KPIT Q4FY21 Performance Overview
KPIT Q4FY21 USD Revenue grows 6.8% sequentially
Net Profit growth of 11.9% sequentially
Q4FY21 EBITDA at 17.2% as compared to 15.7% last quarter
Net Profit for the quarter at ₹467.5 million as against ₹418 million last quarter
Q4FY21 reported revenue at USD 74.48 million, a CC growth of 5.1% Q-o-Q
Net Cash as at the quarter end stood at ₹8,224 Million as compared to ₹6,295 last quarter, ZERO DEBT
KPIT Q4FY21 Performance highlight
Sequential growth of 6.8% led by Connected Vehicles and Autonomous Driving. Full-fledged execution started on all large engagements won earlier
Operating Margin (EBITDA) expansion of 150 bps despite rupee appreciation. Improvement in utilization, offshore revenues and revenue growth helped expand margins
Sequential net profit growth of ~12% despite higher forex conversion loss due to rupee appreciation. Lower depreciation and higher yields on cash during the quarter
High cash conversion continues with DSO at 54 days. 9th consecutive quarter of increase in net cash
Management Quotes
"FY21 was a challenging year in many ways and I am happy on the way we have emerged stronger. The mobility industry is embracing new engineering technologies with open arms and KPIT is proud to be at the forefront of these adaptions. KPIT’s leading positioning in this technology-led transformation gives us good business visibility over the next 4-5 years"
Ravi PanditCo-founder and Chairman
"We have delivered consecutive quarters of good growth and margin expansion. KPIT teams, globally, have done an exceptional job on delivering these numbers. We are assertive of the growth trajectory and feel fairly confident of delivering double digit growth in FY22. We continue to focus on people development, operational efficiency and productivity improvement"
Kishor PatilCo founder, CEO and MD, KPIT
"During the year our focus was on upholding commitments to our clients and keeping our employees safe. We continue to deepen our strategic client engagements and focus on further enhancing our practices with relevant technology investments to make our clients successful in their technology roadmaps. Longer strategic client engagements give us good growth visibility for the medium term"
Sachin TikekarPresident and Whole time Director, KPIT
Deal Wins
A leading Asian Car Manufacturer selected KPIT for a couple of programs in the Connected domain
A leading Asian Car Manufacturer selected KPIT for multiple programs in the Autonomous Driving domain
A leading European Commercial Vehicle Manufacturer selected KPIT for a program in the Vehicle Diagnostics area
A leading American Car Manufacturer selected KPIT for a program in the Autonomous Driving area
A leading American Tier I selected KPIT for a program in the Powertrain domain
Financial and operational Data
Profit & Loss Account Snapshot
INR MN
| DETAILS | Q4FY21 | Q3FY21 | Q4FY20 | FY21 | FY20 |
| Revenue from Operations | 5,403.27 | 5,172.45 | 5,562.28 | 20,357.41 | 21,561.69 |
