KEC
MACQUARIE ON KEC : 17.06.2021
• Maintain Outperform, Target at Rs 490/share
• Virtuous cycle of returns and growth deserves overweight allocation
* Entry into various EPC segments, efficient execution
* Capex indicates strong growth prospects for KEC over the next three years
* Strong backlog and asset-light model ensures bidding discipline
* Strong return ratios, low debt, disciplined capital allocation
