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KPIT net profit at Rs 30.9 cr in March quarter

Press Trust of India  |  New Delhi 

firm KPIT has posted a consolidated net profit of Rs 30.9 crore and revenue from operations of Rs 501.2 crore for the quarter ended March 31.

For the corresponding quarter of 2018-19, its net profit was Rs 55 crore, while revenue from operations was at Rs 641.2 crore, according to a regulatory filing.

Last year, CK Birla Group-owned Birlasoft and had announced that they will merge and then split into two publicly-traded to create two specialised IT players.

After the demerger, the engineering business was incorporated on January 8, 2018, and listed on the BSE and the NSE as in April 2019.

"Hence, the company was not mandatorily required to prepare and publish quarterly and annual financial results during the year ended March 31, 2018, and up to the quarter ended December 31, 2018," the company said in a regulatory filing on Wednesday.

This is the first quarter after the demerger and the company looks forward to the exciting journey of focus and value creation for all KPIT stakeholders, KPIT co-founder, S B (Ravi) Pandit said in a statement.

He added that with focus on automotive engineering and mobility solutions, KPIT aspires "to become an over USD 500 million revenue company with improved profitability in the next 3-4 years".

"We continued to grow faster than the industry during FY19 registering a constant revenue growth of 25 per cent over the last year," KPIT co-founder, and MD Kishor Patil said.

He added that the company is fairly confident of continuing to grow faster than the industry in the coming years with better profitability.

"During the quarter, we continued to divest our hardware based business in line with our strategy to focus exclusively on business. We are focusing on margin improvement and our aspiration is to achieve operating margins of 16-18 per cent in the next three years," he added.

The board has recommended a final dividend at Rs 0.75 per equity share for 2018-19, subject to declaration of the same by members at the annual general meeting in August 2019.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 16:26 IST