KPIT Cummins reports 24.76 per cent jumps in net profit

Mumbai, July 17 (UNI) KPIT Cummins, the co-innovator of futuristic solutions for global manufacturing companies in Automotive, Hi-Tech and Industrial verticals, today announced a 24.76 per cent sequential growth over its net profit for quarter one of current fiscal at Rs 12.96 crore.

The topline grew by 28.38 per cent year on year at Rs 173.68 crore. Sequentially the achievement was 5.36 per cent more than the previous quarter, the company said in a release here today.

Headcount at the end of Q1 FY09 was 4,802, net addition of 321 during the quarter. The Company added six customers during the three months in review, taking the total number of customers to 117.

Company CEO and MD Kishor Patil, commenting on the performance, said, ''The global markets continue to be soft and in a state of flux. This could have an overall impact on the revenue growth and we are cautious about the future outlook for the current financial year.'' ''We have been able to demonstrate robust growth in all our markets this quarter with Europe leading the pack. We have increased our focus on India and Asia Pacific market, as we envisage many global manufacturing corporations setting up base here,'' Mr Patil said.

''Our recent acquisition of business from Harita TVS Technologies is aligned to our strategy and vision, to become leaders in focused verticals. The acquisition strengthens our Mechanical Design Services Business to better address the growing needs of our Automotive and Industrials customers,'' he said.

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