KPIT Cummins Q2 FY12 USD revenue up 45% Y-o-Y
Net profits grow 54% Y-o-Y to INR 364.78 million Signed three large deals together worth USD 100 million.
- (1888PressRelease) October 22, 2011 - Key highlights
• PAT for the quarter stood at INR 364.78 Mn, a Q-o-Q growth of 51%.
• INR Revenue for the quarter stood at INR 3,250.19 Mn, a like-for-like Q-o-Q growth of 7.1%.
• USD Revenue grew 45% Y-o-Y to 70.38 Mn on reported basis, like-for-like increase of 4.6% Q-o-Q.
• Milestone achieved - acquired strategic customers with consolidated deal value of USD 100 Million.
• Divestiture of Diversified Financial Services business to Infrasoft Technologies.
• 3 new patents were filed during the quarter, taking the total number of patents to 39.
Management comments
Ravi Pandit, Chairman & Group CEO, said, "We are consolidating on our vertical focus and are being increasingly recognized as a strong niche player, the divesting of Diversified Financial Services is a part of the same strategy. In the current economic environment customers are looking at partners that add special value and our vertical focus enables that. Our revenue and profit growth this quarter are a result of our sharp focus."
Kishor Patil, Managing Director and CEO, said, "We are happy with our strong pipeline across verticals and business units, especially the three large deals together worth USD 100 million, place us very well. Our profitability has improved in line with our expectations and our long term currency hedges are expected to bring in more predictability on this front over the next two years. Our performance in this quarter is yet again amongst the best in the industry and we are entering H2 FY12 on a positive note."
Addition to the Board
Sachin Tikekar, Chief of People Operations (CPO) and Executive Sponsor for Cummins engagement, has been inducted into the Board of Directors of KPIT Cummins.
Sachin is a founding member of KPIT Cummins and has played various leadership roles over the years. Prior to assuming the role of CPO, Sachin was the Chief Operating Officer of the US operations of KPIT Cummins, and was instrumental in building the Company's sales presence across US, Asia and Europe. Sachin has a Masters in Strategic Management and International Finance from Temple University's Fox School of Business and Management, Pennsylvania.
About KPIT Cummins Infosystems Ltd.
KPIT Cummins Infosystems Limited (BSE: 532400; NSE: KPIT), a trusted global IT Consulting and product engineering partner, is focused on co-innovating domain intensive technology solutions for Manufacturing corporations (with special focus on Automotive, Hi-Tech & Industrials verticals) to help its customers become efficient, integrated and innovative enterprises. A leader in technology solutions and services, KPIT Cummins currently partners with 100+ global Manufacturing corporations including 50+ Original Equipment Manufacturers (OEMs), semiconductor companies and Tier 1s, helping them globalize efficiently & bring complex technology products/ systems faster to their global markets. Please visit www.kpitcummins.com for more information.
TACT DETAILS
Vijay Vinjimoor
Gutenberg Communications
Tel: +91 80 41133277
Vijay ( @ ) gutenbergpr dot com
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