• Clocks Q1 FY24 Revenue of USD 133.9 MN; CC growth of 51.7% YOY; PAT grows 56.9% YOY
• Maintains FY 24 outlook of CC Revenue growth in the range of 27% to 30% and EBITDA margin in the range of 19% to 20%
• 12 consecutive quarters of steady revenue and EBITDA growth
KPIT Technologies (NSE: KPITTECH BSE: 542651), an independent software integration partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, announced financial results for Q1 FY24 today.
Performance overview
• Q1 FY24 Revenues
• CC Revenue growth of 51% Y-o-Y
• $ Growth of 49% Y-o-Y
• Growth led by Strategic Accounts, Middleware and Architecture, Electric Powertrain and Connected Vehicles
• Q1 FY24 EBITDA and Net Profit
• EBITDA at 20%; 65.2% Growth Y-o-Y and 13.3% Q-o-Q
• PAT Grows 56.9% Y-o-Y
• EBITDA margin expansion of 90 bps for the quarter led by revenue growth resulting in fixed costs leverage and operational efficiencies
• TCV of new engagements won during Q1 FY24: $190 million
• Talent
• Global employee count crosses 11500
• Strong focus to improve quality of incoming talent; Focus on technical and managerial leadership
Commenting on the performance of Q1 FY24
Kishor Patil, Co-founder, CEO and MD, KPIT said,
“We have started the year on a positive note and have delivered a robust all-round performance in line with our expectations of a stronger first half. Opportunities remain stronger as mobility players continue to invest in new technologies, in the areas of electrification, vehicle autonomy, connectivity and personalization. We have a healthy pipeline and are slightly ahead in the ramp up of the mega strategic engagements announced last year. This gives us a fair medium-term visibility and we are confident of reaching our stated outlook of revenue growth and operating margins for FY2024.”
Sachin Tikekar, President and Joint MD, KPIT said,
“We are experiencing greater traction with our strategic clients as we move further in creating trusted partnerships with our clients to help them accelerate their transformation. The attrition has been consistently falling over the last 3 quarters. We are investing in improving the quality of hires and building the right competencies and technologies to enable flawless execution. We have started baselining sustainability and co-creating a roadmap with our employees and look forward to scaling our impact in creating a cleaner, smarter, safer world in the years to come through our offerings, operations, and employees.”
About KPIT
KPIT Technologies is a global partner to the automotive and mobility ecosystem for making software-defined vehicles a reality. It is a leading independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future. With 11000+ automobelievers across the globe specializing in embedded software, AI, and digital solutions, KPIT accelerates its clients’ implementation of next-generation technologies for the future mobility roadmap. With engineering centers in Europe, the USA, Japan, China, Thailand, and India, KPIT works with leaders in automotive and mobility and is present where the ecosystem is transforming.
