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KPIT Cummins Q3 Net Profits Increase by 66% - KPIT Cummins Infosystems Ltd (BSE: 532400; NSE: KPIT), a global IT consulting organisation, announced its results for the quarter ended December 31, 2006
KPIT Cummins Q3 Net Profits Increase by 66%

 

NewswireToday - /newswire/ - Mumbai, Maharashtra, India, 2007/01/18 - KPIT Cummins Infosystems Ltd (BSE: 532400; NSE: KPIT), a global IT consulting organisation, announced its results for the quarter ended December 31, 2006.

   
 
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Net profit for Q3FY07 grew by 65.85% over previous year to Rs. 137.23 million
• Revenues for Q3FY07 grew by 45.64% over previous year to Rs. 1171.07 million
• Offshore revenues grew by 50.53% over previous year
• 2 new Star customers added

For the quarter ended December 31, 2006, the Company earned Net Profit of Rs. 137.23 Million, 65.85% over the corresponding quarter in the previous fiscal and 11.14% over the preceding quarter.

Net profit margin has improved to 11.72% of revenues for the quarter, as compared to 10.83% in Q2FY07 and 10.29% in Q3FY06. EPS for the quarter was Rs. 9.21 as compared to Rs. 5.74 for the corresponding period of the previous year, an increase of 60.45%.

Total revenues for the quarter were Rs. 1171.07 Million, reflecting a 45.64% growth over the revenues in Q3FY06 and a 2.70% growth over Q2FY07 revenues. Organic revenues have shown a stronger growth of grown by 7.07% over the previous quarter.

Growth in offshore revenues has been strong at 50.53% over the previous year. As a proportion of total revenues, offshore revenues increased to 49.61% during the quarter, as compared to 42.04% in the corresponding quarter of the previous year.

During the quarter, the Company upgraded 2 of its customers to the Star customer category, thus taking the total number of Star customers to 15. One of the world’s leading players in the semiconductor industry and a customer of the Semiconductor Solutions LoB is one of the new Star customers. The other new Star customer is a leading manufacturing company based in Europe.

During the quarter, the Company added 4 new customers, taking the total active customer base to 86. These include 7 of the top 10 OEMs in the automobile industry, 6 of the top 20 semiconductor companies of the world and other leading names in the manufacturing and financial services verticals. There are 17 customers with a revenue run rate of over $ 1 Million.

For Q3FY07, 62.25% of Company’s revenue came from US, 29.45% from Europe and the balance 8.30% from Rest of the World, including Japan and Asia Pacific. Revenue breakdown by industry vertical was 77.50% from Manufacturing, 10.63% from Diversified Financial Services (DFS) and the balance 11.87% from ‘Others’ which included independent software vendors. Manufacturing vertical has grown by 4.26% compared to the previous quarter.

During the quarter the Company added 321 new employees, taking the total employee strength to 3,119.

Commenting on the performance of the Company, Mr. Ravi Pandit, Chairman and Group CEO, KPIT Cummins said, “We are happy with the performance. During this quarter we have stepped up our investment in technology development as well as marketing. We remain confident of achieving our targeted results.”

Mr Kishor Patil, Managing Director and CEO, KPIT Cummins added, “Our relationship with our customers is stronger than ever before, as reflected in customer satisfaction surveys, appreciation of clients, etc. We have 17 customers reaching revenue run rate of over $ 1 Million. Moreover, even in the face of stiff competition from global vendors, we have been able to win some important deals especially in the automotive sector.”

 
 
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KPIT Cummins Q3 Net Profits Increase by 66%

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