Kinetic Engineering FY24 profit up 86% to INR 5.22 cr – ET Auto

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Kinetic Engineering has announced the fifth infusion of equity by promoters at the rate of INR 187.

New Delhi: Kinetic Engineering Limited (KEL), the flagship of Kinetic Group and a leading auto component manufacturer, has reported 86% growth in FY24 profit at INR 5.22 crore compared to INR 2.80 crore in FY23.

The company has set a revenue target of INR 200 crore – INR 250 crore for the fiscal year 2024-25.

Furthermore, Kinetic Engineering has announced the fifth infusion of equity by promoters at the rate of INR 187. In the past three years the promoters’ stake increased by 12.17% from 49.13% to 61.30%. (Fund Infused INR 65 crore), the company said)

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 we are confident in our strategic vision and operational capabilities. As we set our sights on a revenue target of INR 200 crore- INR250 crore for FY 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.”

  • Published On May 31, 2024 at 08:07 AM IST

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