The Hindu Business Line : KPIT Cummins posts $100-million revenue; net up 37%

Pune April 27 KPIT Cummins Infosystems Ltd, IT consulting organisation, has achieved a $100-million in revenue for the year ended March 2007. Announcing the results, Mr Ravi Pandit, Chairman and Group Chief Executive Officer, noted that for the year ended March 2007, it had earned net profit of Rs 50.47 crore, growth of 55.01per cent.

For the fourth quarter in the financial year 2007, it earned a net profit of Rs 14.05 crore, a growth of 36.85 per cent over the corresponding quarter in the previous fiscal and 2.22 per cent over the preceding quarter. Mr Pandit noted that total revenues for the year ended were Rs 463.70 crore, reflecting a 45.72 per cent growth over the revenues in the financial year 2006.

For the quarter ended March 31, 2007, its revenue stood at Rs 130.30 crore, a growth of 44.52 per cent yearon-year and 11.27 per cent on a sequential basis. Growth in offshore revenues stood at 81.92 per cent over the previous year. As a proportion of total revenues, offshore revenues increased to 48.75 per cent during the year compared with 39.05 per cent in the previous year, Mr Pandit said.

He said its guidance, for the financial year 2007-08, for net profit stood in the range of Rs 70 crore to Rs 73 crore ($16.28 million to $16.98 million) representing a growth of 38.68 per cent to 44.62 per cent over the financial year 2007.

Consolidated revenue guidance is in the range of Rs 615 crore to Rs 618 crore ($143.02 million to $143.72 million) representing an annual growth of 32.63-33.28 per cent.

During the quarter, the company added 137 new employees, taking the total strength to 3,256. Mr Pandit said during the quarter, it had also upgraded two of its customers to the Star customer category, thus, taking the total number of Star customers to 17.

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