KPIT Q1FY2024 Performance Overview

Q1FY24 CC Revenue grows 51.7% Y-o-Y
Q1FY24 Profit (PAT) grows 56.9% Y-o-Y


Reported $ Revenue growth of 49%
7.1% CC growth, 8.2% Reported $ growth, Q-o-Q

Net Profit

Q1FY24 Net Profit at ₹ 1,340* M
20.1% Q-o-Q growth in Net Profit
(*In line with IND AS 103, a one-time gain of ₹ 134 M resulting from remeasuring of earlier FMS equity stake at the acquisition date FMV has been taken in Q1FY24, excluding which PAT is ₹ 1,206 M)


EBITDA at 20%
Y-o-Y EBITDA growth of 65.2%, Q-o-Q 13.3%

Wins and Pipeline

$ 190M worth engagements closed in the quarter
Healthy Pipeline level across practices

Q1FY2024 Performance Highlights

Growth led by Strategic Accounts, Middleware and Architecture, Electric Powertrain and Connected Vehicles. Balance 75% stake in FMS acquired during the quarter.
FMS contributed USD 1.7 M to revenue during the quarter

EBITDA margin expansion of 90 bps for the quarter led by revenue growth resulting in fixed costs leverage and operational efficiencies.

Impact of Purchase Price Allocation (FMS acquisition) of ₹ 11.4 M reflected in Depreciation. One time gain of ₹ 134 M accounted for in the quarter, resulting from remeasuring of earlier FMS equity stake, at acquisition date FMV. Q1FY24 other income was higher as compared to last quarter due to lower loss on realization and ₹ depreciation against the Euro & GBP. ETR increased Q-o-Q due to absence of one-time tax credits reported last quarter.

Net Cash at quarter end stood at ₹ 5.26 billion post Acquisition payouts of ₹ 2,429 million (Technica, FMS and Somit). DSO stood at 50 days.

Management Quotes

We have started the year on a positive note and have delivered a robust all-round performance in line with our expectations of a stronger first half. Opportunities remain stronger as mobility players continue to invest in new technologies, in the areas of electrification, vehicle autonomy, connectivity and personalization. We have a healthy pipeline and are slightly ahead in the ramp up of the mega strategic engagements announced last year. This gives us a fair medium-term visibility and we are confident of reaching our stated outlook of revenue growth and operating margins for FY2024.

Kishor Patil

Co founder, CEO and MD, KPIT

We are experiencing greater traction with our strategic clients as we move further in creating trusted partnerships with our clients to help them accelerate their transformation. The attrition has been consistently falling over the last 3 quarters. We are investing in improving the quality of hires and building the right competencies and technologies to enable flawless execution. We have started baselining sustainability and co-creating a roadmap with our employees and look forward to scaling our impact in creating a cleaner, smarter, safer world in the years to come through our offerings, operations, and employees.

Sachin Tikekar

President and Joint MD, KPIT

Deal Wins

TCV of new engagements won during the Quarter : $ 190 million


Multiple strategic engagements in autonomous driving, body electronics and diagnostics for a leading European Car Manufacturer


A few strategic engagements in the electric powertrain domain for a leading American Car Manufacturer


Several engagements in the middleware and architecture consulting and electric powertrain domains for a leading American Car Manufacturer


Multiple strategic programs in autonomous driving and body electronics domains for a leading European Car Manufacturer


Various strategic engagements in the vehicle engineering and connected domains for a leading American Commercial Vehicle Manufacturer

Financial and operational Data