KPIT Reports USD Revenue Growth of 18.3 Percent Y-o-Y Comparable Net Profit Growth of 30 Percent Sequentially in Q1 FY2021-22

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Business Wire IndiaKPIT, a leading independent software development and integration partner to the automotive and mobility industry announced financial results for Q1 FY 2021-22 today.
 
Q1 FY22 performance overview

 
  • Q1FY22 EBITDA at 17.3% as compared to 17.2% last quarter
  • Net Profit for the quarter at Rs 602 million as against Rs 525 million last quarter
  • Q1FY22 reported revenue at USD 77.20 million, a CC growth of 4.3% Q-o-Q
  • Net Cash as at the quarter end stood at Rs 8,786 Million as compared to Rs 8,224 last quarter, ZERO DEBT

 
Q1 FY22 performance Highlights
 

  • Sequential CC growth of 4.3% across passenger cars and commercial vehicle verticals. Autonomous and Connected practices led the growth during the quarter
  • Operating Margin (EBITDA) expansion despite fresher addition and acquisition related expenses. Improvement in utilization, reduction in sub-contractor costs and revenue growth helped expand margins
  • Sequential comparable* net profit growth of ~30% aided by lower depreciation and higher other income due to rupee depreciation. Higher yield on cash for the quarter
  • High cash conversion continues with DSO at 50 days. 10th consecutive quarter of increase in net cash

 
*excluding one-time tax gain of Rs 57 million due to merger of Impact Automotive, now accounted for in Q4FY21
 
Commenting on the performance of Q1 FY22
 
Kishor Patil, Co-founder, CEO and MD, KPIT said, “We started the year in line with our expectations on a strong note, delivering growth, expansion in operating margins and sharper growth in net profit. The Mobility Industry is buoyant with increased investments in electrification, autonomous and digital cockpit. We continue to be committed to Zero Defect Delivery by engraining the Culture of Excellence across the Organization. We are seeing improvements in all aspects over last 2 years. KPIT’s strong positioning as an Independent Software Integrator coupled with sustained investments in the new technology areas is enabling us to create better value for the Mobility Players. We remain confident on growth momentum with sustained margins during the remainder of the year.”
 
Sachin Tikekar, President and Whole-time Director, KPIT said, “Our engagements with our T25 clients continue to get deeper and more strategic. Our aim has been to help our clients in their software led transformation through profound expertise in relevant practices and create greater value to them through our PTAs (Platforms, Tools and Accelerators). We are investing more in our employees in order for them to realize their true potential, making KPIT the Best Place to Grow. We are in serious discussion with larger and longer-term engagements with our strategic clients as they accelerate their initiatives towards CASE (Connected, Autonomous, Shared and Electric). Our operating metrics are reflective of the above points, depicting continual improvement, every passing quarter.”