homeearnings NewsKaynes Technology aims for aerospace growth, anticipates 40 50% expansion over next 3 years
Kaynes Technology aims for aerospace growth, anticipates 40-50% expansion over next 3 years
Kaynes Technology India expressed unwavering confidence in the company's potential for substantial growth. With a robust business outlook and the strategic focus on expanding into promising sectors like aerospace, the company anticipates a remarkable growth trajectory over the next three years.
One of the key growth strategies for Kaynes Technology India is to strengthen its presence in the aerospace industry. The company has an ambitious plan to increase aerospace's contribution to its revenue.
Currently, the aerospace segment accounts for a significant portion of the company's operations, and it aims to further enhance its prominence and target a 10 percent revenue contribution by the first half of FY25.
The company reported earnings for the June-ended quarter (Q1FY24) and witnessed a decline in its performance compared to the previous quarter, but when considering the year-on-year performance, the net profit was supported by other income. However, the company's margin experienced a 300-basis point decrease in comparison to the fourth quarter of FY23.
“In the first half, we will achieve a 10 percent level. We have got orders, but we are in the stages of converting this into the first article inspection and getting the approvals done from the customers and it will take not more than two quarters.
So, next year's first half we will start billing and that is our plan,” Kaynes Technology India’s MD and Promoter Ramesh Kunhikannan told CNBC-TV18 after they reported the company's earnings.
The company's order book reflects its strong market position and growing demand for its services. Kunhikannan highlighted that Kaynes currently holds an impressive order book valued at Rs 3,000 crore. These orders are set to be executed over the next 18-20 months, indicating a promising revenue stream for the company in the short to medium-term.
Kaynes Technology is positioning itself for remarkable growth in the coming years. By leveraging the potential of the aerospace segment, executing an impressive order book, and anticipating substantial expansion, the company is well-prepared to capitalise on opportunities and deliver strong performance.
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