Broad based growth across practices and verticals. Growth led by Strategic Accounts, Passenger Car vertical, Electric Powertrain, Autonomous Driving and Digital Connected Solutions practices.
EBITDA margin maintained at 20% post full quarter impact of wage hikes during the quarter. Gross Impact of wage hikes was 250 bps which was offset by revenue growth and net realization improvement.
Q2FY24 other income was slightly higher as compared to last quarter due to lower loss on realization and gains on hedging contracts. ETR was slightly higher as compared to last quarter, in-line with our annual outlook on ETR. There was a one-time gain of ₹ 134 million last quarter. Excluding this, the Net Profit growth for the quarter was 16.8%
Net Cash at quarter end stood at ₹ 5.12 billion post Acquisition payouts of ₹ 987 million (Technica and FMS) and dividend payout of ₹ 718 million. DSO stood at 47 days.
We are delighted to deliver another quarter, consistent with our robust performance over the last 3 years. Our medium-term business fundamentals and growth drivers remain unchanged. While the geopolitical situation and economic uncertainty across geographies is leading to a softer macro environment, we keep a watchful eye on the impact on our clients and their business priorities. Our clients remain committed to making investments in newer, relevant technologies. Basis our performance so far and near-term visibility, we raise our CC revenue growth outlook for FY24 to 37%+ growth and increase EBITDA margin outlook to 20%+.
Co founder, CEO and MD, KPIT
Our relationships with our Strategic Clients continue to get deeper and wider, leading to increased strategic engagements. We will sharpen our focus further on commercial vehicles in the near term. Attrition continues to move in the right direction. As we focus on effective delivery of complex large engagements, we continue to lay emphasis on zero-defect delivery. We are progressing well on co-creation of the sustainability roadmap with our employees. We are happy on integration of the acquired entities and are on track for achieving stated medium-term strategic objectives.
President and Joint MD, KPIT
Strategic multi year engagement in the autonomous driving domain 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 electric powertrain, autonomous driving and connected domains for a leading European Car Manufacturer
A strategic program in the powertrain domain for a leading American Car Manufacturer
Various strategic engagements in the connected and vehicle engineering domains for a leading Asian OEM