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Systematix Research Report
KEI Industries Ltd.’s Q4 FY22 result surpassed our growth estimates, as its revenue/Ebitda/profit after tax grew 44%/25%/35% YoY. We expect Ebitda margin (FY22: 10.3%, down 61 basis points YoY) to expand hereon, given the softening in input costs and expected rise in retail sales mix.
KEI Industries’ balance sheet strengthened, and its net debt (acceptances included) reduced by Rs 1.4 billion in FY22 to Rs 2.7 billion.
The company expanded its sales team in FY22 by 10% with an aim to garner 50% retail sales share (~40% currently) over two-three years.
Further, it plans to soon foray into the fast moving electrical goods space, starting with switchgears.
It expects to fund its planned Rs 8 billion capex on a greenfield project through internal accruals, which it expects to generate 15% plus compound annual growth rate in revenue and healthy operating cash flow.
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