| Other Income | 51.53 | 64.09 | 76.79 | 139.29 | 283.17 |
| Total Income | 5,454.80 | 5,236.54 | 5,639.07 | 20,496.70 | 21,844.86 |
| Operating Expenses | 4,527.68* | 4,343.13** | 4,810.91 | 17,286.02 | 18,608.08 |
| EBITDA | 930.96 | 810.57 | 751.37 | 3,100.74 | 2,953.61 |
| Depreciation | 309.09 | 337.72 | 293.95 | 1,331.74 | 1,080.48 |
| EBIT | 621.87 | 472.85 | 457.42 | 1,769.00 | 1,873.13 |
| Finance Costs | 39.69 | 39.83 | 44.96 | 172.53 | 198.20 |
| Change in FMV of Investments | 11.56 | 2.88 | 47.43 | 18.33 | (56.92) |
| Profit Before Exceptional Items | 589.90 | 518.74 | 536.68 | 1,724.74 | 1,901.18 |
| Exceptional items | – | 19.45 | (64.15) | 51.49 | (95.09) |
| PBT | 589.90 | 538.19 | 472.53 | 1,776.23 | 1,806.09 |
| Tax | 119.45 | 108.45 | 91.53 | 362.26 | 338.34 |
| PAT | 470.45 | 429.74 | 381.00 | 1,413.97 | 1,467.75 |
| Profit Attributable to owners of company | 467.53 | 417.73 | 371.36 | 1,404.31 | 1,465.90 |
| Profit Attributable to non-controlling interest | 2.92 | 12.01 | 9.64 | 9.66 | 1.85 |
*This includes forex loss of INR 55.37 Million (Published Results Note 4) which is excluded in EBITDA computation
**This includes forex gain of INR 18.75 Million which is excluded in EBITDA computation
Balance Sheet Snapshot
INR MN
| ASSETS | Q4FY21 | Q3FY21 |
| NON-CURRENT ASSETS | ||
| Property, Plant & Equipment | 1,968.11 | 2,032.29 |
| Right-of-use Assets | 2,505.07 | 2,614.33 |
| Other Tangible Assets | 117.90 | 112.08 |
| Goodwill & Other Intangibles | 1,298.75 | 1,430.26 |
| Other Non-Current Assets | 758.84 | 804.15 |
| TOTAL NON-CURRENT | 6,648.67 | 6,993.11 |
| CURRENT ASSETS | ||
| Inventories | NIL | 6.78 |
| Cash and Cash Equivalents | 8,224.57 | 6,478.61 |
| Trade Receivables | 3,083.47 | 4,291.94 |
| Other Current Assets | 1,663.49 | 1,570.31 |
| TOTAL CURRENT | 12,971.53 | 12,347.64 |
| TOTAL ASSETS | 19,620.20 | 19,340.75 |
| EQUITY & LIABILITIES | Q4FY21 | Q3FY21 |
| Equity Share Capital | 2,690.44 | 2,689.86 |
| Other Equity | 9,299.37 | 8,788.43 |
| Equity attributable to owners | 11,989.81 | 11,478.29 |
| Non-controlling interests | 28.74 | 26.97 |
| TOTAL EQUITY | 12,018.55 | 11,505.26 |
| NON-CURRENT LIABILITIES | ||
| Borrowings | NIL | NIL |
| Lease Liabilities | 1,900.56 | 2,026.95 |
| Other Non-Current Liabilities | 401.00 | 74.93 |
| TOTAL NON-CURRENT | 2,301.56 | 2,101.88 |
| CURRENT LIABILITIES | ||
| Borrowings | NIL | NIL |
| Trade Payables | 1,352.42 | 1,113.1 |
| Lease Liabilities | 367.86 | 345.02 |
| Others | 3,579.81 | 4,092.98 |
| TOTAL CURRENT | 5,300.09 | 5,733.61 |
| TOTAL EQUITY AND LIABILITIES | 19,620.20 | 19,340.75 |
Revenue Break-up (Quarterly)
USD MN
| Geography | Q4FY21 | Q3FY21 | Q4FY20 | Q-o-Q | Y-o-Y |
| US | 31.34 | 28.57 | 30.41 | 9.7% | 3.1% |
| Europe | 29.77 | 30.48 | 31.91 | (2.3)% | (6.7)% |
| Asia | 13.38 | 10.68 | 14.62 | 25.3% | (8.5)% |
| TOTAL | 74.48 | 69.72 | 76.94 | 6.8% | (3.2)% |
| Verticals | Q4FY21 | Q3FY21 | Q4FY20 | Q-o-Q | Y-o-Y |
