On a year on year (YoY) basis, the company's net profit surged 28.23% while revenue jumped 26.06% in Q2 FY23.

Profit before tax fell 2.64% quarter on quarter but increased by 32.78% YoY to Rs 109.13 crore in quarter ended 30 September 2022.

EBITDA stood at Rs 138.16 crore in Q2 FY23, registering a growth of 3.75% QoQ and 32.77% YoY. EBITDA margin was at 18.5% in Q2 FY23 as compared with 19.4% in Q1 FY23 and 17.6% in Q2 FY22.

During the quarter, Constant Currency (CC) revenue growth was 27% YoY and 8.3% QoQ. In Dollar terms, revenue growth was 17.2% YoY and 4.8% QoQ.

With respect to outlook, KPIT Technologies said that it has increased CC revenue growth to 31%-32%. Reported $ growth will be impacted adversely due to cross currency headwinds.

The total headcount as on 30 September 2022 was at 9,916.

Kishor Patil, co-founder, CEO and MD, KPIT said,” Software is at the heart of the transformation that the mobility industry is witnessing. KPIT's position as a leader in this transformation is leading to consistency in performance and long-term visibility of growth. Q2 FY23 performance has been better than expectations. We have a healthy pipeline with a couple of mega engagements expected to get closed in the coming 3-4 months. We have thus raised our FY23 growth outlook to 31%-32%. The organic growth outlook is 200+ bps higher than the higher end of the 18%-21% outlook at the beginning of the year.”

Sachin Tikekar, president and joint MD, KPIT said,” Vehicle makers are investing heavily to develop Software Defined Vehicles (SDVs) of tomorrow. This calls for deep domain expertise and software competence, which KPIT brings to the table. We are seeing the result of this and thus witnessing increased traction with our Strategic Clients. The supply side constraints are gradually moving in the right direction with attrition numbers consistently on the decline. We are very excited with the addition of Technica to the KPIT family with the closing effected in October 2022.”

KPIT Technologies is a technological company focused on automobile engineering and mobility solutions. The company offers technology solutions to automobile OEMs under different practices such as power trains (conventional and electrical), connectivity, autonomous (vision and control systems) and diagnostics. Each of its practice areas offer software IP, software integration, feature development, and verification and validation services.