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Pune, Maharashtra, India, 2010/01/20 - Net Profit grows 27% Y-o-Y, revenues grew by 8.6% Q-o-Q to USD 39.48 Mn. KPIT Cummins filed 6 Patents Covering Innovations in Automotive and Semiconductor Technologies (BSE: 532400; NSE: KPIT).
KPIT Cummins (BSE: 532400; NSE: KPIT), the leading product engineering and IT consulting partner to manufacturing companies, today announced a net profit increase of 27% Y-o-Y during Q3 FY 2010, ending December 31, 2009. KPIT Cummins also announced that revenues grew to USD 39.48 Mn, a growth of 8.62% Q-o-Q. Increased focus on non-linear growth and differentiated engagement models started delivering results in Q3, FY10.
• Filed a total of 6 patents in the last quarter - 5 patents in the area of Powertrain & Hybrid and 1 patent in semiconductor space.
• Entered into a definitive merger agreement with Sparta Consulting Inc, a California, US based leading provider of high-end SAP solutions. The all cash transaction is for a consideration of USD 38 million which includes a bonus of USD 4 million.
• Became Product Partner of Mathworks Connections Program. This will enable us to align our AUTOSAR based products with the industry’s leading technical computing software.
Highlights for the quarter ended December 31, 2009:
• Net Profits for the quarter stood at INR 214 Mn, a Y-o-Y growth of 27%.
• Increased Profit Guidance for FY10. Net Profit after tax to be in the range of Rs. 840 Million to Rs. 860 Million for FY10, Y-o-Y growth of 28% to 30%.
• USD Revenue for the quarter increased by 8.6% Q-o-Q to $ 39.48 Mn.
• In INR terms, revenues stood at Rs. 1,847.5 Mn. Q-o-Q growth of 4.39%.
• 2 new Customers were added during the quarter, taking the total number of customers to 139.
• 6 new patents were filed during the quarter, taking the total number of patents to 14.
Ravi Pandit, Chairman & Group CEO said, “Our investments in technologies and people have delivered results. In this quarter, we have filed 6 patents in automotive and semiconductor space (aligned to customer priorities) and this thrust would continue. Driven by technologies to improve manufacturing processes, we believe a larger component of our revenues in the current year and FY11 could come from new technologies. As part of our hiring plan we were to add 250 freshers in the workforce, of this half have already joined and the remaining will come on board during Q4, FY 10.”
Kishor Patil, MD & CEO, said, “Phase 1 of the integration process of Sparta Consulting is nearly complete and we have started seeing positive traction from customers to our strengthened SAP practice. Emerging markets – India and China, are also showing significant growth and the revenues from this region have doubled during the current financial year. Overall in most of our business areas we have started seeing positive and increased interest from customers across all geographies.”