 "Kaynes Technology shares surge on new manufacturing facility launch")
Kaynes Technology stock price surged as much as 2.86 per cent at Rs 5165.80 per share on the BSE in Friday’s intraday trade. This came after Kaynes Technology announced the inauguration of its electronics manufacturing facility in Hyderabad.
The Hyderabad facility is equipped with the latest manufacturing technologies, including an electronic assembly, 3D optical and artificial intelligence enabled inspection systems, and lead-free/RoHS-compliant processes, the company said in an exchange filing.
The plant will cater to various sectors such as industrial, automotive, medical electronics, aerospace, and telecommunications.
"The inauguration of our Hyderabad facility is a pivotal moment in our journey. This state-of-the-art plant not only enhances our manufacturing capabilities but also positions Kaynes Technology at the forefront of the electronics manufacturing industry, both in India and globally," said Ramesh Kunhikannan, Managing Director, Kaynes Technology.
Kaynes Technology is an electronics manufacturing player, offering end-to-end and IoT solutions across the entire spectrum of electronics system design and manufacturing (ESDM) services. It specialises in the design and manufacture of advanced electronic modules and solutions, serving a diverse array of industries.
The company reported a 106.5 per cent year-on-year increase in net profit, reaching Rs 50.8 crore for the first quarter ending June 30, 2024. This compares to a net profit of Rs 24.6 crore in the same quarter of the previous year.
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The company's revenue from operations surged 69.6 per cent to Rs 504 crore, up from Rs 297 crore in the year-ago period. Earnings before interest, tax, depreciation, and amortisation (Ebitda) also saw a substantial rise of 66.4 per cent, reaching Rs 66.9 crore in the first quarter of this fiscal year, compared to Rs 40 crore in the same period last year.
The Ebitda margin stood at 13.3 per cent in the reporting quarter, slightly down from 13.5 per cent in the corresponding period of the previous fiscal year.
Kaynes Technology's order book for Q1 FY25 grew to Rs 5,038.6 crore, up 22 per cent sequentially from Rs 4,115.2 crore in Q4 FY24.
The company has a total market capitalisation of Rs 32,502.34 crore. Its shares are trading at a price to earnings multiple of 214.84 times with an earning per share of Rs 23.38, according to the data available at BSE.
At 12:22 PM; the share price of the company was trading 0.36 per cent higher at Rs 5,040 per share on the BSE. By comparison, the BSE Sensex was up 0.09 per cent at 81,127 levels.