KPIT Cummins profit rises 22 pc in Oct-Dec

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SummaryThe company had reported a net profit of Rs 41.07 crore in the corresponding quarter last year.

IT company KPIT Cummins today reported 22.80 per cent increase in net profit at Rs 50.43 crore for the quarter ended December 31, 2012.

The company had reported a net profit of Rs 41.07 crore in the corresponding quarter last year.

Income from operations rose 48.68 per cent to Rs 563.29 crore for Q3 FY 13 as compared to Rs 378.85 crore in the same period last year, the company said in a statement.

"Despite the loss of revenues on account of lower number of working days during Q3 we were in a position to maintain revenues. The profitability improvement during the year is a reflection of both strong operational improvements as well as higher currency realisation," KPIT Cummins Chief Executive Officer and Managing Director Kishor Patil said.

The company said due to comparatively more holidays and leaves, both at offshore and onsite, there was a loss of 2-3 billing days on an average, across the organisation.

"This resulted in a revenue loss of approximately 3 per cent of Q3 FY13 revenue," it added.

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