Kaynes soars 19% on robust Q4 results; zooms 102% over IPO issue price

Shares of Kaynes Technologies India hit a record high of Rs 1,185, soaring 19 per cent on the BSE in Wednesday's intra-day trade, after the company reported robust earnings for the quarter ended March 2023 (Q4FY23), with consolidated profit after tax (PAT) jumping 108 per cent year-on-year (YoY) to Rs 41.3 crore.

The company's revenue increased 53 per cent YoY to Rs 364.6 crore. Reported consolidated earnings before interest, taxes, depreciation and amortization (ebitda) grew 48 per cent YoY at Rs 59.40 crore; Ebitda margin remained flat 16.8 per cent.

The stock surpassed its previous high of Rs 1,111, touched on March 14, 2023. The market price of the company has more-than-doubled, zooming 102 per cent, over its initial public offer (IPO) issue price of Rs 587 per share. The company made stock market debut on November 22, 2022.

For the financial year 2022-23 (FY23), Kaynes delivered revenue growth of 59 per cent YoY at Rs 1,126 crore as the company witnessed strong demand across the automotive, railways, IT/IoT and consumer verticals.

With an executable order book of over Rs 2,648 crore, the management said the company has visibility of strong growth. The company now focuses on upgrading its capacity and capabilities which are expected to streamline in phases starting FY24. This will help benefit from the industry tailwinds in the manufacturing sector, the management said.

Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India, having capabilities across the entire spectrum of Electronics System and Design Manufacturing (ESDM) services.

It has over three decades of experience in providing Conceptual Design, Process Engineering, Integrated Manufacturing and Life Cycle Support for major players in the Automotive, Industrial, Aerospace and Defence, Outer-space, Nuclear, Medical, Railways, Internet of Things (IoT), Information Technology (IT) and other segments.