KPIT Tech Q1 PAT slides 36% QoQ to Rs 24 cr

On a consolidated basis, KPIT Technologies' net profit dropped 36.43% to Rs 24.22 crore on 11.41% fall in revenue from operations to Rs 492.71 crore in Q1 June 2020 over Q4 March 2020.

Consolidated profit before tax (PBT) skid 38.01% to Rs 29.29 crore in Q1 June 2020 as against Rs 47.25 crore in Q4 March 2020. Total tax expenses for the quarter tanked 44.59% at Rs 5.07 crore during the period under review. The result was declared after trading hours yesterday, 3 August 2020.

EBITDA for Q1 FY21 stood at 13.4% as against 14.6% in Q1 FY20 and 13.5% in Q4 FY20. Cash and cash equivalents stood at Rs 431.90 crore while net cash was at Rs 393.90 crore during Q1 FY21.

During the June quarter, the company bagged a five-year deal worth an estimated $60 million to deliver software technology in the field of autonomous driving and safety.

Kishor Patil, the co-founder, chief executive officer (CEO) and managing director (MD) of KPIT Technologies, has stated that: "The performance of this quarter is in line with our expectations in the face of the global pandemic. The mobility industry is stabilizing, and we are witnessing increased interest from our strategic clients with prioritizing of investments in Electric Powertrain, Autonomous Driving and Digital Cockpit. We have closed two large deals in consecutive quarters now and remain optimistic about growth and gradual improvement in other operating parameters in H2 FY21 and beyond."

Meanwhile, Vinit Teredesai has resigned from the position of chief financial officer (CFO) and key managerial personnel of the firm with effect from 12 June 2020. Priyamvada Hardikar, the senior vice president & head of finance has been appointed as the CFO and key managerial personnel of the company with effect from 12 June 2020.

Shares of KPIT Technologies hit an upper circuit of 5% at Rs 67.65. KPIT Technologies operates as a technology company. The company specializes in embedded software, artificial intelligence, and digital solutions and serves automobile industry worldwide.

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