KRN Heat Exchanger and Refrigeration reports 1st results after IPO; net profit up 43%, revenue surges 28%

In the same period a year ago, the net profit stood at ₹8.61 crore.

Revenue from operations rose 27.9% to ₹91.09 crore in the second quarter of financial year 2024-25, compared to ₹71.19 crore in Q2 FY24.

The total income jumped 28.4% to ₹92.54 crore in the latest July-September quarter as against ₹72.06 crore in the corresponding period last fiscal.

KRN Heat Exchanger and Refrigeration share price up

Following earnings, the stock rose 3.1% to ₹470.84 apiece on the NSE. On the BSE, it gained 3% to ₹470.

Earlier this month, KRN Heat Exchanger and Refrigeration shares made a magnificent debut on the stock exchanges, listing at ₹480 on the NSE, up 118% from the issue price of ₹220.

On the BSE, the stock opened at a premium of 114% at ₹470.

The initial share sale was subscribed 213.26 times. The ₹342 crore IPO was entirely a fresh issue of 1.55 crore shares.

The money was raised to invest in subsidiary KRN HVAC Products, to establish a new manufacturing plant, and for general corporate purposes.

On Saturday, the company's wholly-owned subsidiary KRK HVAC Products entered into a memorandum of understanding (MoU) with the Rajasthan government for investments worth ₹1,000 crore in a heat exchanger manufacturing facility.

As part of the agreement, the Rajasthan government will help KRN HVAC Products obtain required permits and clearances from state departments to set up the plant.

KRN Heat Exchanger and Refrigeration manufactures fin and tube-type heat exchangers for the heat ventilation, air conditioning, and refrigeration industry (HVA&R). The company's products are made using non-ferrous metals, primarily aluminium and copper. Their offerings include evaporator units, fluid and steam coils, condenser coils, header/copper parts, and sheet metal parts.