KPIT net profit up 3.63%

KPIT Technologies announced a net profit of Rs 63.91 crore for the quarter ended 31st December, 2018, up 3.63% as against the corresponding quarter last year. Revenues were up 16.27% at Rs 1061.3 crore, while in dollar terms revenue was up 5.5% annually at $149 million.

The board also approved the composite scheme of merger and dermerger with Birlasoft effective 15th January, 2015.

Kishor Patil, Co-founder, CEO & MD, KPIT said,” The Board has adopted the Composite Scheme of Merger and Demerger with Jan 15, 2019 as the effective date. We look forward to the exciting journey of focus and value creation in both the entities viz. Birlasoft in Enterprise Digital IT and KPIT in Automotive Engineering and Mobility Solutions. Though the current quarter revenue was affected by lower billing days and completion of a couple of large projects in IT, we are on track as regards the annual revenue guidance and are well ahead of the operational margins guidance.”

The company had announced the merger with Birlasoft in January 2018.

Sachin Tikekar, President, KPIT said,” We focused on the business familiarization and people integration for the IT Business and are reasonably satisfied with the results. Though this quarter was soft due to seasonality, our pipeline continues to be healthy. As we get ready to start a new journey, we believe both KPIT and Birlasoft look forward to the enthusing opportunities ahead.”