On a consolidated basis, the net profit of KPIT Technologies dropped 4.13 per cent to Rs 633 after the IT company’s net profit fell by 2.28 per cent to Rs 83.48 crore despite of 8.62 per cent increase in revenue from operations to Rs 744.83 crore in the second quarter of FY23 over the first quarter of FY23.

On a yearly basis, the net profit surged 28.23 per cent, while revenue jumped 26.06 per cent in the second quarter of FY23.

Profit before tax fell 2.64 per cent QoQ but increased by 32.78 per cent on a yearly basis to Rs 109.13 crore in Q2FY23.

During the second quarter of FY23, EBITDA stood at Rs 138.16 crore in the second quarter of FY23, registering a growth of 3.75 per cent on a quarterly basis and 32.77 per cent year on year. EBITDA margin was at 18.5 per cent in the second quarter of FY23 as compared with 19.4 per cent in the first quarter of FY23 and 17.6 per cent in the second quarter of FY22. As on 30 September 2022, the total headcount was 9,916.

Kishor Patil, co-founder, CEO and MD of 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 leads to consistency in performance and long-term growth visibility Q2 FY23 performance has been better than expectations. We have a healthy pipeline with several mega engagements expected to close 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.”