KRN Heat Exchanger and Refrigeration reported impressive Q2 FY25 results, marking its first post-IPO earnings announcement. Net profit surged 42.9% year-over-year to ₹12.31 crore, up from ₹8.61 crore in the same quarter last year, reflecting strong growth momentum.
Revenue from operations rose 27.9%, reaching ₹91.09 crore in the July-September 2024 quarter, compared to ₹71.19 crore in Q2 FY24. The company’s total income also grew 28.4%, reaching ₹92.54 crore against ₹72.06 crore in the corresponding period last fiscal.
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Following this robust earnings report, KRN’s stock saw a 3.1% increase on the NSE, trading at ₹470.84, while it climbed 3% on the BSE to ₹470. This positive movement reflects investor confidence in the company’s expanding financial performance.
Earlier in October, KRN made a notable entry onto the stock exchanges, listing at ₹480 on the NSE, a remarkable 118% above its IPO price of ₹220. On the BSE, it opened at a 114% premium, trading at ₹470 per share, showcasing a strong debut.
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The company’s ₹342 crore IPO, fully subscribed 213.26 times, was a fresh issue of 1.55 crore shares. The funds were allocated to invest in KRN HVAC Products, support the development of a new manufacturing facility, and for general corporate purposes.
KRN recently signed an MoU with the Rajasthan government for a ₹1,000 crore investment in a heat exchanger manufacturing facility. The government will assist KRN HVAC Products with essential permits and clearances, furthering the company’s growth in the HVA&R industry.