KPIT Technologies Q1 net up 2.5 times YoY to Rs 60 cr, revenue up 15%

Auto focused mid-cap IT services player KPTI Technologies reported net profit of Rs 60.2 crore for the first quarter of FY22, a growth of 2.5x year-on-year, on sequential basis profit was up 14.2 per cent.

Revenue grew 15 per cent year-on-year at Rs 567.38 crore, on a quarter-on-quarter basis revenue was up 5 per cent. In US dollar terms the company reported revenue growth of 4.3 per cent QoQ at $77.20 million.

“We wanted to start the year on a strong foundation and we have done it with the Q1 numbers. The mobility industry is buoyant with increased investments in electrification, autonomous and digital cockpit. We continue to be committed to zero-defect delivery by instilling the culture of excellence across the organisation,” said Kishore Patil, co-founder, CEO & MD, KPIT Technologies.

He further added, “We have a healthy order book and a decent medium term visibility, giving us confidence of growth in mid-teens for FY22.” With salary hikes, fresher intake, higher operating costs, and other aspects in place, the company expects its EBIDTA to be in the range of 16.5-17 per cent.

The company did not share the attrition rate in the quarter, but Patil did say the firm expects it to go up and stabilise by the second half of the fiscal. KPIT will give increments in this quarter. “We believe we are doing something different when compared to other IT players with our focus and our belief is we are ‘best place to grow’. We may hire in the 800-1,000 range for FY22,” he added.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor