KPITTECH · Information Technology
KPIT Technologies Ltd. reported revenue of ₹1,471 cr for July to September 2024, +22.7% on the year and +7.8% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹297 cr, a margin of 20.2%, +17 bps on the year and −91 bps on the quarter. Over the last 6 quarters the margin has ranged from 19.5% to 21.1%, averaging 20.3%. Operating costs grew +22.4%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹204 cr, +44.7% on the year and 0.0% on the quarter, with earnings per share of ₹7.43. Profit before other income, one-offs and tax grew 29.1%, so 16 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average.
On earnings per share of ₹26.55 over the last four quarters, the stock at ₹553.35 trades at 20.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +44.7% on the year; profit before other income, exceptional items and tax +29.1%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,257 cr | ₹1,318 cr | ₹1,365 cr | ₹1,471 cr | ₹1,478 cr | ₹1,528 cr | ₹1,539 cr | ₹1,588 cr | ₹1,617 cr | ₹1,711 cr | ₹1,675 cr | ₹1,691 cr |
| YoY | — | — | +24% | +23% | +18% | +16% | +13% | +8% | +9% | +12% | +9% | +6% |
| EBITDA margin | 20.6% | 20.6% | 21.1% | 20.2% | 20.7% | 21.1% | 19.2% | 18.8% | 19.2% | 18.5% | 15.3% | 15.8% |
| Other income, % of PBT | 9% | 8% | 19% | 18% | 7% | 19% | 7% | 10% | −14% | 5% | 5% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 26% | 28% | 27% | 23% | 27% | 27% | 26% | 27% | 27% | 28% |
| Net profit | ₹157 cr | ₹166 cr | ₹204 cr | ₹204 cr | ₹187 cr | ₹245 cr | ₹172 cr | ₹169 cr | ₹133 cr | ₹163 cr | ₹116 cr | ₹121 cr |
| YoY | — | — | +52% | +45% | +19% | +48% | −16% | −17% | −29% | −33% | −33% | −28% |
| Core profit YoY | — | — | +44% | +29% | +23% | +24% | −1% | −10% | −13% | −17% | −31% | −23% |
| EPS | ₹5.67 | ₹6.00 | ₹7.45 | ₹7.43 | ₹6.82 | ₹8.93 | ₹6.27 | ₹6.17 | ₹4.86 | ₹5.95 | ₹4.27 | ₹4.40 |
| Flags | · | · | ✓ | 1 | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
KPIT Technologies Ltd. reported revenue of ₹1,471 cr (+22.7% on the year) and net profit of ₹204 cr (+44.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +29.1% on the year, against +44.7% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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