KSB Q2 Results Review - A Muted H1; Orderbook In Nuclear At A High: ICICI Securities

ICICI Securities Report

We hosted KSB Ltd. for an investor meet post Q2 CY24 result on August 02, 2024. KSB is the third largest player of pumps link and valves globally and second largest in India in revenue terms link. It is a subsidiary of KSB Pumps, a German company.

It reported 9% YoY growth in revenue in H1 CY24 and Ebitda margin of 14.5% (-50 bps). As a result, profit grew 10% YoY to Rs 1.2 billion. The management expects H2 CY24 to be better than H1. It continues to guide for 15% compound annual growth rate in revenue in medium term with Ebitda margin of 13-14%.

Total orderbook stood at Rs 25 billion - orderbook ex nuclear was Rs 12 billion and orderbook with nuclear stood at Rs 13 billion.

KSB mentioned execution on nuclear (pumps, valves and services for nuclear power plants) is likely to start CY25 onwards. The stock is trading at 80 times CY23 earnings.

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