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Technology firm, KPIT Technologies, has posted a consolidated net profit of ₹30.9 crore and revenue from operations of ₹501.2 crore for the quarter ended March 31.
For the corresponding quarter of 2018-19, its net profit was ₹55 crore, while revenue from operations was at ₹641.2 crore, according to a regulatory filing.
Last year, CK Birla Group-owned, Birlasoft and KPIT Technologies, had announced that they will merge and later split into two publicly-traded companies to create two specialised IT players.
After the demerger, the engineering business was incorporated on January 8, 2018, and listed on the BSE and the NSE as KPIT Technologies in April 2019.
“Hence, the company was not mandatorily required to prepare and publish quarterly and annual financial results during the financial year 2017-18, ended March 31, 2018, and up to the quarter ended December 31, 2018,” the company said in a regulatory filing on Wednesday.
“This is the first quarter after the demerger and the company looks forward to the exciting journey of focus and value creation for all KPIT stakeholders,” said S B (Ravi) Pandit, Co-Founder, Chairman and Group CEO, KPIT.
Future plans
“With focus on automotive engineering and mobility solutions, KPIT aspires to become an over $500 million revenue company with improved profitability in the next 3-4 years,” he added.
“We continued to grow faster than the industry during FY19, registering a constant revenue growth of 25 per cent over the last year,” said Kishor Patil, Co-founder, CEO and MD, KPIT.
He added that the company is fairly confident of continuing to grow faster than the industry in the coming years with better profitability.
“During the quarter, we continued to divest our hardware based business in line with our strategy to focus exclusively on software intensive business. We are focusing on margin improvement and our aspiration is to achieve operating margins of 16-18 per cent in the next three years,” he added.
The board has recommended a final dividend at ₹0.75 per equity share for 2018-19, subject to declaration of the same by members at the annual general meeting in August 2019.
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