Kaynes Technology India Ltd shares saw a sharp uptick in Friday’s the company’s profit nearly doubled during the fourth quarter (Q4 FY24) due to strong demand across all verticals. The stock surged 16.08 per cent to hit a day high of Rs 2,989.95.
Profit after tax (PAT) came at Rs 81.3 crore, up 96.8 per cent on a year-on-year (YoY) basis. During the quarter under review, PAT margin was at 12.8 per cent. Revenue from operations jumped 74.8 per cent (YoY) to Rs 637.3 crore in Q4 FY24.
EBITDA (Earnings before interest, taxes, depreciation and amortization) stood at Rs 95.2 crore; an increase of 60.5 per cent YoY. EBIDTA margin was at 14.9 per cent.
Ramesh Kunhikannan, Managing Director & Promoter at Kaynes Tech, said: “Kaynes achieved an impressive revenue growth in FY24, driven by robust demand across all verticals, more notably in the Industrial & EV, Aerospace, Outerspace & Strategic Electronics and Railways verticals. The company’s order book soared to Rs 4,115.2 crore, providing us strong visibility of growth for FY25 and beyond at similar growth rates and improved margins.”
On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter’s 14-day relative strength index (RSI) came at 53.92. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company’s stock has a price-to-equity (P/E) ratio of 160.92 against a price-to-book (P/B) value of 16.68. Earnings per share (EPS) stood at 17.99 with a return on equity of 11.40.
On BSE, around 43,000 shares were last seen changing hands today. The figure was higher than the two-week average volume of 6,681 shares. Turnover on the counter stood at Rs 12.38 crore, commanding a market capitalisation (m-cap) of Rs 18,476.16 crore.
Bourses BSE and NSE have put the securities of Kaynes Tech under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
As of March 2024, promoters held a 57.83 per cent stake in the company.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
