KPIT Clocks FY24 USD Revenue Growth of 40.4 Percent and PAT Growth of 56 Percent, Beating Increased Guidance for the Year

KPIT Technologies (NSE: KPITTECH BSE: 542651), an independent software integration partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, announced financial results for Q4 FY24 and FY24 today.

Performance overview

• Marked 15^th consecutive quarter of steady revenue and EBITDA growth​​​
• FY 23-24 Revenues
  • Revenues at $ 587MN coming from broad-based growth
  • CC Revenue growth of 39.1%, beats increased guidance for the year
  • Reported $ growth of 40.4%
• FY 23-24 EBITDA and PAT
  • EBITDA at 20.3%, 56% growth over FY23
  • PAT stands at INR 5945 MN with a margin of 12.2%
• Q4 FY24 Revenues
  • Revenues at $ 159MN
  • CC growth of 27.6% Y-o-Y and $ revenue growth of 28.5% Y-o-Y
  • $ revenue growth of 6.6% Q-o-Q
  • Growth led by Middleware, Connected and Autonomous domains
  • Growth broad-based across geographies, led by Asia
  • Passenger car and Commercial vehicle verticals showed healthy growth
• Q4 FY24 EBITDA and PAT
  • EBITDA at 20.7%, up 160 BPS Y-o-Y
  • PAT stands at INR 1644MN, Q-o-Q growth of 5.8%
  • EBITDA grew 40.5% y-o-y and 5.6% Q-o-Q, post full quarter cost of last quarter people additions and quarterly promotions.
• FY 25 Outlook
  • CC revenue growth in the 18-22% range
  • EBITDA margin of 20.5%+
• TCV of new engagements won during Q4 FY24: $261 million
• Talent
  • Largest pool of automotive software specialists – Global employee count nearing 13000
  • Focus on creating competence at scale, leadership development and upskilling in AI
  • Increased investments in competency development for the delivery of complex engagements

Commenting on the performance of FY 24:

Ravi Pandit, Co-founder and Chairman, KPIT said,
“Since our landmark demerger in 2019, we have been truly living our Vision of Reimagining Mobility with you for creation of a cleaner, safer and smarter world. The world of Mobility is transforming at a pace faster than ever before. We are proud to be at the forefront of these technology transformations with focus on sustainability – for our clients, employees, internal operations and the world at large. Our 40%+ growth is a testimony to global needs and our expertise. We are confident about our performance going forward.”

Kishor Patil, Co-founder, CEO and MD, KPIT said,
“We have consistently delivered fifteen sequential quarters of healthy growth in revenues and operating profits. Software content inside and outside the vehicle is growing in areas of alternate fuel technologies, autonomous and connectivity. Global OEMs are pledged to changing their business model. Basis committed investments by our Strategic Clients, a strong pipeline and solid wins of $ 261 million in Q4, we continue to witness robust demand. We start FY25 on a strong footing and expect to deliver CC revenue growth of 18%-22% with EBITDA margins of 20.5%+.”

Sachin Tikekar, President and Joint MD, KPIT said,
“We start FY25 on back of a solid Q4 and FY24 operational performance. We are uncompromising on our focus on Strategic Client Partnerships, Technology Innovations, People and Zero-Defect Deliveries. We will pivot our investments on enhancing domain practices and sharpen our focus on Commercial Vehicles and Asia strategy. We have launched a new ESOP scheme to strengthen the long term incentivization for our people. Our internal sustainability goals have been set and the prime focus in FY25 would be on execution towards achieving these goals.”