KPIT Technologies dips on post Q3 results

The stock dipped 6% to Rs 136 on the BSE in intra-day trade

KPIT Technologies dipped 6% to Rs 136 on the BSE in intra-day trade after the dollar revenue of the company for December 2016 quarter (Q3FY17) declined 0.44% to $123 million than September quarter. In constant currency terms there was a marginal growth of 0.2%.

In rupee terms, IT consulting and product engineering firm posted a net profit of Rs 73.6 crore in Q3FY17, up 30.98% over the previous quarter. This included a one-time exceptional gain of Rs 26 crore, on account of sale of the company’s entire stake in KPIT medina Technologies AG.

Revenues for the quarter stood at Rs 831 crore, a quarter-on-quarter decline of 0.04%.

EBITDA (earnings before interest, tax, depreciation and amortization) profit fall by 7.5% at Rs 84.5 crore on sequential basis.

Kishor Patil, CEO & MD, KPIT said, “In the current quarter, despite lower working days, we had marginal growth on a comparable constant currency basis. We will continue to focus on growth with effective account management and new technology solutions for our focus verticals. The cash flow during the quarter was encouraging and we will continue to build further on the same.”

At 10:07 am; the stock was down 4% at Rs 139 as compared to a marginal 0.03% gain in the S&P BSE Sensex. A combined 1.72 million shares changed hands on the counter on the BSE and NSE.