Auto Components News

Kinetic reports 125% jump in gross profit

Kinetic Engineering Ltd while reporting financial results for Q2 FY22-23 has declared revenue of ₹35.22 crore, up from ₹31.92 crore in the previous quarter. The company reported a whopping 2.25 times increase in EBIDTA to ₹5.03 crore as against ₹2.24 crore in the previous quarter. 

Consequently, the company’s auto components business reported a highest-ever net profit of ₹1.65 crore 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.

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 1.8 MW solar power plant to reduce electricity cost”

He added, “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.”

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”.

Kinetic Engineering Limited is the flagship company of the Kinetic Group, It is headquartered in Pune and manufactures about 100 different auto components.

Source link