KPIT has reported a revenue growth of 21.2% year-on-year and 5.6% quarter-on-quarter for the third quarter of fiscal year 2022.
KPIT Technologies Ltd has reported a revenue growth of 21.2% year-on-year (YoY) and 5.6% quarter-on-quarter (QoQ) for the third quarter of fiscal year 2022. KPIT is one of the leading independent software development and integration partners to the automotive and mobility industry. Net profit for the quarter reached ₹700 million, up by 7.5% from the previous quarter’s ₹651 million.
The growth was mainly driven by electric powertrain and Autosar. During the past four quarters, offshoring has increased, propelling volume growth. The sequential net profit growth mainly aided by higher operating margins.
“The demand environment in the mobility industry continues to be robust, especially in the newer technology areas led by electrification, autonomous, connected and architecture changes. Our strategic clients have a medium-term roadmap of sustained investments in these areas, giving us a healthy growth visibility for the next four to five years,” said Kishor Patil, Co-founder, CEO and MD, KPIT. “We are forming the right partnerships within the ecosystem to accelerate our journey towards achieving our Vision. The growth during the quarter was in line with our expectations and we continue to deliver on margin improvement and cash conversion relentlessly. As we enter the last quarter of the financial year, we are confident of delivering on the higher end of our revised yearly outlook and begin the next year on a strong footing.”
“Guided by our vision, we carry on to work ceaselessly on our mission, leaning on the four pillars of strategic clients, platforms and practices, zero defect delivery and best place to grow,” said Sachin Tikekar, President and Whole-time Director, KPIT. “In line with the industry, employee turnover has been higher during the last three to four months. We expect the same to stabilize over the coming quarters. We are focusing on internal growth paths for our people and aggressively hiring talent, including freshers. Our engagements with strategic clients are increasingly becoming more relevant and value accretive towards our clients’ transformation journey. We continue to invest towards strengthening our solutions and client facing organizations. With these, we are poised for sustainable growth in coming years.”