Pune-headquartered KPIT Technologies, an independent software integration partner to the automotive and mobility ecosystem has announced its financial results for Q3 FY2024.
The company’s revenue came at Rs 1,256 crore, up 37 percent YoY and net profit came at Rs 155 crore, up 50.64 percent YoY.
The revenue growth was led by demand for powertrain, autonomous, and connected domains, with the growth led by passenger vehicles in Europe and Asia.
The margin expansion led by improved productivity and operating leverage coupled with better-realised rates. The company also bagged new orders worth $189 million 1,575 crore) during Q3 FY2024. Its global employee count crossed 12,700, while it continued to make investments in competency development for delivery of complex engagements.
Kishor Patil, Co-founder, CEO, and MD of KPIT Technologies said, “We continue to focus on execution relentlessly and have been consistently reaping the benefits of our focus on the mobility industry, key technologies, key clients and key talent. The Q3FY24 revenues have been in line with our expectations, while we have delivered slightly ahead of expectations on the profitability front. Basis our performance so far, robust pipeline and the consistency of demand driven by new technology investments by our strategic clients, we are confident of meeting our upward revised outlook for the year.”
Sachin Tikekar, President and Joint MD, KPIT Technologies said, “We are witnessing broad-based traction across technologies, clients, sub-verticals and geographies. We are increasing our strategic engagements in the quest to move towards being trusted partners for our strategic clients. As we have seen over the last 4 quarters, the attrition continues to fall and is now at historically low levels. We have significantly moved the needle in our quest for inclusive sustainability across KPIT. We have increased our investments in new technologies and competency development to enable us deliver complex engagements, successfully.”
