Mid-sized IT company KPIT Cummins has posted a 17.05 per cent increase in net profit at Rs 51.17 crore in the fourth-quarter ended March 31. The Pune-based company had posted a net profit of Rs 43.72 crore during the same quarter a year ago.
During the period under review, the company’s revenues rose 18.7 per cent to Rs 569.86 crore, compared with Rs 480 crore posted during the same period last year.
“We met the revenue guidance given at the start of the year and have also achieved the upward revised profit guidance,” Chairman and Group Chief Executive Officer Ravi Pandit said, adding, the company is targeting to reach $1 billion in revenues by FY17.
For the full-year ended March 31, the company’s net profit rose 36.91 per cent to Rs 199 crore, while revenues grew 49.2 per cent to Rs 2,238.63 crore from the previous financial year.
For FY14, the company expects net profit to grow by about 16-20 per cent to Rs 230.9 crore to Rs 238.8 crore.
“We will add around 1,000 people to our team in FY14,” Managing Director and Chief Executive Officer Kishor Patil said.
rajesh.kurup@thehindu.co.in