KPIT, a global technology company specializing in providing IT Consulting and Product Engineering solutions and services to Automotive, Manufacturing, Energy and Utilities companies, reported its consolidated financial results for the first quarter ended June 30, 2018.
Highlights for the quarter ended June 30, 2018
- Revenues grow 4.9% Q-o-Q and 16.5% Y-o-Y, cross the Rs. 1,000 Crore quarterly revenue milestone.
- Net Profit for the quarter registers a Y-o-Y growth of 39.6%.
- Reported EBITDA for the quarter at 12.1%, a Y-o-Y growth of 54.5%.
- Net Cash position continues to improve, Net Cash at Rs. 3.5 Bn. as at the end of the quarter.
Commenting on the performance of Q1 FY19, Kishor Patil, Co-founder, CEO & MD, KPIT said, “We continue to focus on improving profitability and growth. We improved our operational margins by 50 bps during the quarter. We are on track with respect to the milestones on the proposed merger and then demerger of IT and Automotive Engineering businesses. We truly believe this will continue to be a significant value creator for all stakeholders as it has been in the last one year.”
Sachin Tikekar, President and Board Member, KPIT said, “We witnessed a decent sequential constant currency growth of 3.5% in our services business, led by Engineering, Digital and Oracle, while the products revenue declined. Our strategic customers have contributed to a strong growth of 5.5% in CC terms, during the quarter. We have a robust pipeline in all our geographies and we are confident of profitable growth in the coming quarters.”