| Passenger Cars | 56.68 | 52.94 | 58.33 | 7.1% | (2.8)% |
| Commercial Vehicles | 16.65 | 15.81 | 16.67 | 5.3% | (0.1)% |
| New Mobility | 0.59 | 0.56 | 0.83 | 5.1% | (28.3)% |
| Others | 0.56 | 0.41 | 1.11 | 35.1% | (49.8)% |
| TOTAL | 74.48 | 69.72 | 76.94 | 6.8% | (3.2)% |
| Practices | Q4FY21 | Q3FY21 | Q4FY20 | Q-o-Q | Y-o-Y |
| Powertrain | 30.12 | 30.00 | 25.01 | 0.4% | 20.4% |
| AD ADAS | 13.80 | 13.34 | 19.87 | 3.4% | (30.5)% |
| Connected Vehicle | 7.99 | 6.76 | 8.07 | 18.1% | (1.0)% |
| Others | 22.58 | 19.62 | 23.99 | 15.1% | (5.9)% |
Revenue Break-up (Annual)
USD MN
| Geography | FY21 | FY20 | Y-o-Y |
| US | 114.66 | 125.62 | (8.7)% |
| Europe | 112.66 | 117.91 | (4.5)% |
| Asia | 47.46 | 60.28 | (21.3)% |
| TOTAL | 274.77 | 303.81 | (9.6)% |
| Verticals | FY21 | FY20 | Y-o-Y |
| Passenger Cars | 211.01 | 228.11 | (7.5)% |
| Commercial Vehicles | 60.06 | 68.97 | (12.9)% |
| New Mobility | 2.09 | 2.76 | (24.2)% |
| Others | 1.61 | 3.97 | (59.5)% |
| TOTAL | 274.77 | 303.81 | (9.6)% |
| Practices | FY21 | FY20 | Y-o-Y |
| Powertrain | 108.22 | 103.78 | 4.3% |
| AD ADAS | 57.89 | 69.73 | (17.0)% |
| Connected Vehicle | 30.31 | 38.81 | (21.9)% |
| Others | 78.36 | 91.49 | (14.4)% |
P&L Metrics (Quarterly)
| Q4FY21 | Q3FY21 | Q4FY20 | Q-o-Q | Y-o-Y | |
| Revenue by Contract Type | |||||
| Time & Material Basis | 45.4% | 46.3% | 48.6% | 4.8% | (9.6)% |
| Fixed Price Basis | 54.6% | 53.7% | 51.4% | 8.6% | 2.9% |
| Clients | |||||
| Strategic T21 Client Revenue | 85.64% | 85.27% | 81.81% | 7.3% | 1.3% |
| Active Clients | 55 | 55 | 58 | ||
| Revenue per Devp. Employee USD | 50,946 | 49,456 | 46,675 | ||
| EBITDA Margin | 17.2% | 15.7% | 13.5% | ||
| EBIT Margin | 11.5% | 9.1% | 8.2% | ||
| PAT Margin | 8.7% | 8.1% | 6.7% | ||
| Effective TaxRat | 20.2% | 20.2% | 19.4% | ||
| EPS(Basic) | 1.74 | 1.55 | 1.38 | ||
| EPS(Diluted) | 1.72 | 1.54 | 1.38 |
*Out of the target 25, strategic relationships with 21 accounts established and hence revenue for those accounts considered
P&L Metrics (Annual)
| FY21 | FY20 | Y-o-Y | |
| Revenue by Contract Type | |||
| Time & Material Basis | 47.9% | 49.3% | (12.2)% |
| Fixed Price Basis | 52.1% | 50.7% | (7.0)% |
| Clients | |||
| Strategic T25 Client Revenue | 85.69% | 81.45% | (4.9)% |
| Active Clients | 55 | 58 | |
| Avg Revenue per Devp. Employee USD | 46,099.6 | 45,825.18 | |
| EBITDA Margin | 15.2% | 13.7% | |
| EBIT Margin | 8.7% | 8.7% | |
| PAT Margin | 6.9% | 6.8% | |
| Effective TaxRat | 20.4% | 18.7% | |
| EPS(Basic) | 5.22 | 5.46 | |
| EPS(Diluted) | 5.19 | 5.44 | 1.38 |
*Out of the target 25, strategic relationships with 21 accounts established and hence revenue for those accounts considered
QUARTERLY REPORTS
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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
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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) and Folsom (US). 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