KECI’s Q1FY23 Ebitda margin was lower than our estimate; working capital rise and losses led to higher debt levels. However, we expect profitability to improve in H2FY23F on lower commodity prices and completion of legacy loss-making Brazil projects. EBITDA margin to improve from H2FY23F onwards, reaching ~10% in Q4FY23F: Commodity prices (in particular steel) have …
