KPIT Cummins net up by 28.79 per cent

PUNE,INDIA: KPIT Cummins, an IT consulting and solutions partner, today announced results for the quarter ending September 30, 2008.

The company reported a net profit of Rs.167.01 million, with an increase of 28.79 per cent over the previous quarter.

It recorded a consolidated revenue of Rs.1947.22 million that grew 30.47 per cent Y-o-Y, said a press release.

The gross profit for the quarter was Rs.782.66 million, reflecting Y-o-Y growth of 41.56 per cent and sequential growth of 16.40 per cent.

The EBITDA for Q2 was reported as Rs.284.44 million, a Y-o-Y increase of 21.11 per cent, it said.

Ravi Pandit, chairman and group chief executive officer, said, “Our business strategy of attaining leadership position through focus on select industries while continuing to diversify geographically is yielding encouraging results.”

“Our operational rigor and technology investments have helped us achieve our growth targets. As markets continue to be volatile, we remain cautiously optimistic about our performance for the rest of the financial year,” he added.

Girish Wardadkar, president and executive director, said, “Our utilization improved by 0.9 per cent to reach 74.54 per cent this quarter. We launched 28 new Six Sigma projects taking the total number to 54. Over last 6 months, we have realized savings worth half a million US dollars through our Six Sigma initiative.”

He added that they have filed 2 more patents taking the total number to 6. The investments in ‘project health management systems’ and Zero Defect initiatives would go a long way to ensure robust operational performance for the rest of the year.

The company statement mentioned that during the reporting quarter it has added 6 new customers with a total of 123 customers, said the release.