KFin Technologies witnessed a significant rally, surging by 5 percent to reach the day’s high of Rs 484 per share on October 23. This remarkable boost followed the company’s impressive financial performance in the second quarter of fiscal year 2023-24 (Q2FY24), where its profit-after-tax (PAT) soared by 28 percent year-on-year (YoY) to reach Rs 61.4 crore in the September-ended quarter.
The company’s robust financials were underscored by a 16 percent YoY growth in revenue from operations, reaching Rs 209 crore in Q2FY24 from Rs 180 crore in Q2FY23. Notably, KFin Tech expanded its clientele by adding 172 new corporate clients and 4 million investor folios under issuer solutions. Additionally, the company’s earnings before interest, tax, depreciation, and amortization (EBITDA) witnessed an impressive 32 percent YoY increase, reaching Rs 93 crore. The EBITDA margin also expanded by 540 basis points (bps) YoY to 44.8 percent in Q2FY24.
Sreekanth Nadella, the managing director and CEO of KFin Tech, expressed confidence about the company’s future prospects on CNBC-TV18, stating, “We expect to see high revenue growth going forward. Our margin band is expected to be in the range of 42-45 percent. Since we have not paid any dividend, we will use cash to fund the company’s inorganic growth going ahead.”
At 11:20 AM the shares of the company were 1.01% higher at ₹466.00
