KPIT Cummins' net up 42% at 36.47 cr

KPIT Cummins Infosystems Ltd, a product engineering and IT consulting firm, reported increase of 42 per cent in its net profit at Rs 36.47crore as compared to Rs 23.75 crore last year for the third quarter ended on September 30, 2011. The revenue also witnessed a increase of 44 per cent at Rs 325 crore as compared to Rs 224.5 crore last quarter.

Commenting on the results, Ravi Pandit, chairman, KPIT Cummins Infosystems Ltd said, "We are consolidating on our vertical focus and are being increasingly recognised as a strong niche player, the divesting of Diversified Financial Services is a part of the same strategy. In the current economic environment customers are looking at partners that add special value and our vertical focus enables that. Our revenue and profit growth this quarter are a result of our sharp focus."

Also, KPIT Cummins has partnered with PACCAR to launch the PACCAR Technical Center in Pune, India. The center, with approximately 200 employees, will focus on engineering, information technology and component sourcing for worldwide production and aftermarket operations.