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Systematix Research Report
Kaynes Technology india Ltd.'s Q1 revenue (up 70% YoY) and Ebitda margin (13.3%) came inline; higher other income drove beat in profit after tax (up 106% YoY). Growth was led by strong demand in industrial and EV, aerospace, outer-space and strategic electronics and railways segment.
Revenue mix of box build products stood higher at 49% (Q1 FY24 at 34%). A strong Rs 50.4 billion order book (up ~Rs 1 billion QoQ, 2.8 times FY24 revenue) supports management's 60% YoY revenue growth and 15% plus Ebitda margin guidance for FY25.
Kaynes is now getting longer period orders with entry into segments such as railways, aerospace, servers, etc. Telangana plant for Smart Meters is expected to start soon.
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