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KPIT Technologies Limited shares fell sharply by 9.11% to ₹1,485.65 today as on 10.35 am, following the company’s announcement of a major fundraising initiative through a Qualified Institutions Placement (QIP) and strong Q2 results.
The company reported a net profit of ₹141.4 crore in the corresponding period last year, as per a regulatory filing. Revenue for the quarter under review was ₹1,471.4 crore, reflecting a 22.71 per cent increase from ₹1,199 crore in the July-September quarter of FY24.
The Pune-based automotive software company’s board approved raising up to ₹2,880 crores through equity shares or convertible securities, subject to necessary approvals, as disclosed in a board meeting held on October 23, 2024.
The board also reviewed and approved the un-audited consolidated and standalone financial results for Q2 and H1 FY25, ended September 30, 2024. The statutory auditor provided an unqualified opinion on these results.
The company appointed former Indian diplomat Mr. Vijay Keshav Gokhale as an Additional and Independent Director for a three-year term, effective immediately.
Additionally, the board greenlit the voluntary liquidation of its U.S.-based step-down subsidiary, Somit Solutions Inc. The company stated that operations, employees, and customer contracts from this entity have already been integrated into KPIT USA, as part of its operational optimization strategy.
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