Clocks KPIT reports Q3 FY24 Revenue of USD 149 MN; EBITDA grows at 52.2% Y-o-YMarks 14th consecutive quarter of steady revenue and EBITDA growth.
Gurgaon, India | 30th January 2024 | NSE: KPITTECH BSE: 542651: An independent software integration partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, announced financial results for Q3 FY24 today.
KPIT Performance overview:
Q3 FY24 Revenues
CC Revenue growth of 31.5% Y-O-Y & $ Revenue Growth of 35% Y-o-Y
CC Revenue growth of 4.3% Q-o-Q & $ Revenue Growth of 2.7% Q-o-Q
Revenue growth led by Powertrain, Autonomous, and Connected domains. Growth led by Passenger Vehicles in Europe & Asia
Q3 FY24 EBITDA and Net Profit
EBITDA at 20.6%
EBITDA Growth at 52.2% Y-o-Y and 7.7% Q-o-Q
PAT Grows 54.6% Y-o-Y and 10.3% Q-o-Q
EBITDA margin expanded to 20.6% (20% in Q2 FY24), up ~200 bps Y-o-Y, after adding ~600 freshers and quarterly promotions. Margin expansion led by improved productivity and operating leverage coupled with better-realized rates
TCV of new engagements won during Q3 FY24: $189 million
Global employee count crosses 12700
Increased investments in competency development for delivery of complex engagements
Commenting on the performance of Q3 FY24:
Kishor Patil, Co-founder, CEO and MD, KPIT said,
“We continue to focus on execution relentlessly and have been consistently reaping the benefits of our focus on the mobility industry, key technologies, key clients and key talent. The Q3FY24 revenues have been in line with our expectations, while we have delivered slightly ahead of expectations on the profitability front. Basis our performance so far, 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”.
Sachin Tikekar, President and Joint MD, KPIT said,
“We are witnessing broad-based traction across technologies, clients, sub-verticals and geographies. We are increasing our strategic engagements in the quest to move towards being Trusted Partners for our strategic clients. As we have seen over the last 4 quarters, the attrition continues to fall and is now at historically low levels. We have significantly moved the needle in our quest for inclusive sustainability across KPIT. We have increased our investments in new technologies and competency development to enable us deliver complex engagements, successfully”.
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