KPIT Cummins aims to grow 25% to hit $1-bn rev by 2017

The company will go for acquisition on getting right opportunity as per business needs, it said

IT company KPIT Cummins expects to grow at an average of 20-25% to nearly double its revenues to $1 billion (over Rs 5,400 crore) over the next four years.

The Pune-based company's revenues stand at Rs 2,238.62 crore at present.

"We expect to grow both organically and inorganically between 20 to 25% to reach $1 billion revenues by 2017. There has been consistent growth in our performance," company's Managing Director and Chief Executive Officer Kishor Patil told PTI today.

"Our business in South East Asia, West Asia, Africa and South America to grow significantly apart from current geographies where we have continued to grow," Patil said.

The company will go for acquisition on getting right opportunity as per business needs, he added.

Beating the forecast of industry body NASSCOM of 11% industry growth in financial year 2012-13, the annual revenues of the company grew by 49%.

The company saw maximum growth of revenue from US market followed by Asia.

"Around 75% of our revenue in FY13 came from US. We saw growth of 50% in US market. In Brazil, our revenue grew by more than 60%. Asia revenue grew by 33%," Patil said.

For the current fiscal, KPIT Cummins expects its revenue to grow between 14% and 16% and be in the range of $465 million (Rs 2,518 crore) to $475 million (Rs 2,573 crore).

The company expects it profit after tax to grow between 16% and 20% to be in the range of Rs 231-238.8 crore.

"We are looking to improve our margins by at least 1%," Patil said.

The company yesterday reported a 17% increase in its consolidated net profit at Rs 51.16 crore for the quarter ended March 31, 2013 compared to net profit of Rs 43.71 crore in the year-ago period.

The consolidated net sales of the firm rose by 19% to Rs 569.86 crore in the January-March quarter of 2012-13 fiscal against Rs 480 crore in the same quarter of last fiscal.

For the entire 2012-13 fiscal, the company's consolidated net profit rose to Rs 199 crore from Rs 145.35 crore in 2011-12.

The company has plans to hire around 1,000 people in current fiscal.

The share of the company was trading at Rs 101.15 apiece, up 3.37% from its previous close in early trade on the BSE today.