Pune-based IT services firm KPIT reported net profit of Rs 47 crore for the fourth quarter ended March 31, 2021 up 23.6 per cent year-on-year and sequentially profits were up 9.3 per cent.
Revenue for the quarter dipped 3.8 per cent at Rs 546.6 crore for the fourth quarter of FY21. Revenue grew sequentially by 4.4 per cent.
The company reported operating margin expansion by 150 basis points due to improvement in utilisation and offshore revenues.
In US dollar terms KPIT rep5.1 per cent QoQ.
The company said that the revenue growth momentum will continue in FY22. The growth is expected to be broad based across practices and clients. The company in a statement said they have a healthy order book and decent medium-term visibility, giving them confidence of double-digit growth in FY22
Ravi Pandit, Co-founder and Chairman, KPIT said, “FY21 was a challenging year in many ways and I am happy on the way we have emerged stronger. The mobility industry is embracing new engineering technologies with open arms and KPIT is proud to be at the forefront of these adaptions. KPIT’s leading positioning in this technology-led transformation gives us good business visibility over the next 4-5 years.”
FY22 will see wage hikes, impact of new wage bill, fresher additions, higher operating costs & frontend investments. The company said offshoring, productivity improvement, employee pyramid and fixed cost leverage will help us neutralize & better cost increases. It expect FY22 EBITDA to be in the 16-17 per cent range.
Kishor Patil, Co-founder, CEO and MD, KPIT said,” We have delivered consecutive quarters of good growth and margin expansion. KPIT teams, globally, have done an exceptional job on delivering these numbers. We are assertive of the growth trajectory and feel fairly confident of delivering double digit growth in FY22. We continue to focus on people development, operational efficiency and productivity improvement”.