IT firm KPIT today said its net profit declined 16.18 per cent to Rs 61.67 crore for the quarter ended December 2017, compared to Rs 73.58 crore in the year-ago period.
Its sales, however, grew 9.88 per cent to Rs 912.76 crore in the reported quarter from Rs 830.67 crore in the year-ago period.
In dollar terms, the revenues were at USD 141 million, up 15 per cent year-on-year.
"The current quarter performance was in line with our expectations with flattish revenues while there has been almost 100 basis points improvement in our EBITDA margins, basis our continuing actions on profitability improvement," KPIT co-founder, CEO and MD Kishor Patil said in a statement.
The company continues to remain positive on the growth prospects and profitability improvement, going forward with healthy pipeline for remainder of the year, he added.
Sachin Tikekar, President and Board Member at KPIT, said the growth during the quarter was led by Europe, whereas Americas revenues were flat.
"Variation in Asia was mainly on account of Products and Platforms. We continue to rely on Engineering and Digital as the major growth areas, though we also see positive developments in the newer areas of ERP Applications," he added.
The company said the calendar year has started on a positive outlook as the economy is looking forward to an overall growth as compared to past few years and spend on IT and digital technologies is expected to increase.
It added that spend on emerging technologies like digital will continue to grow at a faster pace and translate into growth for the company as it continuously makes investments and develops capabilities in these new technologies.
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