KPIT Technologies posts Q3 net profit of Rs 42.8 cr

Tech firm KPIT Technologies on Wednesday posted a consolidated net profit of Rs 42.8 crore for the quarter ended December 2019.

The company had reported a net profit (attributable to owners of the company) of Rs 35.9 crore in the preceding July-September period, KPIT Technologies said in a regulatory filing.

Its revenue from operations stood at Rs 550.09 crore for the quarter under review as compared to Rs 544 crore in the preceding three-month period, it added.

The numbers are not comparable on year-on-year basis. In 2018, CK Birla Group-owned Birlasoft and KPIT Technologies had announced that they will merge and then split into two publicly-traded companies to create two specialised IT players.

After the demerger, the engineering business was incorporated on January 8, 2018, and listed on BSE and NSE as KPIT Technologies in April last year.

"The automotive and mobility sector is investing in upcoming technologies, despite falling vehicle sales. Riding on this, we have demonstrated a strong year-to-date Q3FY20 constant currency growth of 15.5 per cent and a consistent improvement in net cash position," KPIT co-founder, CEO and MD Kishor Patil said.

The company has declared an interim dividend of 55 paise per share, Patil said.

"We are assertive of growth and consistent profitability improvement, going forward," he added.

At the end of the third quarter, KPIT's net cash level stood at Rs 258.4 crore.

Its headcount was at 7,303 people at the end of December 2019 quarter.