IT firm KPIT Technologies, a software integration partner to the automotive and mobility ecosystem, recorded a 20.1 per cent sequential rise in profits at ₹134.4 crore in Q1. On a year-on-year(y-o-y) basis, profits jumped 56.9 per cent.
Revenue from operations stood at ₹1097.6 crore, up by 60 per cent y-o-y. On a quarter-on-quarter(q-o-q) basis, revenue was up by 7.8 per cent. In constant currency terms, revenue grew by 51 per cent y-o-y.
Growth was led by strategic accounts, middleware and architecture, electric powertrain, and connected vehicles, said the company.
Kishor Patil, Co-founder, CEO, and MD of KPIT Technologies, said, “We have a healthy pipeline and are slightly ahead in the ramp-up of the mega strategic engagements announced last year. This gives us a fair medium-term visibility and we are confident of reaching our stated outlook of revenue growth and operating margins for FY2024”.
Opportunities remain stronger as mobility players continue to invest in new technologies, in the areas of electrification, vehicle autonomy, connectivity, and personalization, he added.
The EBITDA stood at 20 per cent, a 65.2 per cent growth y-o-y and 13.3 per cent q-o-q . The expansion of 90 bps for the quarter was led by revenue growth resulting in fixed costs leverage and operational efficiencies, the company said.
The total contract value of new engagements won during Q1 stood at $190 million. KPIT Technologies has maintained FY 24 outlook of CC Revenue growth in the range of 27- 30 per cent and EBITDA margin in the range of 19-20 per cent. Total employee headcount at the end of first quarter was 11571 employees, from 11013 last quarter.
Sachin Tikekar, President and Joint MD of KPIT Technologies, said, “We are experiencing greater traction with our strategic clients as we move further in creating trusted partnerships with our clients to help them accelerate their transformation. The attrition has been consistently falling over the last three quarters. We are investing in improving the quality of hires and building the right competencies and technologies to enable flawless execution.”