KPIT, a leading partner for developing software-defined vehicles, reported its net profit growing by 41.79 percent to Rs 85.43 crore during Q1FY23 as against Rs 60.25 crore during the corresponding period of Q1FY22 and 6 percent on sequential basis to Rs 80.5 during Q4FY22 led by growth in electric powertrain, architecture and middleware domains.
According to Kishor Patil, co-founder, CEO and MD, KPIT said that, "KPIT is uniquely positioned as a software integrator, helping global OEMs accelerate this journey. We have started the year on a positive note with an all-round performance, with growth in-line with our plan and healthy margin expansion, despite cross-currency headwinds. We remain optimistic on the overall growth environment” Patil said.
Sachin Tikekar, President and Joint MD, KPIT said, "Supply-side pressures continue to persist, albeit at an eased pace. We have nurtured the existing partnerships and formed new ones with global universities to help attract global talent and aid retention by enabling career growth opportunities to our employees, with focused educational programs.”
Pune-based KPIT, which has engineering centers in Europe, the USA, Japan, China, Thailand, and India witnessed nearly 77 percent of revenues during FY21 coming from passenger cars vertical, whereas the commercial vehicles segment contributed around 22 percent of the revenues. New Mobility which is a new vertical of focus contributed just around 1 percent of the revenues whereas the balance was from other small segments.
KPIT Technologies’ Ravi Pandit awarded honorary doctorate by Coventry University