KPIT Cummins results out, revenue up 2.4%
Indian Express: KPIT Cummins, a product engineering and IT consulting partner to manufacturing companies, on Thursday announced its financial results for second quarter, ending September 30. Amidst early signs of revival, company sees traction in emerging markets and had stepped up action in select adjacent verticals.
Commenting on the company’s performance, Ravi Pandit, chairman and CEO, said, “During the last year, the manufacturing industry has undergone a big paradigm shift with an extraordinary rise in demand for more fuel efficient, less polluting and safer products. “We have set ourselves a goal of reaching $500 million in revenues in the near future,” he said.
The company had set a target of $ 500 million by end of FY 2013 and extended services to defence and PSU sectors.
The revenue for the quarter ended September 30 increased by 2.4per cent to Rs 17698.6 lakh. The company had added four new customers during the period, taking the total number of customers to 137.
The company has set itself a target of $ 500 million revenues by end of FY 2013 by continuing to focus on select industries and strengthening key practice areas.
In automotive sector, the company has commenced strategic consulting engagement for an Indian Auto OEM. It has consulted an American OEM on Human Machine Interface (HMI) Tool selection and developed an end-to-end software solution for night vision and pedestrian detection for an Asian Tier It has also built a Dedicated Short Range Communication (DSRC) based Advanced Traffic management solution for an American Tier 1.
In press release, Kishor Patil, MD and CEO, said, “Our current quarter’s results reflect the revival trends that are observed in our focus markets. The slide in revenues in the last quarter has been arrested and we are on the growth path again. Our profitability outlook continues to be positive and we believe we should end the year with Net Profit after Tax in the range of Rs. 770 million to 820 million.” With the business scenario gradually recovering, we continue with our investments in R&D, Practice Development and People Development. We are also focusing on extending our service offerings to the Public Sector Undertakings (PSUs) and Defense sectors. We are confident that this would help us gain market leadership in select practice areas.”
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