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.
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.
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.
President and Joint MD, KPIT
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