Kinetic Engineering Ltd, which revolutionized the 2 wheeler industry and transformed itself into auto component manufacturer, declared its stellar financial results for Q2 FY22-23.
The company reported a revenue of Rs 35.22 crs, up from Rs 31.92 crs in the previous quarter. The company reported a whopping 2.25 times increase in EBIDTA to Rs 5.03 crs as against Rs 2.24 crs in the previous quarter. Consequently, the company's auto components business reported a highest ever net profit of Rs 1.65 crs in Q2 of the current financial year. Incidentally, the company's net profit for the quarter is higher than the full year's net profit for the previous financial year.
Mr Ajinkya Firodia, MD, Kinetic Engineering Ltd, said, "The current quarter results are in line with our expectations. The continued improvement of performance has been as a result of the company focusing on exports, rationalization of manpower cost and investment in 1.8MW solar power plant to reduce electricity cost. This was further aided by a lower oil prices. Easing of commodity prices and our ability to pass on the increased commodity costs has helped the company to deliver outstanding results today."
Mr Firodia further said "We have also been gaining traction in products for Electric Vehicles. The company's rigid axles and trans axle gear boxes for electric 3 wheelers is gaining acceptance in the market. The company has added more customers in its fold in the current quarter and continues to increase its output".
Shares of KINETIC ENGINEERING LTD. was last trading in BSE at Rs. 135.45 as compared to the previous close of Rs. 131.50. The total number of shares traded during the day was 33984 in over 385 trades.
The stock hit an intraday high of Rs. 138.05 and intraday low of 131.95. The net turnover during the day was Rs. 4615585.00.