IT company KPIT Cummins
today reported a 26 per cent increase in its net profit at Rs 46.12
crore for the quarter ended September 30, 2012.
The company had reported a net profit of Rs 36.47 crore for
the corresponding period last fiscal.
Revenue for the company rose 74.51 per cent to Rs 567.20
crore for Q2 of FY 13 as compared to Rs 325.01 crore for the same period last
year.
"During this quarter we saw significant growth coming
from the APAC (Asia-Pacific) region and we expect the geography to continue a
healthy growth through H2," KPIT Cummins Chairman and Group CEO Ravi
Pandit said in a statement.
"The global economic uncertainties have continued,
resulting in delayed business decision making. However, we believe our sharp
focus and investments in select verticals should keep us in good stead to
achieve our annual guidance," Pandit added.
The company said it sees good traction in US while in APAC
region there are better growth opportunities for its automotive and SAP
offerings.
China is emerging as a key growth market, both for SAP and
automotive and engineering while pace of business continues to be slow in
Europe, the company added.
"On the back of a good H1 performance and a strong
pipeline we maintain our annual guidance. However, we believe that lesser
number of working days in Q3 FY 13 might impact revenue performance during the
period," KPIT Cummins Managing Director and Chief Executive Officer
Kishore Patil said in a conference call.
Patil said the company added four new customers during the
quarter of which three are from US. The company now has over 170 clients.
During the quarter, the company acquired additional 17.5 per
cent stake in Systime Global solutions for which the consideration was Rs 38.6
crore.
The company filed four new patents in the areas of
alternative fuel technologies, image processing and driver assistance safety
systems during the quarter.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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