Profit before tax rose 29.68% quarter on quarter (QoQ) and 57.59% YoY to Rs 176.63 crore in the quarter ended 30 June 2023.

EBITDA stood at Rs 2,200.12 crore in Q1 FY24, registering a growth of 13.26% QoQ and 65.21% YoY. EBITDA margin improved to 20% in Q1 FY24 as against 19.1% in Q4 FY23 and 19.4% posted in Q1 FY23.

During the quarter, constant currency (CC) revenue growth was at 51.7% YoY. In dollar terms, revenue growth was 49% YoY and 8.2% QoQ.

Total contract value (TCV) of total deals won during the quarter was $190 million.

The total headcount as on 30 June 2023 was at 11,571.

With respect to outlook for FY24, KPIT Technologies said that CC Revenue growth is expected in the range of 27% to 30% and EBITDA margin to be in the range of 19% to 20%.

Kishor Patil, Co-founder, CEO and MD, KPIT said,” We have started the year on a positive note and have delivered a robust all-round performance in line with our expectations of a stronger first half. Opportunities remain stronger as mobility players continue to invest in new technologies, in the areas of electrification, vehicle autonomy, connectivity and personalization. We have a healthy pipeline and are slightly ahead in the ramp up of the mega strategic engagements announced last year. This gives us a fair medium-term visibility and we are confident of reaching our stated outlook of revenue growth and operating margins for FY2024.”

Sachin Tikekar, Co-founder and Joint MD, KPIT said, “We are experiencing greater traction with our strategic clients as we move further in creating trusted partnerships with our clients to help them accelerate their transformation. The attrition has been consistently falling over the last 3 quarters. We are investing in improving the quality of hires and building the right competencies and technologies to enable flawless execution. We have started baselining sustainability and co-creating a roadmap with our employees and look forward to scaling our impact in creating a cleaner, smarter, safer world in the years to come through our offerings, operations, and employees.”

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.