KPIT Technologies Q3 net profit up 20.5 pct to Rs 60.77 cr

Written by PTI | New Delhi | Updated: Jan 24 2014, 00:40am hrs
KPIT TechnologiesShares of the company closed lower by 13.81 per cent at Rs 158.50 apiece on the BSE today. Reuters
IT firm KPIT Technologies today said its consolidated net profit has grown 20.5 per cent to Rs 60.77 crore for the third quarter ended December 31.

This is against a net profit of Rs 50.43 crore in the corresponding quarter in the year-ago period, KPIT Technologies said in a filing to the BSE.

The company offers IT consulting and product engineering solutions and services to automotive and transportation, manufacturing and energy and utilities corporations.

It saw revenues increasing 20.3 per cent to Rs 677.93 crore in the reported period from Rs 563.29 crore in the same quarter a year ago, it added.

"We have closed large deals in excess of USD 70 million during the quarter which provides a sound platform, going into FY15. However due to the delay in the closure of the new deals, a couple of deals will start in Q4 and some later," KPIT Technologies MD and CEO Kishor Patil said.

He added that extended furloughs in some customer accounts during Q3 FY'14 resulted in two additional days of lost onsite billing.

Patil said the company added more than 300 people during the quarter to get ready for the ramp-ups on these deals. Its total headcount stood at 9,136 people at the end of the said quarter.

The US market accounted for 72.64 per cent of its business, while Europe and Rest of the World contributed 15.36 per cent and 12 per cent, respectively.

Shares of the company closed lower by 13.81 per cent at Rs 158.50 apiece on the BSE today.