KPIT Technologies Q2 results: Net profit zooms 69% at Rs 141 crore

Auto industry-focused KPIT Technologies on Monday reported a 69.21 per cent jump in its September quarter net profit at Rs 141 crore.

The Pune-headquartered company had reported a post tax profit of Rs 83.5 crore in the same quarter a year ago.

Its revenues from operations grew to Rs 1,199 crore in the reporting quarter as against Rs 745 crore in the same period a year ago and Rs 1,098 crore in the preceding April-June quarter.

The company said it is now aiming to close FY24 with a growth of 37 per cent in revenues on a constant currency basis, as against the earlier target of 27-30 per cent.

It was able to maintain the operating profit margin at 20 per cent in the quarter, which led the company to improve its guidance of keeping the number at over 20 per cent in FY24, from 19-20 per cent projected earlier.

The company reported new deal wins of USD 156 million during the quarter, including a multi-year engagement on autonomous driving with a European car manufacturer and some work for a leading American auto company on the electric powertrain domain.

Its overall headcount increased to 11,971 employees from 11,571 three months ago and 9,916 in the year-ago period.

The company's scrip closed 4.89 per cent higher at Rs 1,184.45 a piece on the BSE on Monday as against gains of 0.52 per cent in the benchmark.