KPIT Technologies Q3 net up 20 % at Rs 61 cr

KPIT Technologies Ltd, a product engineering and IT consulting firm, today reported increase of 20.51% in its net profit at Rs 60.80 crore as compared to Rs 50.43 crore last year for the third quarter ended on December 31, 2013. The revenue also witnessed a increase of 20.35% at Rs 678 crore as compared to Rs 563.30 crore last quarter.

Commenting on the results, Kishor Patil, managing director and CEO, KPITsaid, “We have closed large deals in excess of USD 70 million during the quarter which provides a sound platform, going into FY15. However due to the delay in the closure of the new deals, a couple of deals will start in Q4 and some later. We also experienced extended furloughs in some of our customer accounts during Q3FY14, resulting in two additional days of lost onsite billing, than expected. The shortfall in the revenue is entirely on account of deficit in SAP SBU revenue for FY14. However on the profit number we will exceed the higher end of the guidance despite the challenges faced on SAP SBU profitability”.

In order to get ready for the ramp-ups on these deals, the company is hiring 300 plus people in the next quarter.