Shares of Kaynes Technologies India hit an all-time high of Rs 1,185 in intraday trade on Wednesday, surging 19% on the BSE after the company reported strong earnings for the quarter ended March 2023 (Q4FY23), consolidated profit after tax (PAT) rose 108% year-on-year to Rs 41.3 crore.

The company’s revenue rose 53% year-on-year to Rs 364.6 crore. Reported comprehensive Ebitda) rose 48% year-on-year to Rs 59.4 crore. Ebitda’s margin was flat at 16.8%.

The stock surpassed the previous high of Rs 1,111 hit on March 14, 2023. The company’s market price has more than doubled its initial public offering (IPO) price of Rs 587 per share, up 102%. The company was listed on November 22, 2022.

For FY22-23 (FY23), Kaynes recorded a 59% year-on-year growth in revenue to Rs 1,126 crore as the company witnessed strong demand from automotive, rail, IT/IoT and consumer verticals.

With an executable order book of over Rs 2,648 crore, the company could see strong growth, management said. The company is now focused on upgrading its capacity and capabilities, with a phased streamlining expected to begin in FY24. Management said this would help benefit from industry tailwinds in manufacturing.

Kaynes Technology is India’s leading integrated electronics manufacturer of end-to-end and IoT-enabled solutions, with capabilities covering the entire range of Electronic System and Design Manufacturing (ESDM) services.

It has over 30 years of experience in conceptual design, process engineering, integrated manufacturing and lifecycle support for major players in the automotive, industrial, aerospace and defence, outer space, nuclear energy, medical, railway, Internet of Things (IoT) Experience, Information Technology (IT) and other departments.