KPIT Announces FY22 Net Profit Growth of 88*% vs. FY21 and Revenue Growth of 19.7% in CC Terms


Pune, Maharashtra, India:

KPIT (NSE: KPITTECH BSE: 542651), a leading partner in the development of software-defined vehicles for the automotive and mobility industry, today announced its financial results for the fourth quarter of fiscal 2022 and the results for the 2021-22 financial year.



Performance overview


  • FY22 revenue
    • Revenue growth in dollars of 19.5%.
    • Volume growth of around 28% driven by the increase in offshore

  • Net profit for the year 22
    • 88*% growth in FY21


(*95% excluding one-time tax gain in FY21)


  • 4th quarter 2022 revenue
    • CC revenue growth of 21% YoY, 5.2% QoQ
    • $ Revenue growth of 17% YoY and 4.1% QoQ

  • FY22 fourth quarter earnings
    • Net profit at ₹789 million
    • Net profit growth of 50%# Over one year, 12.7% over one quarter


(#68% excluding one-time tax gain in Q4FY21)


  • Big deal
    • Leading European OEM Selects KPIT as Key Partner for Next Generation ECU Platform Software with TCV Over €70 Million

  • FY23 Outlook
    • CC revenue growth between 18% and 21%
    • EBITDA margin between 18% and 19%
    • Volume growth of around 25%




Performance Highlights

 

  • Sequential CC growth of 5.2% driven by standalone and connected domains. Widespread growth in the commercial vehicle and passenger car verticals. The fourth quarter was another good quarter in terms of closing deals.
  • EBITDA increased by 10 bps despite supply side constraints and new additions. Offshore steadily increased in FY22; ~10% from FY21, resulting in higher volume growth and improved margins
  • Sequential double-digit net income growth, driven by improved operating margins and higher other income. ETR for the lower quarter as a one-time impact. FY22 EPS at 10.05.
  • The strong cash conversion continued after the dividend payment, with a DSO of 53 days. Net cash at end of quarter ₹10.3 billion. 13and consecutive quarter of net cash increase. Final dividend of ₹1.85/share. Total dividend for FY22 ₹3.10/share



TCV of total deals won during the quarter: $125* million
(* Excluding the significant strategic commitment of 70 million euros and more. Includes renewals and new offers.)



Commenting on FY22 performance



Ravi Pandit, Co-Founder and Chairman, KPIT said,
“Fiscal 22 was a year of resurgence in many ways, and I’m happy with how we came out of it stronger. The transformation of the mobility industry is moving towards software-defined vehicles, aiming for a broader goal of sustainability for all.We have been working in these areas for more than 2 decades and will be a major contributor to this transformation with our expertise and reliability.We are committed to achieving our vision of creating a cleaner, healthier world. safer and smarter.”



Kishor Patil, Co-Founder, CEO and MD, KPIT said,
“We have achieved seven consecutive quarters of healthy growth and steady margin expansion. The mobility industry is investing heavily in CASE and architectural changes to make the software-defined vehicle a reality. We are seeing increased customer interest in engaging in these areas. This gives us great visibility on robust demand for the next 4-5 years. Based on this, we expect CC growth of 18% to 21% in FY23 with EBITDA margins between 18% and 19%. Volume growth for FY23 is expected to be approximately 25%. »



Sachin Tikekar, Co-Founder and Co-CEO, KPIT said:
“The transformation of the mobility industry can be seen in both the passenger car and commercial vehicle verticals. This creates a demand that far exceeds the supply. We will therefore place more emphasis on attracting, developing and retaining talent. We will continue to invest in the right technologies and the right partnerships to help us deliver value to our customers and succeed in their transformation. We enter FY23 following the close of key long-term strategic engagements with our T25 customers, giving us clear visibility for another year of profitable growth.


READ THE FULL INVESTOR UPDATE: https://www.kpit.com/news/kpit-q4-fy-22-results/

About KPIT

KPIT is a leading independent software development and integration partner helping mobility leapfrog into a clean, smart and safe future. With 7,000 car enthusiasts worldwide specializing in in-vehicle software, AI and digital solutions, KPIT is accelerating its customers’ implementation of next-generation technologies for the future mobility roadmap. With engineering centers in Europe, the United States, Japan, China, Thailand and India, KPIT works with automotive and mobility leaders and is present where the ecosystem is transforming.


For more details visit www.kpit.com

Click here for media contact details

Mohit Kochar (Global Head, Marketing), KPIT Technologies, [email protected]

Sunil Ravish (Director, Marketing | Media Relations), KPIT Technologies, [email protected]

Sunil Phansalkar (Head, Investor Relations), KPIT Technologies, [email protected]

Aditya Tiwari, Gutenberg, [email protected]


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