KPIT Q1 FY21 Performance Overview
KPIT Q1FY21 USD revenue at USD 65.25 Million, a Y-O-Y decline of 9.1%
in constant currency terms
Revenue decline of 13.8% Q-o-Q in constant currency terms
Q1FY21 EBITDA at 13.4%, Net Profit at ₹ 240 Million, 21.7% Y-o-Y decline in Net Profit
New deal signed, worth USD 60+ M over 5 Years
Net cash as at the quarter end stood at ₹ 3,939 Million
Management Quotes
We experienced good traction in strategic accounts, which have cumulatively grown by ~20% in FY20. We have a strong Balance Sheet and have consistently built on our cash reserves. While Covid-19 will have a negative impact on business in H1FY21, we are now having constructive discussions with our clients and have won some sizable new deals, the benefit of which will start flowing in H2FY21.
Kishor PatilCo founder, CEO and MD, KPIT
At KPIT, the safety of our employees and deliverables to our clients are of prime importance to us. Our cross-functional teams have done a tremendous job to enable 98%+ work from home for our employees globally, without any disruption. We continue to engage with our clients in a deeper way to create more value for them
Sachin TikekarPresident and Whole time Director, KPIT
Significant Deal Win
A Leading Automotive Tier I and system supplier for Autonomous Driving and ADAS and a market leader in automotive safety electronics product has selected KPIT as their strategic software partner. This strategic partnership will leverage cutting edge software technology from KPIT for various vehicle programs globally for Autonomous Driving, ADAS and AUTOSAR domains.
The engagement pans for 5 years and deal value is estimated at USD 60+ million.
The partnership involves KPIT to collaborate seamlessly with them across multiple countries in Europe, US and Asia for various production programs.
Major Deal Wins
A leading German Car manufacturer selected KPIT for a project in electric powertrain area
A leading Asian car manufacturer selected KPIT for a project in the connected domain
A leading German Car manufacturer selected KPIT for a project in ADAS area
A leading Asian Tier I Supplier selected KPIT for a project in the electric powertrain area
A leading US Tier I Supplier selected KPIT for multiple projects in AD-ADAS domain
Financial and operational Data
Profit & Loss Account Snapshot
INR MN
| DETAILS | Q1FY21 | Q4FY20 | Q1FY20 |
| Revenue from Operations | 4,927.10 | 5,562.28 | 5,057.51 |
| Other Income | 25.17 | 76.79 | 14.56 |
| Total Income | 4,952.27 | 5,639.07 | 5,072.07 |
| Operating Expenses | 4,283.19 (This includes forex loss of ₹ 18.46 Million which is excluded in EBITDA computation) | 4,810.91 | 4,318.80 |
| EBITDA | 662.37 | 751.37 | 738.71 |
| Depreciation | 330.03 | 293.95 | 238.23 |
| EBIT | 332.34 | 457.42 | 500.48 |
| Finance Costs | 49.31 | 44.96 | 45.81 |
| Change in FMV of Investments | 3.21 | 47.43 | (46.44) |
| Profit Before Exceptional Items | 292.95 | 536.68 | 422.79 |
| Exceptional items | – | (64.15) | (24.66) |
| PBT | 292.95 | 472.53 | 398.13 |
| Tax | 50.70 | 91.53 | 88.02 |
| PAT | 242.25 | 381.0 | 310.11 |
| Profit Attributable to owners of company | 240.17 | 371.36 | 306.89 |
| Profit Attributable to non-controlling interest | 2.08 | 9.64 | 3.22 |
Balance Sheet Snapshot
INR MN
| ASSETS | Q1FY21 | Q4FY20 |
| NON-CURRENT ASSETS | ||
| Property, Plant & Equipment | 2,095.86 | 2,128.87 |
| Right-of-use Assets | 2,977.66 | 1,627.62 |
| Other Tangible Assets | 83.28 | 51.70 |
| Goodwill & Other Intangibles | 1,652.68 | 1,507.85 |
| Other Non-Current Assets | 987.39 | 892.39 |
| TOTAL NON-CURRENT | 7,796.87 | 6,208.43 |
| CURRENT ASSETS | ||
| Inventories | 76.25 | 115.27 |
| Cash and Cash Equivalents | 4,318.57 | 3,820.53 |
| Trade Receivables | 4,345.75 | 4,486.77 |
| Other Current Assets | 1,969.97 | 1,719.62 |
| TOTAL CURRENT | 10,710.54 | 10,142.19 |
| TOTAL ASSETS | 18,507.41 | 16,350.62 |
| EQUITY & LIABILITIES | Q1FY21 | Q4FY20 |
| Equity Share Capital | 2,689.02 | 2,688.8 |
| Other Equity | 7,930.92 | 7.780.77 |
| Equity attributable to owners | 10,619.94 | 10,469.57 |
| Non-controlling interests | 21.03 | 35.71 |
| TOTAL EQUITY | 10,640.97 | 10,505.28 |
| NON-CURRENT LIABILITIES | ||
| Borrowings | – | – |
| Lease Liabilities | 2,356.68 | 1,143.95 |
| Other Non-Current Liabilities | 159.76 | 150.67 |
| TOTAL NON-CURRENT | 2,516.44 | 1,294.62 |
| CURRENT LIABILITIES | ||
| Borrowings | 380.08 | 542.67 |
| Trade Payables | 902.14 | 846.74 |
| Lease Liabilities | 461.45 | 313.51 |
| Others | 3,606.33 | 2,847.80 |
| TOTAL CURRENT | 5,350.0 | 4,550.72 |
| TOTAL EQUITY AND LIABILITIES | 18,507.41 | 16,350.62 |
Revenue Break-up
USD MN
| Geography | Q1FY21 | Q4FY20 | Q1FY20 | Q-o-Q | Y-o-Y |
| US | 27.45 | 30.41 | 30.29 | (9.7)% | (9.4)% |
