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KPIT Technologies declares a 2.28 per cent quarter-on-quarter (QoQ) drop in net profit on a consolidated basis at ₹83.48 crore for Q2FY23 compared with ₹85.43 crore in the June quarter, however, YoY the company’s net profit surged 28.23% as compared to ₹65.10 Cr recorded in the same quarter last year. The company reported net sales of ₹744.83 crore in Q2FY23 up 26.06% from Rs. 590.87 crores recorded in the same quarter last year, and sales for the quarter rose 8.61 per cent from ₹685.72 crore in June quarter. Profit before tax (PBT) declined by 2.64% from Rs. 112.09 Cr. on a quarterly basis, but climbed by 32.78% on an annual basis to Rs. 109.13 Cr in Q2FY23 from Rs. 82.18 in Q2FY22. EBITDA climbed by 3.75% QoQ and 32.77% YoY to ₹138.16 crore in Q2 FY23. In comparison to 19.4% in Q1 FY23 and 17.6% in Q2 FY22, the EBITDA margin stood at 18.5% in Q2 FY23.
Kishor Patil, co-founder, CEO and MD of KPIT, said, “Software is at the heart of the transformation that the mobility industry is witnessing. KPIT’s position as a leader in this transformation is leading to consistency in performance and long- term visibility of growth. Q2FY23 performance has been better than expectations. We have a healthy pipeline with a couple of mega engagements expected to get closed in the coming 3-4 months. We have thus raised our FY23 growth outlook to 31%-32%. The organic growth outlook is 200+ bps higher than the higher end of the 18%-21% outlook at the beginning of the year”.
Sachin Tikekar, President and Joint MD, KPIT Technologies said “Vehicle makers are investing heavily to develop Software Defined Vehicles (SDVs) of tomorrow. This calls for deep domain expertise and software competence, which KPIT brings to the table. We are seeing the result of this and thus witnessing increased traction with our Strategic Clients. The supply side constraints are gradually moving in the right direction with attrition numbers consistently on the decline. We are very excited with the addition of Technica to the KPIT family with the closing effected in October 2022″.
According to the company, it has increased its FY23 outlook for CC revenue growth to 31-32%. Constant Currency (CC) revenue growth for the quarter was 27% YoY and 8.3% QoQ.
The shares of KPIT Technologies Ltd closed today at ₹644.00 apiece, down by 2.46% from the previous close of ₹660.25. In trade on Wednesday the stock reported a total volume of 8,694,486 shares. The stock has gained by 88.91% over the last year, and on a year-to-date basis, it has climbed by 5.89% in 2022. For Q2FY23 the company reported a promoter shareholding of 40.10%, FIIs holding of 16.89%, DIIs holding of 13.52%, public shareholding of 28.08% and other holdings of 1.38%.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
