Stock Report

Kinetic Engineering achieves 86% Profit Surge

Posted On : 2024-05-31 14:00:42( TIMEZONE : IST )

Kinetic Engineering Limited (KEL), the flagship company of Kinetic Group and a leading auto component manufacturer in India, has reported a significant increase in FY24 profits, marking a nearly 86% growth. The company reported a staggering net profit of Rs 5.22 crore in FY 2023-24, compared to Rs 2.80 crore in FY 2022-23, demonstrating the company's resilience and adaptability in a dynamic market environment.

In line with its strategic growth plans, the company has set an ambitious revenue target of Rs 200-250 crore for the fiscal year 2024-25. This strategic vision reflects the company's confidence in its capabilities and market opportunities, as well as its dedication to delivering value to stakeholders.

Furthermore, Kinetic Engineering is pleased to announce its fifth infusion of equity by promoters at a rate of Rs 187. This infusion demonstrates the unwavering support of the promoters toward the company's growth trajectory and their confidence in its long-term prospects.

Mr. Ajinkya Firodia, Managing Director, Kinetic Engineering Limited, said, "We are extremely proud of our performance over the past 5 years and are excited about the opportunities that lie ahead. Year after Year, promoters have infused capital into equity of the company, for a total of about 65 crores in just 3 years. We have invested at levels of 35 and today at levels of 187 because we stand firmly by the company's long term prospects and is a testament to their confidence in our strategic vision and operational capabilities. As we set our sights on a revenue target of Rs 200-250 crore for FY 24-25 and embark on new ventures like the chassis manufacturing for e-Luna, we are well-positioned to capitalise on the growing market opportunities and deliver sustained value to our shareholders."

Kinetic Engineering remains committed to delivering innovative solutions and sustainable growth, leveraging its expanded capabilities and strong financial foundation to achieve its revenue and profitability targets.

Shares of KINETIC ENGINEERING LTD. was last trading in BSE at Rs. 176.30 as compared to the previous close of Rs. 181.05. The total number of shares traded during the day was 22622 in over 223 trades.

The stock hit an intraday high of Rs. 183.40 and intraday low of 173.00. The net turnover during the day was Rs. 4034291.00.