KNR Constructions shares climb 11% to hit new 52-week high on healthy Q4 earnings
KNR Constructions, one of the leading companies providing engineering, procurement, and construction (EPC) services, gained 10.6% in today's intraday trade, reaching a new 52-week high of ₹309.80 per share. This surge followed the company's healthy performance in the March-ending quarter and for the full fiscal year (FY24).
Today's rally has pushed the stock to gain 23% in 2 months.On Wednesday, the company reported a consolidated profit after tax of ₹341 crore, a solid increase from ₹141 crore in Q4FY23, marking a 140% rise year-over-year and a 151% increase compared to the preceding quarter's net profit of ₹135 crore.Also Read: Awfis Space Solutions share price lists below market expectations. Buy, sell or hold?Revenue from operations during the reporting quarter rose to ₹1,414 crore from ₹1,245 crore in Q4FY23.
For the full fiscal year, revenues increased to ₹4,429 crore, a 9% improvement compared to ₹4,062 crore in FY23.The net profit for the fiscal year reached a record high of ₹752 crore, reflecting a 71% growth compared to ₹439 crore in FY23.During the March quarter, the company received an award for water supply projects in 26 ULBs and sewerage projects in 4 ULBs under AMRUT 2.0, within the jurisdiction of Nalgonda and Khammam PH Divisions (Package–II). The letter of award was issued on March 12, 2024, with a project cost of ₹1,163 crore.Also Read: US Treasury yields hit four-week peak; 5 key reasons driving bond yields higherAs of March 31, 2024, the company's order book stood at ₹5,304.8 crore.
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