| Europe | 25.74 | 31.91 | 27.00 | (19.4)% | (4.7)% |
| Asia | 12.06 | 14.62 | 15.45 | (17.5)% | (22.0)% |
| TOTAL | 65.25 | 76.94 | 72.75 | (15.2)% | (10.3)% |
| Verticals | Q1FY21 | Q4FY20 | Q1FY20 | Q-o-Q | Y-o-Y |
| Passenger Cars | 50.76 | 58.33 | 52.88 | (13.0)% | (4.0)% |
| Commercial Vehicles | 13.55 | 16.67 | 17.63 | (18.8)% | (23.2)% |
| New Mobility | 0.61 | 0.83 | 0.54 | (26.7)% | (13.0)% |
| Others | 0.33 | 1.11 | 1.70 | (69.8)% | (80.3)% |
| TOTAL | 65.25 | 76.94 | 72.75 | (15.2)% | (10.3)% |
| Practices | Q1FY21 | Q4FY20 | Q1FY20 | Q-o-Q | Y-o-Y |
| Powertrain | 23.92 | 25.01 | 25.10 | (4.4)% | (4.7)% |
| AD ADAS | 14.37 | 19.87 | 15.58 | (27.7)% | (7.7)% |
| Connected Vehicle | 8.24 | 8.07 | 10.91 | (2.1)% | (24.5)% |
| Others | 18.72 | 23.99 | 21.16 | (22.0)% | (11.5)% |
P&L Metrics
| Q1FY21 | Q4FY20 | Q1FY20 | Q-o-Q | Y-o-Y | |
| Revenue by Contract Type | |||||
| Time & Material Basis | 48.2% | 48.6% | 48.6% | (15.9)% | (11.0)% |
| Fixed Price Basis | 51.8% | 51.4% | 51.4% | (14.6)% | (9.7)% |
| Clients | |||||
| Strategic Client Revenue (T21)* | 86% | 82% | 79% | (11.1)% | (2.4)% |
| Active Clients | 55 | 58 | 60 | ||
| Revenue per Devp. Employee USD | 41,394 | 46,675 | 45,576 | ||
| EBITDA Margin | 13.4% | 13.5% | 14.6% | ||
| EBIT Margin | 6.7% | 8.2% | 9.9% | ||
| PAT Margin | 4.9% | 6.7% | 6.1% | ||
| Effective TaxRat | 17.3% | 19.4% | 22.1% | ||
| EPS(Basic) | 0.89 | 1.38 | 1.14 | ||
| EPS(Diluted) | 0.89 | 1.38 | 1.14 |
*Out of the target 25, strategic relationships with 21 accounts established and hence revenue for those accounts considered
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DownloadFinancial Express
Details of Nodal Officer
Name: Nida Deshpande
E-mail: Nida.Deshpande @ kpit.com
Corporate Governance
Board Meetings
Investor Contacts
For any investor related queries, you may contact
Sunil Phansalkar Sunil.Phansalkar @ kpit.com
Investor Relations
Plot No. 17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, Hinjawadi, Pune – 411057
For speedy redressal, the shareholders may send their grievances to
Priya Hardikar Priya.Hardikar@kpit.com
Head of Corporate Finance and Governance
Plot No. 17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, Hinjawadi, Pune – 411057
For any Shareholder related queries, you may contact
Nida Deshpande nida.deshpande @ kpit.com
Company Secretary & Compliance Officer
Nodal Officer
Plot No. 17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, Hinjawadi, Pune – 411057
Registrar & Share Transfer Agent
KFin Technologies Private Limited (Formerly known as Karvy Fintech Private Limited)
Mr. S V Raju einward.ris@kfintech.com
Selenium Building, Tower-8, Plot No- 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500032, Telangana, India,
www.kfintech.com,
Tel No. +91 40 67162222
KFin Technologies Private Limited (Formerly known as Karvy Fintech Private Limited)
Mr. Mohan Kumar mohan.a@kfintech.com
Selenium Building, Tower-8, Plot No- 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500032, Telangana, India,
www.kfintech.com,
Tel No. +91 40 67162222
Since last 25 years, KPIT Technologies has been working with mobility and automotive companies, providing technology solutions for making mobility cleaner, smarter and safer. In Jan-2018, KPIT announced a restructure to merge with Birlasoft and then demerge to focus only the Mobility and the Automotive sector. This entity was hence incorporated as a public limited company on 8th January, 2018 under the Companies Act, 2013.
On March 13, 2019, name of the company changed from “KPIT Engineering Limited” to “KPIT Technologies Limited”.
The registered office of the company is located at:
Plot No. 17, Rajiv Gandhi Infotech Park
Phase III, MIDC – SEZ, Hinjawadi
Pune – 411 057, India
Tel: +91 20 6770 6000
The founder members of KPIT are Mr. Ravi Pandit and Mr. Kishor Patil
Reimagining mobility with you for creation of a cleaner, smarter & safer world
KPIT specializes in embedded software, AI & digital solutions for the automotive and mobility industry enabling its customers accelerate implementation of next generation mobility technologies.
KPIT has software development centers located in Pune, Bangalore, Mumbai, Noida, Chennai (India), Munich (Germany), Raleigh (US), Folsom (US) and Sao Paolo (Brazil). We have 31 global offices across 16 countries.
The Company is in the process of filing the listing application with stock exchanges. This section will be available for investors once the Company is listed with the stock exchanges.
Ms. Nida Deshpande is the Compliance Officer/Company Secretary of KPIT.
Please contact the Company Secretary on the above-mentioned address
You can get in touch with Mr. Sunil Phansalkar from the investor relations team at sunil.phansalkar @ kpit.com