Kaynes Technology's Profits Soar as Space Subsidiary Launches

Kaynes Technology reported a significant rise in net profit to Rs 74.6 crore for the June quarter, up from Rs 50.77 crore last year. Revenue from operations surged by 33.6% to Rs 673.4 crore. The company also announced the launch of Kaynes Space Technology Pvt Ltd to enter the satellite market.

Kaynes Technology, a leading player in the electronics sector, has reported a substantial increase in consolidated net profit, reaching Rs 74.6 crore in the June quarter. This marks a notable rise from the Rs 50.77 crore profit reported during the same period last year.

In addition to its robust financial performance, the company recorded a 33.6% growth in revenue from operations, climbing to Rs 673.4 crore from the previous year's Rs 503.9 crore. This growth underscores the company's expanding footprint in the electronics industry.

Furthermore, Kaynes Technology has taken a strategic step by incorporating a wholly-owned subsidiary, Kaynes Space Technology Pvt Ltd. This new venture aims to carve out a presence in the space sector, with plans to develop satellites across various classes, as highlighted in their recent filings.

(With inputs from agencies.)