KPIT Technologies Q1 Profit Grows 24%

Pune-headquartered KPIT Technologies has reported a decent financial upturn for the June quarter, with profits rising by 24 per cent quarter-on-quarter (QoQ) to Rs 204 crore, up from Rs 164 crore in the preceding March quarter. 

The company’s revenue also saw growth, increasing by 3.5 per cent to Rs 1,364 crore from Rs 1,317.8 crore. KPIT’s EBITDA (earnings before interest, tax, depreciation, and amortisation) showed a 5.6 per cent rise, reaching Rs 287 crore, while the operating profit margin expanded to 21 per cent.

In addition to a good financial performance, KPIT Technologies has announced a move to increase its stake in N-Dream AG, a cloud-based game aggregation platform company based in Switzerland. The board approved the acquisition of an additional 13 per cent stake in N-Dream, bringing KPIT's total shareholding to 26 per cent. 

This acquisition, valued at EUR 3 million, is expected to be finalised by 20 August 2024. N-Dream currently has 14 employees and will see no changes in its operational structure or shareholding pattern within KPIT India due to this merger.

“We have started the year on a positive note with an all-round robust performance. While the mobility industry is going through certain pressures on the demand and profitability fronts, we are proactively investing in creating relevant large, differentiated offerings to support our clients reduce their costs and time-to-market. We are also investing in adjacencies and newer geographical markets. We expect creation of meaningful growth opportunities via both these investments and continue with the growth momentum, paving way for a fair demand visibility in the medium-term,” said Kishor Patil, Co-founder, CEO and MD, KPIT.