KPIT Tech plunges 20% as Q4 PAT falls to Rs 50.3 crore

MUMBAI: Shares of KPIT Technologies ended the day at Rs 124.05, down 19.99%, on the BSE.

The stock was locked at 20 per cent lower circuit through the day following disappointing Q4 performance.

KPIT Technologies’ net profit in the quarter ended March was at Rs 50.3 crore, down 23 per cent, from Rs 65.3 crore in the previous quarter.

EBITDA plunged to Rs 33.4 crore, down 69 per cent, from Rs 107.9 crore, in the last quarter. EBITDA margin dropped to 4.4 per cent versus 13.8 per cent, quarter on quarter.

Revenue in dollar terms declined to $122 mn, down 3.4 per cent, from $126.4 million and in rupee terms it stood at Rs 763 crore, down 2.2 per cent, from Rs 779.8 crore, Q-o-Q.

“As we look back, it has been a mixed year, with Engineering and Products & Platforms, especially Intelligent Transportation System (ITS) being the positives and overall ERP business witnessing challenges,” said Ravi Pandit, Co-founder, Chairman & Group CEO, KPIT.

The board has recommended dividend of Rs 1.10 per equity share of Rs. 2 each for the year 2014-2015. The dividend, if declared, will be paid on or before August 24, 2015.