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Q1 FY2025 Results of Mohindra Fasteners

( Event )

3 months ago

Financial results of Mohindra Fasterners Limited for the quarter ended June 30, 2024

Q1 FY25 Performance of InCred Financial

( Event )

3 months ago

Financial Performance of InCred Financial Services for quarter ended 30 June, 2024

KRN Heat Exchanger & Refrigeration limited

( Comment )

3 months ago

KRN Heat Exchanger: Evaluating Valuation Metrics Post-Private Placement and Market Trends

1. KRN Heat Exchanger recently completed a private placement at INR 152 per share. Following the IPO, the company will have 6.21 crore shares outstanding, leading to a valuation of approximately INR 943 crore ( P/E of 23x based on Fy24 PAT ).

2. The company's financial performance has shown remarkable growth over the past few years. Revenue surged from INR 74 crore in FY21 to an impressive INR 250 crore in FY23. In just the first six months of FY24, the revenue has already reached INR 160 crore. The Profit After Tax (PAT) has also seen significant improvement, with figures rising from INR 2 crore in FY21 to INR 10 crore in FY22, and further escalating to INR 32 crore in FY23. For the first half of FY24, the PAT stands at INR 20 crore.

3. If we annualize the PAT for FY24, it is projected to reach around INR 40 crore. Applying a Price-to-Earnings (P/E) multiple of 30x, the company's market capitalization could be valued at approximately INR 1200crore.

However, in the unlisted market, shares of KRN Heat Exchanger are currently trading at INR 360, implying a valuation of INR 2235 crore and reflecting a P/E multiple of 56x.