Kinetic Engineering Records 86% Profit Surge In FY24; Targets Rs. 250 Crore Revenue

BW Online Bureau Jun 01, 2024

The promoters will invest Rs. 20.85 crores in the company, taking their shareholding to 61.30 per cent

Kinetic Engineering (KEL), the flagship company of Kinetic Group and an auto component manufacturer in India, has reported a significant increase in FY24 profits, marking a nearly 86 per cent growth. The company reported a net profit of Rs 5.22 crore in FY 2023-24, compared to Rs 2.80 crore in FY 2022-23.

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.

Furthermore, Kinetic Engineering has announced its fifth infusion of equity by promoters at a rate of Rs. 187.

Sr. No.	Date of allotment	No. of Share	Rate	Amount Invested
1	03-Mar-22	9,95,000	35.00	3,48,25,000
2	30-Aug-22	2,93,569	92.50	2,71,55,133
3	07-Nov-22	8,79,310	116.00	10,19,99,960
4	10-Oct-23	22,85,000	120.00	27,42,00,000
5	To Be Allotted	11,15,000	187.00	20,85,05,000
		55,67,879		64,66,85,093

Note - Promoter Stake increase in Last 3 Years from 49.13 per cent to 61.30 per cent i.e. 12.17 per cent (Fund Infused Rs. 65 Crore)

On the Company's results, Ajinkya Firodia, Managing Director of Kinetic Engineering, 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.”