The company’s order book for the quarter was $202 million, a substantial decrease from the $261 million recorded in the fourth quarter. Gains in deals have come from various disciplines.
KPIT Technologies is a software and engineering company that specializes in the car sector. For the first quarter that concluded on June 30, the company’s net profit increased by 52.4 percent year over year to Rs 204.16 crore, up from Rs 134.43 crore the previous year.
In the midst of macroeconomic uncertainty, this strong rise coincides with the broader IT services sector’s slightly superior sequential growth.
According to BSE filings, the company’s consolidated revenue increased by 3.5 percent and by 24.3 percent in the June quarter of FY24 to Rs 1,364.63 crore. Its net profit increased by 24.3 percent over the previous quarter.
From 16.7% percent in Q4FY24 to 17.3% percent now, the company’s EBIT margin increased.
The company’s order book for the quarter was $202 million, a substantial decrease from the $261 million recorded in the fourth quarter. Gains in deals have come from various disciplines.
The co-founder, CEO, and MD of KPIT, Kishor Patil, stated: “We have kicked off the year with a strongoverall performance. We are actively investing in developing pertinent, sizable, unique services to help our clients lower their costs and time-to-market, even if the mobility sector is facing certain pressures on the fronts of demand and profitability.
“We are also making investments in more recent geographic markets and their adjacency. In the longer term, he continued, “we anticipate that both of these investments will create meaningful growth opportunities and maintain the momentum of growth, paving the way for fair demand visibility.”
“Our attention remains on making Software Defined Vehicles (SDV) a reality for our clients, so that they can realize its benefits,” stated Sachin Tikekar, co-founder and joint MD of KPIT. In order to increase our competitiveness and provide clients with unique offers, we are focusing on efficiency and competency improvement with the help of AI. The attrition rates are declining even more, which supports our ongoing expenditures in general people development.
In Q1, KPIT hired 397 new personnel, bringing its total workforce to 13,253.
