KPIT Cummins Infosystems has posted a net profit of Rs 60 crore during Q1 FY 14 versus Rs 51.28 crore in the same quarter of last year, translating into a rise of 17.2%.
Revenues at Rs 613 crore stood 13.9% higher than that in the same period of last year.
Kishor Patil, Managing Director & CEO, KPIT Cummins said, “We have built a robust deal pipeline in US and APAC, making us confident of stronger growth and profit performance in FY14. We gave annual wage hikes across the board this quarter. However, rupee depreciation during the quarter helped offset increased wage costs and maintain higher profits.”
During the quarter, KPIT Cummins acquired balance 24% stake in KPIT Global Solutions Limited (formerly, Systime Global Solutions Private Limited), making it a wholly owned subsidiary. In its meeting on July 23, the board gave in-principle approval for its amalgamation with KPIT Cummins, subject to necessary approvals. It also approved allotment of 2,76,453 equity shares of Rs. 2 each under the Employees Stock Option Schemes of the Company.