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ICICI Securities Report
KPIT Technologies Ltd. reported a good set of numbers with revenue growth of 6% QoQ in constant currency terms, but lower in U.S. dollar terms at 3.2% QoQ (our estimate: 4.2%).
The hit in U.S. dollar terms was due to 280 bps CC headwinds resulting from a total of 48.5% revenue exposure to euro, pound and Japan yen.
Growth was largely propelled by architecture and middleware consulting. Though this business unit accounts for only 14% of revenue currently, most of the upcoming client spend is in this domain.
KPIT's current spend will further lead to spends in feature development and integration (69% of revenue) and cloud-based connected devices (17% of revenue).
Total contract of wins is strong at $155 million (up 24% QoQ) led by multi-year programmes across middleware, electric powertrain and connected solutions.
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