Financial Daily from THE HINDU group of publications
Thursday, Jul 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 21, 2005 |
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Info-Tech
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Financial Performance Corporate Results - Software KPIT Cummins Q1 net up at Rs 70 cr Our Bureau
Pune , July 20 KPIT Cummins Infosystems has posted consolidated revenues of Rs 69.96 crore for the first quarter ended June 2005, an increase of four per cent sequentially. On a year-on-year basis, consolidated revenues grew 14.95 per cent (Rs 60.86 crore in the corresponding period the previous year)Net profit stood at Rs 6.39 crore compared with Rs 6.14 crore recorded during the first quarter of last year,Mr Kishor Patil, Chief Executive Officer of KPIT Cummins, has said. Earnings per share (basic, post share split) stood at Rs 4.54 for the quarter, he said. Mr Patil said it had started construction of the 2.05 lakh sq ft phase-II of the Software Development Centre at Hinjawadi, to be completed by June 2006. This will entail a capex of $15 million, which will be funded primarily through a $11-million long-term debt from International Finance Corporation (IFC) and the balance through internal accruals. On attrition rate, Mr Patil said KPIT had managed to contain employee attrition by increasing salaries above industry standards and initiating several employee centric programs to recognise and reward our employees. The acquisition of two new star customers also augured well for the coming quarters, he pointed out. Mr Patil said the company has revised down its consolidated revenue guidance for FY06 to be between Rs 308 crore and Rs 317 crore against Rs 330 crore indicated earlier. Net profit guidance has been revised to Rs 32-35 crore compared to Rs 37-39.5 crore indicated earlier.
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