KPIT Q4 CC revenue grows 50 per cent YOY backed by strategic long-term engagements with mobility leaders

Pune (Maharashtra) [India], April 26 (/BusinessWire India): KPIT Technologies (NSE: KPITTECH BSE: 542651), a global partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, announced financial results for Q4 FY23 today.

Performance overview

- Q4 FY23 Revenue

Q4FY23 CC Revenue grows 50% YoY, 8.5% Q-o-Q

USD Revenue Growth of 42.1% Y-o-Y, 12.1% Q-o-Q

Growth led by Strategic Accounts, Middleware and Architecture, Autonomous and Diagnostics

Q4FY23 was another good quarter in terms of new engagement closures

- Q4 FY23 Net Profit and EBITDA

Q4FY23 Net Profit at Rs. 1,116 million, 41.5% Y-o-Y growth

EBITDA at 19.1%, 60% Y-o-Y growth

EBITDA margin expansion of 60 bps for the quarter led by revenue growth and operational efficiencies

- FY 23 revenues

FY23 Reported Revenue USD 418 Million

FY23 Revenue grows 36.7% in CC terms

USD Revenue Growth of 27.4%

- FY 23 Profit

EBITDA at 18.9%, growth of 45% over FY22

Net Profit at Rs. 3,810 Million, 39% growth over FY22

- FY24 Outlook

CC Revenue growth in the range of 27% to 30%

EBITDA margin to be in the range of 19% to 20%

Final Dividend of Rs. 2.65 per share. Total FY23 Dividend of Rs. 4.10 per share

- Talent

Global employee count crosses 11000

Strong hiring pipeline globally to bring best talent for cutting edge client engagements

TCV of new engagements won during Q4 FY23: USD 423 million

(Includes TCV of ~ USD 250 Million for strategic engagement with Honda)

Commenting on the performance of FY23

Ravi Pandit, Co-founder and Chairman, KPIT said,

"The Mobility Industry is one of the larger contributors to global carbon footprint. Huge investments are being made and planned towards a sustainable future. We are proud to be intensely involved in this over the years and we will be a major technology led contributor towards this transformation. We are committed to achieve our vision of creating a Cleaner, Safer and Smarter world. FY23 was another satisfying year of sustainable growth and margin expansion, and we are excited and confident about our performance going forward."

Kishor Patil, Co-founder, CEO and MD, KPIT said,

"We have consistently delivered eleven sequential quarters of healthy growth in revenues and operating profits. On the back of a solid quarter and year performance and basis recent mega engagements and committed spend on software by our Strategic Clients, we are witnessing robust demand and increased visibility for the next 3-4 years. We are focused on helping our clients create new business models to transform their business. We start FY24 on a strong footing and expect to deliver CC revenue growth of 27%-30% with EBITDA margins between 19%-20%."

Sachin Tikekar, President and Joint MD, KPIT said,

"We start FY24 on the back of closure of key strategic, long-term engagements with Q4 wins TCV of USD 423 Million. We will focus on alignment and collaboration of practices to address larger problems of our clients through broader technology solutions. We are committed to building scale through robust competency framework, flawless execution and on-boarding the right talent with higher competency. We will channelize our investments towards creating trusted partnerships with our clients to effect greater value creation, in the coming years."

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