Auto industry-focused KPIT Technologies on Tuesday reported a 53.36 per cent jump in net profit to Rs 134.44 crore in the June quarter, helped by higher revenue from operations.
The Pune-based company's revenue from operations grew over 60 per cent to Rs 1,097.6 crore as against the Rs 685.7 crore in the year-ago period.
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In the previous quarter, it stood at Rs 1,017.3 crore.
Kishor Patil, KPIT Technologies Co-Founder, CEO and MD, told reporters that despite high growth, the company is maintaining its earlier guidance of 27-30 per cent topline growth for the current fiscal.
He said the first half of 2023-24 will be better than the second, and added that the company usually reviews guidances at the end of the third quarter.
The company is benefitting from more software-defined vehicles in the market and electrification in the auto industry, Patil said in a statement.
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According to him, the company saw the fastest growth of 89 per cent in the European markets in the first quarter of the current fiscal while in Asia, the rate was at 10 per cent.
The company's operating profit margin widened to 20 per cent for the reporting quarter as against 19.3 per cent in the year-ago period.
The CEO said he was confident that the firm will maintain a 19-20 per cent operating profit margin during the rest of the fiscal as well.
KPIT Technologies will focus on rate realisation improvements and enhance people mix across verticals to drive profitability.
Patil said the company, which had a net cash of Rs 526.2 crore as of June 30, will invest in research and development, and in Asian markets going forward.
The company added 500 employees during the quarter, taking its overall strength to 11,571, and will continue to hire going forward as well, Patil said.
Freshers have been overlooked during recent hirings because of complex projects but the focus may shift back to getting more newcomers, he added.
The company stocks closed flat at Rs 1,057.45 apiece on the BSE on Tuesday.
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