KFin Tech shares jump over 8% to record high on strong Q4 results
Shares of KFin Technologies (KFin Tech) surged over 8 percent in intra-day deals to a new high of ₹763.40 on Tuesday, April 30, after the firm posted better-than-expected results for the March quarter of FY24 (Q4FY24).
The tech-driven financial firm posted a 30.6 percent year-on-year (YoY) rise in its profit after tax (PAT) at ₹74.5 crore in the quarter under review, driven by growth across business verticals as against ₹57 crore in the same quarter last year.
Meanwhile, its revenue from operations jumped 25 percent YoY to ₹228.34 crore in Q4FY24 versus ₹183.13 crore in the year-ago period. Margins at the company also rose to 39.4 percent in comparison to 38.3 percent in the corresponding period of the previous fiscal year.
KFin Technologies’ board also declared a dividend of ₹5.75 per equity share for FY24. This is subject to shareholders’ approval.
For the entire financial year 2023-24 (FY24), the company’s net profit witnessed a 26 percent YoY increase to ₹246 crore whereas its revenue from operations also rose 16.3 percent YoY to ₹837.53 crore.
Stock Price Trend
The stock jumped as much as 8.3 percent to its record high of ₹763.40 in today’s deals. The recent surge in a company’s stock price has resulted in significant gains of 109 percent from its initial public offering (IPO) price of ₹366. The company launched its IPO in December 2022, which means these gains have been achieved in less than 1.5 years since the company went public.
Meanwhile, the stock has now soared over 155 percent from its 52-week low of ₹299.10, hit on May 3, 2023.
In the last 1 year, the scrip has given multibagger returns of 125 percent, whereas, in 2024 YTD, it has advanced over 58 percent.
Just in April, the stock has gained 20.5 percent after a 10.5 percent decline in March. Meanwhile, it rose 10.5 percent and 28.5 percent in February and January this year.
This level of increase indicates strong performance and interest in the stock since the IPO. Factors that may have contributed to this growth include robust financial results, positive market sentiment, successful execution of business strategies, and potential industry tailwinds.
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Published: 30 Apr 2024, 12:37 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.