KPIT Cummins has declared its third quarter results.

Here are the key concall takeaways:

Net profits for the quarter grew by 2.97% y-o-y to Rs. 141.13 Mn

Rate revision across geographies, European rates higher due to currency

Revenues in Rupee terms grew sequentially by 1.29% and by 29.09% y-o-y.

Offshore revenue growth was 42.05% y-o-y and 6.98% q-o-q.

Offshore revenue constituted 54.59% of total revenue, as compared to 51.69% in Q2 FY08 and 49.61% in Q3 FY07.

Volume growth, as measured by FTE growth, measures the actual increase in the volume of work without the effect of exchange rate or billing rates. During the quarter, total volume growth was 35.01% y-o-y and 5.86% q-o-q.

During the quarter, the proportion of fixed price contracts went up to 14% as compared to 12% in the previous quarter and 9% a year ago.

Gross profit during the quarter increased by 34.84% y-o-y and 6.56% sequentially, despite a 2.88% decline in average realization rate for the quarter.

Gross profit margin for the quarter was 38.97%, higher by 1.93% over the previous quarter on account of higher offshoring volume.

EBITDA has grown by 33.27% y-o-y to Rs. 237.86 Mn.

PBT grew during the quarter by 2.60% sequentially to Rs. 163.44 Mn. PBT margin improved slightly to 10.81% as compared to 10.67% in the previous quarter.

As at the end of December 2007, total hedged position stood at approximately $19.44 Mn at an average of Rs. 41.86 / US$

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