KPIT bags new orders worth Rs 1483 crore in Q3 FY24

KPIT, a leading supplier of software-related services to the automotive segment, has bagged a total contract value (TCV) of new orders worth over $189 million (approximately Rs 1,483.65 crore) during the quarter ending December 2023, the management said. 

Kishor Patil, Co-founder, CEO, and MD of KPIT, in a post-result conference call with the media, said, "Our order pipeline has been robust." 

The Pune-based company, in its investor presentation, offered glimpses into its new orders, including from a leading Asian car manufacturer, which has selected KPIT for multiple orders in the autonomous driving and vehicle engineering domains.

The KPIT presentation also mentioned winning strategic orders in the system engineering and body electronics domains from a leading European car manufacturer.

KPIT has also partnered with a leading Tier 1 supplier in the e-powertrain domain, to cater to European OEMs. 

Furthermore, the company also highlighted that it will work with a leading European car manufacturer in the autonomous driving domain. 

Additionally, it also won several orders in the vehicle engineering domain for a leading American commercial vehicle manufacturer.

"Basis our performance so far, our robust pipeline, and the consistency of demand driven by new technology investments by our strategic clients, we are confident of meeting our upward revised outlook for the year,” Patil added.

Net profit jumps 54.6% during Q3FY24

Meanwhile, the company's net profit jumped by 54.6% YoY to Rs 155.3 crore in Q3 FY24 as against Rs 100.4 crore in Q3 FY23. The operating revenues likewise spiked to Rs 1,256 crore, translating roughly to a 37% YoY increase over  Rs 917 crore reported in Q3FY23. 

Sachin Tikekar, President and Joint MD, KPIT, said, "We are witnessing broad-based traction across technologies, clients, sub-verticals, and geographies."