KPIT Cummins at new high on robust Q4 earnings

It posted a 66% jump in consolidated net profit at Rs 43 cr

KPIT Cummins Infosystems has soared almost 20% at Rs 102.35 to its lifetime high level, on reporting a robust 66% year-on-year (y-o-y) jump in its consolidated net profit  at Rs 43.71 crore for the fourth quarter ended March 31, 2012.

The revenue of the mid-cap IT consulting and software firm during the quarter also increased by 62% at Rs 480 crore against Rs 297 crore for the same period a year ago.

“Our performance in the last two years positions us well to achieve a run rate of $500 million by the last quarter of FY13 and strengthens our vision to be $1 billion company by the year 2017". Ravi Pandit, chairman & group CEO of the company said in press release.

In the guidance for FY13, the company said it will post a net profit growth between 15-20% and revenue growth of 36-39% in rupee term for FY13.

The trading volumes on the counter surged multiple folds, with a combined 3.35 million shares have already changed hands on the counter so far, against an average of less than 200,000 shares that were traded daily in past two weeks on the NSE and BSE.