Company Update : Kaynes Technologies Ltd By Motilal Oswal Financial Services Ltd
Strong operating performance
Operating performance in line, while earnings below our estimate due to higher depreciation
* Consol. revenue grew 55% YoY to INR9.8b (est. INR10.6b).
* Gross margin expanded 720bp YoY to 32%.
* EBITDA grew 76% YoY to INR1.7b (est. in line).
* EBITDA margins expanded 210bp YoY to 17.1% (est. 16.2%).
* Adj. PAT grew 43% YoY to INR1.2b (est. INR1.3b).
* For FY25, KAYNES’ revenue/EBITDA/Adj. PAT grew 51%/62%/60% to INR27.2b/ INR4.1b/INR2.9b.
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