KPIT Technologies' net up 7.5% y-o-y, at Rs 65 cr

On sequential basis, net profit was down 7.4%

KPIT Technologies, a product engineering and IT consulting firm, today reported increase of 7.5 per cent in its net profit at Rs 65.3 crore for the third quarter ended on December 31, 2014 compared to Rs 60.8 crore during same quarter last year. On a sequential basis net profit was down 7.4 per cent.

Revenue for the quarter also witnessed an increase of 15  per cent at Rs 779.8 crore as compared to Rs 677.9 crore corresponding quarter last financial year.

In US dollar terms revenue grew 1.15 per cent sequentially. The company stated that during the quarter, there was a decline in the top 5 and top 10 customers. "We have one large customer where there is a decline. The revenues from this customer have gone down quarter on quarter for the first 3 quarters of the year as was known to us at the beginning of the year," said the company.

“Our performance during the quarter was in line with our expectations with Europe leading the growth, followed by US. Enduring our focus on large deal closure, during the quarter, we have closed couple of large deals with TCV in excess of $40 million, providing a sound platform for FY16 order book. We see encouraging traction in the Automotive Vertical, both in Engineering services and Products & Platforms,” said Kishor Patil, Co-founder, CEO & MD, KPIT.

EBITDA margins for the quarter improved by 59 bps to 13.92 per cent as compared to 13.33 per cent in the last quarter. Other income for the quarter was Rs 25.06 million as compared to Rs 42.01 million in last quarter. There was a forex loss of Rs 2.22 million against a forex gain of Rs 10.81 million in last quarter.