KPIT Technologies net profit dips 22% to Rs 24 crore in June quarter

IT company KPIT Technologies on Monday reported around 22 per cent fall in consolidated net profit to Rs 24.2 crore for the June 2020 quarter.

It had posted a net profit of Rs 31 crore in the corresponding period a year ago, according to a BSE filing by the company.

The firm’s consolidated revenue from operations during April-June 2020 dropped 2.6 per cent to Rs 492.7 crore, compared with Rs 505.7 crore in the year ago period.

“The performance of this quarter is in line with our expectations in the face of the global pandemic,” KPIT co-founder, CEO and MD Kishor Patil said in a statement.

He added that the mobility industry is stabilising and the company is witnessing increased interest from its strategic clients with prioritising of investments in electric powertrain, autonomous driving and digital cockpit.

Patil said the firm closed two large deals in consecutive quarters now and remains optimistic about growth and gradual improvement in other operating parameters in the second half and beyond.

“Our priority during the last quarter was to keep the well-being of our employees in the centre, uphold all our commitments to our clients, and to remain liquid to get through the difficult spell,” said KPIT President and Whole-Time Director Sachin Tikekar.