KPIT Cummins Q3 profit rises 23%

KPIT Cummins Infosystems has posted a net profit of Rs 50 crore in the third quarter of FY 13, after taking a one-time hit of Rs 9.4 crore. This represents a growth of 22.8 per cent year on year. The exceptional item of Rs 9.4 crore on the Profit & Loss Account was in recognition of 100 per cent impairment of a minority stake made in a foreign company. Revenue increased by 53 per cent to Rs 563.3 crore. These numbers are after adjusting for the semiconductor and diversified financial services groups divested earlier.