KPIT Cummins Q1 revenue crosses Rs 100 cr mark

Pune, July 20 (UNI) KPIT Cummins Infosystems Ltd (BSE: 532400, NSE: KPIT), a global IT consulting organisation, announced its results for the quarter ended June 30, 2006 registering a revenue growth of 46.17 per cent in Q1 FY07 over the previous year amounting to Rs 1,022.65 million.

During the first quarter of the financial year 2006-07 (Q1 FY07), the revenue grew by 46.17 per cent over Q1 FY06 and 13.42 per cent over Q4 of FY06 to Rs 1,022.65 million.

The net profit for Q1 of FY07, after minority interest, was Rs 103.47 million. The net profit has grown by 61.82 per cent over Q1 FY06 net profits and by 0.73 per cent over Q4 FY06.

EPS for the quarter was Rs 7.01 as compared to Rs. 4.54 for the corresponding period of the previous year.

Commenting on the performance of the company, KPIT Cummins CEO and Managing Director Mr Kishor Patil said, ''We have crossed the Rs 100 crore mark for quarterly revenue for the first time in our history. This is in line with our mission of becoming a USD 100 million company by this fiscal. As we look at expansion, apart from Europe, which we expect to provide higher revenue growth in future, we will be setting up operations in China and Singapore to sere our customers in Asia-Pacific region''.

Continuing with the favourable trend of the previous year, the off-shore revenue increased to 46.84 per cent of the total revenue in Q1 FY07 from 43.44 per cent in Q4 FY06 and 34.62% in Q1 FY06.

The offshore/onsite mix has impacted the gross profit margins of the Company positively. Gross margins have therefore increased to 37.33 per cent in Q1 FY07 from 36.62 per cent in Q4 FY06 and 33.97 per cent in Q1 FY06. During the quarter, the company added five new customers, taking the total customer base to 77.

Mr Pawan Sharma, President KPIT Cummins Global Business Solutions and Head, DFS added, ''In the last quarter, we have experienced good traction among GBS and DFS customers. We have added two customers to the GBS business and one leading European bank as our DFS customer. We are further investing into new sales people and technology. We believe customers will increasingly prefer one-stop solutions providers. Our combined offering of IT and Business Solutions is finding favour with customers.'' UNI DWN GB AW1601