KPIT reports 28% rise in Y-o-Y profits

Pune: The city-based automotive technology provider KPIT Technologies has reported a 26% rise in its revenues for Q2 FY23 year-on-year, and a 28% rise year-on-year for its profits, although the latter also saw a slight dip sequentially.KPIT earned around Rs 745 crores in revenues for Q2 FY23, up from around Rs 590 crores in the corresponding FY22 quarter. In profits, KPIT recorded around Rs 83 crores for Q2 FY23, against Rs 65 crores a year ago, but dipping against the Rs 87 crores recorded in Q1 FY23. Priya Hardikar, KPIT’s CFO, attributed the drop to salary hikes across the board, as well as a drop in other income due to currency fluctuations.Kishor Patil, KPIT’s co-founder, chief executive officer, and MD, added that the company is targeting a 31%-32% growth in revenue, with some of it driven by its acquisitions across the world.