KPIT Tech shares climb 7% on FY24 guidance revision, Q2 results

Shares of KPIT Technologies Ltd (KPIT Tech) climbed over 7 per cent in Monday’s trade after the IT firm upped its FY24 constant current revenue growth outlook to 37 per cent-plus from 27-30 per cent earlier. The IT firm also increased its FY24 Ebitda outlook to 20 per cent-plus from 19-20 per cent earlier, sending the stock soaring.

The scrip advanced 7.33 per cent to hit a high of Rs 1,212 on BSE.

KPIT Tech said its profit for the September quarter grew 68.7 per cent year-on-year (YoY) to Rs 140.85 crore compared with Rs 83.48 crore in the year-ago quarter. The IT firm. Dollar revenue grew 8.4 per cent sequentially, while CC sales growth for the quarter came in at 8.4 per cent YoY, KPIT Tech said. 

The IT firm won orders worth $156 million in the September quarter while suggesting healthy pipeline across practices. For the quarter, Ebitda growth, post wage hikes, stood at 20 per cent. 

Co-founder, CEO and MD Kishor Patil said the medium-term business fundamentals and growth drivers remain unchanged for KPIT Tech.

While the geopolitical situation and economic uncertainty across geographies are leading to a softer macro environment, Patil said his company is keeping a watchful eye on the impact on clients and their business priorities.

"Our clients remain committed to making investments in newer, relevant technologies," he said.

 

Also read: Stock recommendations by analysts for October 30, 2023: Asian Paints, Shriram Finance, Venus Pipes and Bajaj Finance

Also read: Cello World IPO to open, TVS Motor, Marico Q2 earnings in Top News on October 30: Stock markets, Bank Nifty, Crude oil, gold rate outlook, new Mac launches expected at Apple’s ‘Scary Fast’ event

Also read: Top 10 stocks to watch on October 30, 2023: Adani Green, KPIT Tech, Jupiter Wagons, Pfizer, Zen Tech, DLF and more

Also read: Tata Steel shares delivered negative returns in two years; what should investors do?