Kaynes Technology Q1 Results: Net Profit Surges Exceeding Estimates Kaynes Technology India Ltd (KTIL) announced on Friday, July 26, a remarkable 106.5 per cent year-on-year (YoY) increase in net profit, reaching INR 50.8 Crore for the first quarter ending June 30, 2024. This is a significant rise from the INR 24.6 Crore net profit recorded in the corresponding quarter of the previous year, according to the company's regulatory filing. The CNBC-TV18 poll had projected a profit of INR 48 Crore for the reviewed quarter.
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Kaynes Technology India Ltd (KTIL) announced on Friday, July 26, a remarkable 106.5 per cent year-on-year (YoY) increase in net profit, reaching INR 50.8 Crore for the first quarter ending June 30, 2024. This is a significant rise from the INR 24.6 Crore net profit recorded in the corresponding quarter of the previous year, according to the company's regulatory filing. The CNBC-TV18 poll had projected a profit of INR 48 Crore for the reviewed quarter.
The company's revenue from operations also saw a substantial growth, climbing 69.6 per cent to INR 504 Crore compared to INR 297 Crore in the same period last year. The CNBC-TV18 poll had estimated a Q1 FY25 revenue of INR 465 Crore for the IoT solutions-enabled integrated electronics manufacturer.
On the operating level, EBITDA increased by 66.4 per cent to INR 66.9 Crore in the first quarter of this fiscal year, up from INR 40 Crore in the previous year. The CNBC-TV18 poll had forecasted an EBITDA of INR 63 Crore for the quarter. The EBITDA margin for the reporting quarter stood at 13.3 per cent, slightly lower than the 13.5 per cent margin in the corresponding period of the previous fiscal year. The poll had predicted a margin of 13.7 per cent for the reviewed quarter. EBITDA stands for earnings before interest, tax, depreciation, and amortisation.
Kaynes Technology also reported a significant surge in its order book for Q1 FY25, increasing to INR 5,038.6 Crore from INR 4,115.2 Crore in Q4 FY24, reflecting a sequential growth of 22 per cent. This growth was driven by robust demand across all verticals, particularly in the industrial & EV, aerospace, outer-space & strategic electronics, and railways segments.
Ramesh Kunhikannan, Managing Director & Promoter of Kaynes Technology, commented, "The working capital cycle has remained around 121 days during the current quarter, similar to Q1 FY24. Furthermore, Kaynes continues to invest in new initiatives and focus on high-potential opportunities."
The results were released after the market closed. Shares of Kaynes Technology India Ltd ended at INR 4,249.10, up by INR 76.20, or 1.83 per cent, on the BSE.
