KPIT Tech Q2 profit falls 17% at Rs 169 cr

KPIT Technologies on Monday reported a 17% year-on-year decline in its net profit for the September quarter at Rs 169.08 crore. Sequentially, the profit was down 1.66%. The drop was attributed to a share in losses from an associate company.

The company achieved a 3.2% sequential growth in revenue, which touched Rs 1,587.7 crore.

KPIT’s margins improved slightly to 21.1%. Without the losses, the net profit would have touched Rs 191 crore, surpassing any previous quarter, KPIT’s chief financial officer Priya Hardikar said. In dollar terms, KPIT’s revenue increased by 1.8% to $181 million.