Offshore revenues drive KPIT Cummins net 66%

Corporate Scorecard

KPIT Cummins Infosystems, a global IT consulting company, reported a 65.85 per cent rise in net profit at Rs 13.72 crore for the quarter ended December 31, 2006.

Its total revenues for the December 2006 quarter were Rs 117.11 crore, reflecting a 45.64 per cent growth over the revenues in the corresponding quarter last year.

The company's sequential net profit rose 11.14 per cent, while its revenues increased 2.7 per cent over those of the September 2006 quarter. Its net profit margin improved to 11.72 per cent for the December 2006 quarter as against 10.83 per cent in the September 2006 quarter and 10.29 per cent in the December 2005 quarter.

The earnings per share (EPS) for the December 2006 quarter was Rs 9.21 as against Rs 5.74 in the same period last year, registering an increase of 60.45 per cent.

Growth in offshore revenues has been strong at 50.53 per cent over the previous year. During the previous quarter, the company added 4 new customers, taking the total active customer base to 86.

These include seven of the top-10 OEMs in the automobile industry, six of the top-20 semiconductor companies of the world and other leading names in the manufacturing and financial services.

During the previous quarter, the US contributed 62.25 per cent to the company's revenue, while Europe's share was 29.45 per and the balance of 8.30 per cent came from the rest of the world, including Japan and Asia Pacific.

Revenue breakdown industry-wise was 77.5 per cent from manufacturing, 10.63 per cent from diversified financial services and the balance 11.87 per cent from others, including independent software vendors.