KPIT technologies posts net profit of Rs 73.6cr for Q3

Pune: IT consulting and product engineering firm KPIT Technologies posted a net profit of Rs 73.6 cr for the quarter ended 31stDecember 2016, up 2.1% over the corresponding quarter last year, and up 30.98% over the previous quarter. This included a one-time exceptional gain. Revenues for the quarter stood at Rs 830.6 cr, a year-on-year growth of 2.1% on a comparable constant currency basis. The dollar revenue for the quarter was $ 122.88 Million, a Q-o-Q decline of 0.4% and Y-o-Y decline of 0.3%. EBIDTA margins for the quarter stood at 10.2%.

Kishor Patil, CEO & MD, KPIT said, “In the current quarter, despite lower working days, we had marginal growth on a comparable constant currency basis. We will continue to focus on growth with effective account management and new technology solutions for our focus verticals. The cash flow during the quarter was encouraging and we will continue to build further on the same.”

During the quarter, KPIT divested a small business, KPIT Medini Technologies in Germany, and the proceeds were used towards a strategic partnership with a German engineering services company, Micro Fuzzy. The company said that it had been witnessing faster growth in the digital revenues in the last couple of years, and this currently accounted for 25% of business IT revenues. Digital revenues have grown at a CAGR of about 30% over the last two years.