Kaynes Technology India Ltd (NSE: KAYNES) share price: Kaynes Tech shares zoomed to a record high of Rs 1,185 on Wednesday, as Dalal Street gave a big thumbs-up to the company's strong quarterly numbers. Kaynes Tech shares soared 19 per cent on BSE after the end-to-end and IoT solutions-enabled integrated electronics manufacturer reported a net profit or profit after tax (PAT) of Rs 413 crore for the quarter ended March 2023, more than double compared with its net profit of Rs 199 for the corresponding period a year ago.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The company's revenue jumped 52.9 per cent on a year-on-year basis to Rs 3,646 crore, according to a regulatory filing.

Keynes Tech India's margin — a key measure of a business's profitability — improved by 300 basis points to 11.3 per cent. 

For the full financial year, which ended on March 31, 2023, the company's revenue stood at Rs 11,261 crore as against Rs 7,062 crore for the previous year.

The robust growth in full-year revenue was led by strong demand across its automotive, railways and consumer verticals with the orderbook touching an all-time high of Rs 2,648.2 crore.

Kaynes Technology — an end-to-end and IoT solutions-enabled integrated electronics manufacturer — made a stellar stock market debut in November 2022 at Rs 778 per share as against the issue price of Rs 587 apiece.

Keynes Tech results: What the management said

The company said it has visibility of strong growth as it approaches the financial year 2023-24.

"After successfully completing our IPO, we are now focused on upgrading our capacity and capabilities which are expected to streamline in phases starting FY24. This will help us benefit from the industry tailwinds in the manufacturing sector," said Ramesh Kunhikannan, Managing Director and Promoter, Kaynes Tech India.

"Given the proven track record of our execution capabilities, we are now targeting orders having higher proportion of value-added services and along with increasing our overall wallet share," he said. 

Kaynes Tech India IPO

Kaynes Technology India's initial public offering (IPO) received a strong response. Kaynes Tech shares listed on NSE at Rs 778 apiece on November 22, garnering a premium of more than 32 per cent compared to the upper end of its IPO issue price, at Rs 587 apiece.

The company's IPO, comprising fresh issuance of shares worth Rs 530 crore and an offer for sale (OFS) of nearly 56 lakh equity shares, was open for subscription from November 10 and November 14. Potential investors could bid for Kaynes Tech shares in a price range of Rs 559-587 per share in multiples of 25 under the IPO.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.