KPIT bags new orders worth US$ 261 million or nearly Rs 1,957.5 crore in Q4 FY24

KPIT's key Q4 FY24 wins include a major European car manufacturer selecting it for significant projects in electric powertrain and connected car domains, while additionally the company secured strategic partnerships with an Asian car manufacturer in connected, autonomous, and middleware domains.

By Shahkar Abidi calendar 29 Apr 2024 Views icon7326 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
KPIT bags new orders worth US$ 261 million or nearly Rs 1,957.5 crore in Q4 FY24

Pune-based KPIT Technologies (KPIT), a leading automotive software supplier, reported a robust TCV (total contract value) of over US$ 261 million (approximately Rs 1,957.5 crore) for new engagements in Q4 FY24, according to an investor presentation held on Monday.

Key wins included a major European car manufacturer selecting KPIT for significant projects in electric powertrain and connected car domains. Additionally, the company secured strategic partnerships with an Asian car manufacturer in connected, autonomous, and middleware domains, and another American car manufacturer for connected, electric, and conventional powertrain solutions.

Furthermore, KPIT announced strategic engagements in the autonomous, electric, and conventional powertrain domains with another leading American car manufacturer, along with key deals in powertrain and vehicle diagnostics for a major American commercial vehicle OEM.

Kishor Patil, Co-founder, CEO and MD, KPIT, said, "Software content inside and outside the vehicle is growing in areas of alternate fuel technologies, autonomous and connectivity. Global OEMs are pledged to changing their business model. Basis committed investments by our strategic clients, a strong pipeline and solid wins of $ 261 million in Q4, we continue to witness robust demand. We start FY25 on a strong footing and expect to deliver CC revenue growth of 18%–22% with EBITDA margins of over 20.5%.”

KPIT's Q4FY24 revenue increased by 29.53% and reached Rs 1317.80 crore, up from Rs 1017.37 crore  in Q4FY23. Net profit also climbed to Rs 164.35 crore in Q4FY24 compared to Rs 111.60 crore  in Q4FY23, translating into a growth of nearly 47.27%. The company attributed the growth to strong performance in middleware, connected, and autonomous domains, with broad-based geographical growth led by Asia, particularly in passenger car and commercial vehicle segments.

Sachin Tikekar, Co-founder and Joint MD, KPIT, said,” We start FY25 on back of a solid Q4 and FY24 operational performance. We are uncompromising on our focus on strategic client partnerships, technology innovations, people and zero-defect deliveries. We will pivot our investments on enhancing domain practices and sharpen our focus on commercial vehicles and Asia strategy."
 

RELATED ARTICLES
Volvo CE India eyes increased profitability on back of mass production of larger machines

auther Autocar Pro News Desk calendar19 Jun 2024

"I'm sure we will see much more profits ahead when we go into the mass market with bigger machines and more volumes of m...

Jaguar Land Rover to revive Freelander as EV in China

auther Autocar Pro News Desk calendar19 Jun 2024

The luxury car brand is reviving its Freelander model in an electric avatar in China through a licensing agreement with ...

Volvo CE India to increase revenue share from services business to 33%

auther Autocar Pro News Desk calendar19 Jun 2024

Dimitrov Krishnan, Managing Director of Volvo CE India, said, "We would like to grow and make it one-third from just abo...