0.01% to 0.02%.   Other expenses fell from 11.38% to 10.91%.   Expenses from contract fell from 1.57% to 1.23%.   

Other income rose 81.70% to Rs 15.99 crore.  PBIDT rose 21.01% to Rs 398.12 crore.  Provision for interest fell 2.26% to Rs 16.47 crore.  PBDT rose 22.26% to Rs 381.65 crore.  Provision for depreciation rose 6.63% to Rs 30.22 crore.  Profit before tax grew 23.83% to Rs 351.43 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 89.84 crore, compared to Rs 73.16 crore.  Effective tax rate was 25.56% compared to 25.78%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 24.18% to Rs 261.59 crore.  

Order book

Order backlog as end of Sep 30, 2023 stood at Rs 3363 crore.  

Others

Equity capital increased from Rs 18.04 crore as of 30 September 2022 to Rs 18.05 crore as of 30 September 2023.  Per share face Value remained same at Rs 2.00.  

Promoters’ stake was 37.08% as of 30 September 2023 ,compared to 37.99% as of 30 September 2022 .  

Cash flow from operating activities decreased to Rs 114.96 crore for YTD ended September 2023 from Rs 263.94 crore for YTD ended September 2022.  Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 220.60 crore, compared to Rs 26.49 crore during the YTD ended September 2022.  

Loan funds rose to Rs 193.01 crore as of 30 September 2023 from Rs 163.49 crore as of 30 September 2022.  Inventories rose to Rs 1,345.66 crore as of 30 September 2023 from Rs 1,070.66 crore as of 30 September 2022.  Sundry debtors were higher at Rs 1,284.12 crore as of 30 September 2023 compared to Rs 1,084.16 crore as of 30 September 2022.  Cash and bank balance rose to Rs 449.95 crore as of 30 September 2023 from Rs 416.55 crore as of 30 September 2022.  Investments declined from Rs 1.95 crore as of 30 September 2022 to Rs 1.25 crore as of 30 September 2023.  Fixed assets increased to Rs 764.39 crore as of 30 September 2023 from Rs 543.70 crore as of 30 September 2022.  Intangible assets declined from Rs 2.22 crore to Rs 1.80 crore.