KPIT Technologies reported a net profit of Rs 203.74 crore, which was a 44.66% year-on-year rise and a sequentially flat quarterly profit for the September quarter. KPIT’s revenues rose 8% sequentially to Rs 1,471.41 crore. The company maintained its margins at 20.5% during the quarter.
KPIT on Wednesday announced plans to raise Rs 2,880 crore. The KPIT board approved the Rs 2,880 crore through QIP. Kishor Patil, co-founder, CEO and MD, KPIT said they had taken an enabling board resolution for fund-raising for some of the strategic opportunities on the horizon. The actual fundraising will happen when some of these potential prospects are in the advanced stages of discussion, Patil said.
Patil reiterated the company’s revenue growth and profitability outlook for the full year. The company has maintained the FY25 revenue growth to be in the 18-22% range with EBITDA margins at 20.5%.
KPIT’s growth during the September quarter was driven by Asia geography and the passenger car verticals and from the powertrains and middleware domains. The total contract value of new engagements during the September quarter was $ 207 million.
Patil said the mobility industry, specifically the automotive sub-vertical, has been under pressure to keep up with the changing regulations, reduce the cost of vehicles and meet the demands of the ever-changing consumer preferences in recent times and were helping their top 25 clients stay to remain competitive and adopt emerging technologies.
Sachin Tikekar, President and Joint MD, KPIT said, they were enabling their customers to reduce the cost of their vehicles and cut the time to market. The company was on track with its investments in the trucks and off-highway sub-verticals to expand market opportunities in the mid-term.
From: financialexpress
Financial News
