KEI Industries Limited — Important, 25-11-2024: General Updates

**Financial Highlights:** KEI Industries reported a strong revenue growth, reaching INR 81,041 Mn for FY24, and maintaining an EBITDA of INR 8,862 Mn with a margin of 10.94%. The return ratios remain healthy, with ROCE and ROE at 27% and 20%, respectively. In H1 FY25, the revenue was INR 43,401 Mn, reflecting a growth of 16.50% YoY, while EBITDA and PAT stood at INR 4,699 Mn and INR 3,051 Mn, respectively, showing increases of 18.04% and 16.62% YoY.

**Strategic Initiatives and Growth Drivers:** KEI aims to enhance its presence in the EHV market through capacity expansion and strengthening its distribution network. The company is aggressively growing its retail segment and increasing export activities, with an order book of INR 39,333 Mn, including INR 7,317 Mn from exports.

**Business Developments:** The comprehensive product portfolio includes specialized cables for various industries, ensuring low customer concentration, with the top 10 customers contributing only 18% of sales in FY24.

**Market Position and Competitive Advantage:** KEI is well-diversified across product lines and geographic markets, boasting a strong retail and institutional distribution network, enhanced by significant brand recognition activities.

**Investor Implications:** The company's robust growth trajectory and strategic plans signal a positive outlook, underscoring potential growth for investors amidst favorable industry dynamics driven by expanding power sectors and infrastructure investments.