KPIT Technologies, a global partner to the automotive and mobility ecosystem for making software-defined vehicles a reality, has reported $418 million in revenue for the fourth quarter of FY 23, a growth of 42.1% Y-o-Y.
Working with multiple OEMs, KPIT said over 90% of its revenue comes from T-25 clients which refers to the top 25 it is working with. Last year, it hired 2800 new employees taking its employee count to 11,000 from 8,200.
Kishor Patil, Co-founder, Managing Director, and CEO, KPIT, added that the attrition rate had fallen below 10%. 'FY23 was another satisfying year of sustainable growth and margin expansion, and we are excited and confident about our performance going forward,' he said.
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The company's EBITDA stood at 18.9%, representing a growth of 45% over FY22 while its net profit at INR 3.8 crore was up 39%. Last fiscal the company signed new contracts with Renault and Honda.
Sachin Tikekar, President and Joint MD, said, “We start FY24 on the back of closure of key strategic, long-term engagements. We will focus on alignment and collaboration of practices to address larger problems of our clients through broader technology solutions.”
Ravi Pandit, Co-founder and Chairman, added, “FY23 was another satisfying year of sustainable growth and margin expansion, and we are excited and confident about our performance going forward”.
KPIT is also in the process of forging a new entity with ZF and looking for one more partner. Further details on its location will be announced soon.It was in December 2021 when the two companies said they would join hands to develop a middleware solution for the mobility ecosystem. Built with the software expertise of KPIT paired with ZF’s strong understanding of vehicle systems, a mature, modular middleware solution that can be deployed across OEMs would 'represent a transformative opportunity' for the mobility ecosystem.
In January 2021, ZF established a global software centre to develop software systems for future architectures on a group-wide level. One core product is an automotive middleware that serves as a “mediator” between a vehicle computer’s operating system and its software applications.