KPIT Cummins at new high, surges 31% post FY13 guidance

The stock has rallied 31% post Q4 results, compared to 1.5% fall in the IT index

KPIT Cummins Infosystems has surged 7% to Rs 111, extending its rally after guided for whopping 32-35% year-on-year (yoy) revenue growth in US dollar terms for the financial year 2013, which is the strongest amongst its peers. On the profit after tax front, the company has guided for 19-24% yoy growth to Rs 173-180 crore.

“The company is growing ahead of other IT companies in terms of revenue. We expect the company’s revenue to post a compound annual growth rate (CAGR) of 22.2% and 21.6% in dollar and rupee terms, respectively, over FY2012-14 estimate,” Angel Broking said in its recent update.

 

The stock is currently trading at its lifetime high, rallied almost 31% from Rs 85.30 after announcing Q4 results on April 30, compared to 1.5% fall in the IT index. A combined 2.18 million shares have changed hands on the counter till noon deals on the NSE and BSE.