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| KPIT Cummins sees 30% jump in FY10 net |
| Press Trust of India / Mumbai Feb 09, 2010, 21:14 IST |
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KPIT Cummins Infosystems expects net profit for the current fiscal to jump over 30 per cent at around Rs 80-85 crore, a top company official said.
"We are on track to achieve our topline guidance this year. Our bottomline should grow 30 per cent to Rs 80-85 crore this fiscal," KPIT Cummins Infosystems Chief Executive Officer and Managing Director Kishor Patil told reporters on the sidelines of the Nasscom summit here today.
The Pune-based company expects to close the current fiscal with a revenue of about $145 million (Rs 676 crore).
India's Information Technology sector suffered severely in 2009 due to the global economic slowdown as foreign clients shelved outsourcing projects.
However, the IT sector has shown green shoots of recovery as several software exporters and service providers say the deal cycle has returned to normalcy.
KPIT Cummins partners global automotive and semi-conductor corporations in bringing products faster to their target markets.
Patil said the company expects slight improvement in billing rates in the next fiscal.
"We mainly cater to manufacturing and automotive sectors which were the worst hit by the global slowdown. Technology spending in these two sectors is witnessing a gradual improvement. By end-FY11, pricing should pick up substantially," Patil said.
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