Investors | KPIT

KPIT Q3FY21 RESULTS ARE HERE

KPIT Q3FY21 Performance Overview

KPIT Q3FY21 USD Revenue grows 6.7% sequentially Net Profit growth of 49.8% sequentially

Q3FY21 EBITDA at 15.7% as compared to 14.3% last quarter

Net Profit for the quarter at ₹ 418 million as against ₹ 279 million last quarter

Q3FY21 reported revenue at USD 69.72 million, a CC growth of 6.5% Q-o-Q

Net Cash as at the quarter end stood at ₹ 6,295 Million as compared to ₹ 5,278 at the beginning of the quarter

Management Quotes

Kishor Patil, Co-founder, CEO and MD, KPIT said,” Our depth and experience in Electric Powertrain, Autonomous Driving and Digital Cockpit areas are helping us gain traction within our strategic clients. The Automotive and Mobility industry is prioritizing investments in new age technologies and we are at the forefront of technology in these areas. We had a handsome growth in revenues and profits this quarter and we are confident of continuing with the growth and margin improvement momentum going into the next quarter

Kishor Patil

Co founder, CEO and MD, KPIT

Sachin Tikekar, President and Whole-time Director, KPIT said,” We continue to deepen our strategic engagements with our T25 clients, with emphasis on creating tremendous value for them through leadership in our Practices (via Platforms, Tools and Accelerators), delivery excellence and making KPIT the Best Place to Grow for our employees. Our operating performance is also trending in the right direction on the back of larger strategic engagements and overall productivity improvements

Sachin Tikekar

President and Whole time Director, KPIT

Deal Wins

A leading American Car Manufacturer selected KPIT for a program in the in- vehicle networking area

A leading Asian Car Manufacturer selected KPIT for a program in the connected domain

A leading European Car Manufacturer selected KPIT for a program in the vehicle diagnostics area

A leading European Car Manufacturer selected KPIT for a program in the in- vehicle networking area

A leading Asian Car Manufacturer selected KPIT for a program in the autonomous domain

Financial and operational Data

Profit & Loss Account Snapshot

INR MN

DETAILS	Q3FY21	Q2FY21	Q3FY20
Revenue from Operations	5,172.45	4,854.59	5,500.92
Other Income	64.09	24.52	101.79
Total Income	5,236.54	4,879.11	5,602.71
Operating Expenses	4,343.13 This includes forex gain of INR 18.75 Million which is excluded in EBITDA computation	4,158.04	4,764.06
EBITDA	810.57	696.55	736.86
Depreciation	337.72	354.90	283.22
EBIT	472.85	341.65	453.64
Finance Costs	39.83	43.70	48.12
Change in FMV of Investments	2.88	0.68	5.62
Profit Before Exceptional Items	518.74	323.15	512.93
Exceptional items	19.45	32.04	(31.2)
PBT	538.19	355.19	481.73
Tax	108.45	83.66	72.39
PAT	429.74	271.53	409.34
Profit Attributable to owners of company	417.73	278.88	428.53
Profit Attributable to non-controlling interest	12.01	(7.35)	(19.19)

Balance Sheet Snapshot

INR MN

ASSETS	Q3FY21	Q2FY21
NON-CURRENT ASSETS
Property, Plant & Equipment	2,032.29	2,086.65
Right-of-use Assets	2,614.33	2,668.92
Other Tangible Assets	112.08	78.82
Goodwill & Other Intangibles	1,430.26	1,508.28
Other Non-Current Assets	804.15	860.98
TOTAL NON-CURRENT	6,993.11	7,203.65
CURRENT ASSETS
Inventories	6.78	45.05
Cash and Cash Equivalents	6,478.61	5,462.39
Trade Receivables	4,291.94	3,207.61
Other Current Assets	1,570.31	1,784.94
TOTAL CURRENT	12,347.64	10,499.99
TOTAL ASSETS	19,340.75	17,703.64

EQUITY & LIABILITIES	Q3FY21	Q2FY21
Equity Share Capital	2,689.86	2,689.63
Other Equity	8,788.43	8,275.81
Equity attributable to owners	11,478.29	10,965.44
Non-controlling interests	26.97	13.92
TOTAL EQUITY	11,505.26	10,979.36
NON-CURRENT LIABILITIES
Borrowings	NIL	NIL
Lease Liabilities	2,026.95	2,022.30
Other Non-Current Liabilities	74.93	97.63
TOTAL NON-CURRENT	2,101.88	2,119.93
CURRENT LIABILITIES
Borrowings	182.51	184.20
Trade Payables	1,113.1	958.38
Lease Liabilities	345.02	403.36
Others	4,092.98	3,058.41
TOTAL CURRENT	5,733.61	4,604.35
TOTAL EQUITY AND LIABILITIES	19,340.75	17,703.64

Revenue Break-up

USD MN

Geography	Q3FY21	Q2FY21	Q3FY20	Q-o-Q	Y-o-Y
US	28.57	27.30	30.72	4.6%	(7.0)%
Europe	30.48	26.67	31.44	14.3%	(3.1)%
Asia	10.68	11.34	14.72	(5.9)%	(27.4)%
TOTAL	69.72	65.32	76.88	6.7%	(9.3)%

Verticals	Q3FY21	Q2FY21	Q3FY20	Q-o-Q	Y-o-Y
Passenger Cars	52.94	50.63	58.31	4.6%	(9.2)%
Commercial Vehicles	15.81	14.05	17.51	12.5%	(9.7)%
New Mobility	0.56	0.33	0.62	69.5%	(8.4)%
Others	0.41	0.31	0.45	34.7%	(9.1)%
TOTAL	69.72	65.32	76.88	6.7%	(9.3)%

Practices	Q3FY21	Q2FY21	Q3FY20	Q-o-Q	Y-o-Y
Powertrain	30.00	24.18	25.02	24.1%	19.9%
AD ADAS	13.34	16.38	18.99	(18.5)%	(29.7)%
Connected Vehicle	6.76	7.32	9.94	(7.7)%	(32.0)%
Others	19.62	17.44	22.92	12.5%	(14.4)%

P&L Metrics

	Q3FY21	Q2FY21	Q3FY20	Q-o-Q	Y-o-Y
Revenue by Contract Type
Time & Material Basis	46.3%	52.0%	45.6%	(5.0)%	(7.9)%
Fixed Price Basis	53.7%	48.0%	54.4%	19.5%	(10.5)%
Clients
Strategic Client Revenue (T21)*	85.27%	86.1%	82.33%	5.7%	(6.1)%
Active Clients	55	55	55
Revenue per Devp. Employee USD	49,456	42,602	45,403
EBITDA Margin	15.7%	14.3%	13.4%
EBIT Margin	9.1%	7.0%	8.2%
PAT Margin	8.1%	5.7%	7.8%
Effective TaxRat	20.2%	23.6%	15.0%
EPS(Basic)	1.55	1.04	1.59
EPS(Diluted)	1.54	1.03	1.59

*Out of the target 25, strategic relationships with 21 accounts established and hence revenue for those accounts considered