INR revenues at 3161.30 million, up 57.59% Y-o-Y, 6.37% Q-o-Q INR net profits grow 24.41% Y-o-Y, to 240.91 million.
Pune - KPIT Cummins (BSE: 532400; NSE: KPIT), a leading product engineering and IT consulting partner to manufacturing companies, today reported its consolidated financial results for the quarter ended June 30, 2011.
Ravi Pandit, Chairman & Group CEO, said, "We are pleased with our organic revenue growth performance this quarter which once again puts us amongst the best performers in the industry. Our Q1 results reflect the strength of our industry-centric practice based leadership model. We are confident of achieving our growth objectives for the year, despite the still existent macro-economic uncertainty. Our employee initiatives have started delivering results, we have been able to bring down the attrition to 22.5% and we will continue with this focus through the year."
Kishor Patil, MD & CEO, said, "This is our fifth consecutive quarter of healthy revenue growth as the momentum continues across our traditional core business areas led by automotive electronics. In Q1 we witnessed good growth in Europe, followed by Asia where we started our first strategic engagement with a Chinese automotive manufacturer. Most of our large customer accounts including Cummins have shown good growth and we are entering Q2 with a strong deal pipeline. Our profits this quarter have gone down by 8.51% over the last quarter on account of wage hikes and higher tax rates. We have reasonable headroom for improving profitability through better rate increase and optimized resource allocation, and we expect the efforts to start delivering results by H2 of FY12."
REVOLO was named the 'Best implemented sustainability innovation' at Knowledge@Wharton's second annual Innovation Tournament. As a judge, Christian Terwiesch, Wharton operations and information management professor, said he was highly impressed with the REVOLO innovation because it addressed the need to improve emissions of cars already on the road. [May 25, 2011 in Knowledge@Wharton].
KPIT Cummins was featured as a 2011 Global Services 100 provider, and ranked amongst the Top Engineering Services Outsourcing Vendors in GS100.
Technology & Innovation
A new ECU has been developed for REVOLO that will significantly improve algorithm security and for one of the aftermarket models the weight of the solution has been brought down to 129 kg from the initial weight of 175 kg. For two of the four critical components, primary and secondary vendor partners have been identified.
During this quarter the Company filed 4 more patents in the areas of vehicle tracking & detection and image processing, taking the total number of patents filed till date to 37.
Two powerful, pre-packaged and turn-key ERP and business process management suites, built on SAP®, were launched this quarter - (i) ComponentEDGE customized for mid-size manufacturers and (ii) WholesaleEDGE customized for midsize wholesale distributors.
Customers and Engagements
Automotive & Transportation
European leader in CAN solutions and Diagnostics is leveraging our strong domain expertise in AUTOSAR and Vehicle Networking for module development and integration, whereas European OEM has selected us as a strategic consulting and application development services partner for engagements in the diagnostics space.
A leading Asian automotive tier 1 has engaged us for a strategic product design and development project in the Body Electronics space.
A leading European high-tech manufacturer has selected KPIT Cummins for a strategic project in the area of system controls development for automotive microcontroller unit (MCU).
KPIT Cummins has been selected as a consulting and implementation partner to strengthen business information infrastructure and reporting capabilities for the North America operations of an Asian manufacturer of analytical and testing devices.
Energy & Utilities
KPIT Cummins further strengthened its partnership with the Energy & Utilities industry with a strategic enterprise planning and performance management consulting and deployment engagement with a North American Utility.
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