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Kaynes Technology India Ltd (KTIL) on Friday reported that its net profit for the first quarter ending June 30, 2024, grew 106.5% year-on-year to INR 580 million. This represents a significant increase from a net profit of INR 246 million in the same period last year, according to a company regulatory filing. A CNBC-TV18 poll had predicted a profit of INR 480 million for the surveyed quarter.
The company's operating revenue also showed significant growth, growing 69.6% to Rs 504 crore from Rs 297 crore in the same period last year. A CNBC-TV18 poll had estimated the company, an integrated electronics maker enabling IoT solutions, to post revenues of Rs 465 crore in Q1FY25.
At the operating level, EBITDA grew 66.4% to INR 669 million in the first quarter of the current fiscal from INR 400 million in the previous fiscal. A CNBC-TV18 poll had predicted EBITDA to be INR 630 million for the quarter. EBITDA margin for the reported quarter was 13.3%, slightly lower than 13.5% in the same period last fiscal. The poll had predicted margin to be 13.7% for the surveyed quarter. EBITDA stands for earnings before interest, tax, depreciation and amortization.
Kaynes Technology also reported a significant increase in its order backlog in Q1FY25, increasing to Rs 5,038.6 crore from Rs 4,115.2 crore in Q4FY24, signalling a growth of 22 per cent quarter-on-quarter. The growth was driven by robust demand across all verticals, particularly industrial and EV, aerospace, space and strategic electronics and railway segments.
“The working capital cycle for the current quarter remains around 121 days, similar to Q1FY24. Further, Kaynes continues to invest in new initiatives and focus on high potential opportunities,” said Ramesh Kunhikannan, Managing Director and Promoter, Kaynes Technology.
The results were announced after the market closed. Shares of Keynes Technology India Limited rose by 76.20 INR, or 1.83 percent, to close at 4,249.10 INR on the BSE.
