Shares of Kaynes Technology India Ltd. zoomed 14% in Friday’s trade after the company’s consolidated net profit soared 97% year-on-year to ₹81 crore, compared to ₹41 crore posted in the same period last year.
The company’s revenue from operations jumped 75% on-year to ₹637 crore in the quarter under review, driven by robust demand across all verticals, more notably in the industrial and EV, aerospace, outerspace and strategic electronics and railways verticals.
Kaynes Technology’s operating profit or EBITDA stood at ₹95 crore in the March quarter, registering a growth of 60.5% as against ₹59 crore seen in the corresponding quarter of last fiscal year.
EBITDA margin contracted by 134 basis points to 14.9% in the quarter, compared to 16.3% in the same quarter last year.
The company’s orderbook surged from ₹3,789 crore in the third quarter of FY24 to ₹
4,115 crore in the fourth quarter.
The average order inflow per month increased from ₹279 crore per month in the December quarter to ₹321 crore during March 2024.
“The company’s order book soared to ₹4,115 crore, providing us strong visibility of growth for FY25 and beyond at similar growth rates and improved margins. The working capital cycle has reduced to 83 days in FY24 from 99 days in FY23,” said Ramesh Kunhikannan, Managing Director and Promoter, Kaynes Technology India Ltd.
Kaynes continues to invest in new initiatives and execute projects in newer high-potential segments.
“These strategic initiatives are poised to strengthen the company’s competitive edge and make Kaynes an Integrated EMS Company. Many new initiatives are in the planning stage to support this strategy. We continue to expand capabilities across verticals with a clear focus on the outlined strategy of continuous expansion of customer base with a focus on large accounts with a growing share of value-added services,” Kunhikannan said.
Kaynes Technology India shares are trading with gains of 12.76% at ₹2,895 apiece on the NSE. The stock was listed in November 2022 at a 32.5% premium to its issue price of ₹587. Since then, the stock is up 5 times, having gained 150% over the last 12 months.
