Kpit, Corporation

KPIT, a leading independent software development and integration partner to the automotive industry announced financial results for Q3 FY 2020-21 on Thursday.KPIT reported a growth in net profits of 49.8 per cent sequentially and revenue growth (in USD terms) of 6.7 per cent sequentially.Significant highlights of the results include:* Q3FY21 EBITDA at 15.7 per cent as compared to 14.3 per cent last quarter* Net Profit for the quarter at Rs 418 million as against Rs. 279 million last quarter* Q3FY21 reported revenue at USD 69.72 million, a CC growth of 6.5 per cent Q-o-Q* Net Cash as at the quarter end stood at Rs 6,295 million as compared to Rs 5,278 at the beginning of the quarter"Our depth and experience in Electric Powertrain, Autonomous Driving and Digital Cockpit areas are helping us gain traction within our strategic clients. The Automotive and Mobility industry is prioritizing investments in new age technologies and we are at the forefront of technology in these areas. We had a handsome growth in revenues and profits this quarter and we are confident of continuing with the growth and margin improvement momentum going into the next quarter," said Kishor Patil, Co-founder, CEO and MD, KPIT, commenting on the results.The financial performance improved holistically with:* Sequential growth of 6.7 per cent led by electric powertrain and Europe geography. Execution started on the large deals won in earlier quarters* Operating Margin (EBITDA) expansion of 140 bps post salary restoration. Improvement in utilization, offshore revenues, consolidation of facilities* Sequential net profit growth of ~50 per cent led by higher operating margins, lower depreciation, and higher yields on cash* High cash conversion continues with DSO at an all-time low of 58 days. 8th consecutive quarter of increase in net cash"We continue to deepen our strategic engagements with our T25 clients, with emphasis on creating tremendous value for them through leadership in our Practices (via Platforms, Tools and Accelerators), delivery excellence and making KPIT the Best Place to Grow for our employees. Our operating performance is also trending in the right direction on the back of larger strategic engagements and overall productivity improvements," said, Sachin Tikekar, President and Whole-time Director, KPIT.Investor Update Q3 FY2020-21 - Download Here -This story is provided by BusinessWire India. will not be responsible in any way for the content of this article. (/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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KPIT, a leading independent software development and integration partner to the automotive industry announced financial results for Q3 FY 2020-21 on Thursday. ...