KPIT Technologies Q3 Profit Surges 50% to Rs 157 Crore

Mumbai, Jan 30 (PTI) KPIT Technologies on Tuesday reported a 50 per cent rise in net profit at Rs 156.75 crore in the December quarter of this fiscal, helped by a surge in topline and widening of profit margins.

The Pune-headquartered company, focused on the automotive sector, had recorded a profit after tax of Rs 104.05 crore in the year-ago period and Rs 141.4 crore in the preceding September quarter, KPIT Technologies said in a regulatory filing.

Its revenues grew to Rs 1,256.96 crore from the year-ago period's Rs 917.11 crore, and Rs 1,199 crore in the quarter-ago period.

The operating profit margin widened to 20.6 per cent from the year-ago period's 18.5 per cent, which helped in the growth of the overall profits.

Co-founder, chief executive and managing director Kishor Patil said the company is on target to achieve the guidance of the revenues growing at 37 per cent in the fiscal on a constant currency basis and will do better than the 20 per cent operating profit growth guidance.

He said the demand for the technologies and services offered by the company is high, and pointed to new order bookings worth USD 189 million.

When asked about guidance for the new year, KPIT's president and joint MD Sachin Tikekar said the company will try to add 2-3 new clients from across the world and further deepen the relationship with existing ones.

The company's liquid assets in cash and cash equivalents stood at Rs 829 crore as of December 31, 2023.

KPIT Technologies added over 750 employees on a net basis to take its overall head count to 12,727 people as of December 31, 2023.

KPIT's scrip gained 3.24 per cent to close at Rs 1,456.05 a piece on the BSE on Tuesday against a 1.11 per cent fall in the benchmark index.