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IT Consulting & Software company KPIT Technologies announced Q1FY24 results:
- Reported USD Revenue growth of 49% YoY, 8.2% growth QoQ
- Net Profit at Rs 1,340 million, grows 20.1% QoQ, and 56.9% YoY
- EBITDA margin at 20%, YoY EBITDA growth of 65.2%, QoQ 13.3%
- USD 190 million worth of engagements closed in the quarter; Healthy Pipeline level across practices
- 7.1% CC growth
- CC Revenue grows 51.7% YoY
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, Co-founder 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.”
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