KPIT Technologies, a software and engineering firm with a focus on the auto industry, has posted a robust performance for the third quarter ended December 30. The company reported a noteworthy 50.64% year-on-year increase in net profit, reaching Rs 156.75 crore. This impressive growth stands out in the context of the overall IT services sector experiencing a seasonally weak quarter and subdued growth amid macroeconomic uncertainties.
The firm’s net profit exhibited a solid 10.86% growth compared to the previous quarter. Additionally, consolidated revenue witnessed a significant upswing, surging by 37.06% compared to the same period last year and by 4.8% compared to the previous quarter, reaching Rs 1,256 crore in the December quarter of FY24, as per BSE filings. KPIT Technologies also saw an expansion in its EBIT margin, rising to 16.6% from 16% in Q2FY24.
In a move reflecting the company’s positive financial performance, the board of directors announced an interim dividend of Rs 2.10 per equity share (about 21% of face value of Rs 10 each) for the financial year 2023-24.
As of 1:11 pm, KPIT Technologies’ shares were trading 3.85% higher at ₹1,459.85, indicating investor confidence in the company’s strong quarterly results.
