Shares of Kaynes Technology India Ltd. surged nearly 15% to an over-two-month high on Friday after its profit nearly doubled in the fourth quarter.
The industrial products manufacturing company's net profit rose 96.9% year-on-year to Rs 81 crore in the quarter ended March 2024, according to an exchange filing. A Bloomberg survey forecasted Rs 64.06 crore in net profit for the period.
All verticals, particularly the industrial, electric vehicle, aerospace, and railway segments, drove Kaynes Technology's revenue growth.
Kaynes Technology Q4 Results Highlights (Consolidated, YoY)
Revenue rose 74.8% to Rs 637 crore. (Bloomberg estimate: Rs 608 crore).
Ebitda rose 60.5% to Rs 95 crore. (Bloomberg estimate: Rs 89.78 crore).
Margin at 14.9% versus 16.3% (Bloomberg estimate: 14.8%).
Net profit rose 96.9% to Rs 81 crore. (Bloomberg estimate: Rs 64.06 crore).
Shares of Kaynes Technology jumped 14.90% Rs 2,950, the highest level since March 12. It was trading 13% higher at Rs 2,901.05 as of 10:09 a.m., compared to 0.01% advance in the NSE Nifty 50 index.
The stock gained 148% in last 12 months and 11.35% on year-to-date basis. The total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 64.77.
Out of 21 analysts tracking the company, 16 maintain a 'buy' rating, four recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.8%.
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