KPIT Q1 net profit up marginally at Rs 55.4 crore

profit_2_10813954

IT firm KPIT on Wednesday said its net profit grew marginally to Rs 55.45 crore in the first quarter ended June, impacted by currency volatility.

This is against a net profit of Rs 55 crore in the year- ago period, KPIT said in a statement.

The company's sales increased 8.36 per cent to Rs 870.36 crore in the reported period from Rs 803.23 crore in the same quarter a year ago, it added.

The profitability during the quarter was impacted by the rupee appreciation and thus, was lower as compared to the last quarter, the company said.

The year has started on a positive note for us with a quarter-on-quarter growth of 4.8 per cent in USD terms, aided by strong performance in products, engineering and IES business segments, KPIT co-founder, CEO and MD Kishor Patil said.

"This gives us confidence to achieve the higher end of our revenue guidance for the year. Though the growth momentum has been good, we have to focus on profitability improvement and H2 will see the results of the profitability actions we have taken," he added.

The company said its wage hikes will kick-in in the next quarter, which will be about 225 to 250 basis points of the revenue.

The company added 151 people during the quarter.