KPIT a leading partner for developing software defined vehicles to the automotive and mobility industry announced financial results for Q1 FY23 results today.
Performance overview Q1 FY23 Revenue o CC Revenue Growth of 23 percent Y-o-Y, 6.0 percent Q-o-Qo $ Revenue Growth of 16.4 percent Y-o-Y and 3.2 percent Q-o-Qo $ Revenue Growth of 16.4 percent Y-o-Y and 3.2 percent Q-o-Q Operating margins Operating margins o Q1FY23 EBITDA at 19.4 percent against 18.6 percent last quarter.
Higher cross currency impact due to Euro, GBP and Yen depreciation against the INR. EBITDA expansion of 80 bps despite supply side constraints, fresher additions and cross-currency headwinds.
Operating efficiency, net realization improvement and revenue growth leading to consistent improvement in margins Healthy growth in net profit aided by improvement in operating margins and higher other income.
ETR for the quarter higher as compared to last quarter, as a result of one-time benefit last quarter. High cash conversion continued post acquisition payout, with DSO at 46 days. Net Cash at quarter end Rs. 10.6 billion.
Fourth consecutive quarter of increase in net cash and healthy cash conversion TCV of new engagements won during Q1 FY23: $ 155 million.
This change will be enabled by CASE and centralized architecture programs, essentially Software Driven Vehicles. KPIT is uniquely positioned as a software integrator, helping global OEMs accelerate this journey.
We have started the year on a positive note with an all-round performance, with growth in-line with our plan and healthy margin expansion, despite cross-currency headwinds. We remain optimistic on the overall growth environment.
The vehicle manufacturers are aiming to earn revenues over the life of the vehicle for sustainable growth. This change will be enabled by CASE and centralized architecture programs, essentially Software Driven Vehicles. KPIT is uniquely positioned as a software integrator, helping global OEMs accelerate this journey.
President and Joint MD, KPIT said, "It has been our goal to uphold all our client commitments and help our clients become successful, by leveraging technology. This relentless focus on our strategic clients continues to yield great results, resulting in larger, strategic engagements. Supply side pressures continue to persist, albeit at an eased pace. We have nurtured the existing partnerships and formed new ones with global universities to help attract global talent and aid retention by enabling career growth opportunities to our employees, with focused educational programs."
KPITKPIT Technologies is a global partner to the automotive and mobility ecosystem for making software-defined vehicles a reality. It is a leading independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future.
With 8,500+ automobelievers across the globe specializing in embedded software, AI, and digital solutions, KPIT accelerates its clients’ implementation of next-generation technologies for the future mobility roadmap. With engineering centers in Europe, the USA, Japan, China, Thailand, and India, KPIT works with leaders in automotive and mobility and is present where the ecosystem is transforming.
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