KPIT has obtained a total contract value (TCV) of new orders of more than $189 million (roughly Rs 1,483.65 crore) in the quarter ending December 2023, according to management.
Kishor Patil, Co-founder, CEO, and MD of KPIT, in a post-result conference call with the media, said, “Our order pipeline has been robust.”
In its investor presentation, the Pune-based firm revealed details about its new orders, including those from a major Asian automaker, which has chosen KPIT for numerous orders in the autonomous driving and vehicle engineering fields.
The KPIT presentation also cited receiving important orders in the system engineering and body electronics fields from a major European automaker.
KPIT has also teamed with a renowned Tier 1 supplier in the e-powertrain industry to serve European OEMs.
Furthermore, the business stated that it will collaborate with a top European automobile manufacturer in the autonomous driving space.
It also got many orders for vehicle engineering from a major American commercial vehicle manufacturer.
Kishor Patil added, “Basis our performance so far, our robust pipeline, and the consistency of demand driven by new technology investments by our strategic clients, we are confident of meeting our upward revised outlook for the year.”
Meanwhile, the company’s net profit jumped by 54.6% YoY to Rs 155.3 crore in Q3 FY24 as against Rs 100.4 crore in Q3 FY23. The operating revenues likewise spiked to Rs 1,256 crore, translating roughly to a 37% YoY increase over Rs 917 crore reported in Q3FY23.
Sachin Tikekar, President and Joint MD, KPIT, said, “We are witnessing broad-based traction across technologies, clients, sub-verticals, and geographies.”