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Anand Rathi Report
KPIT Technologies Ltd. revenues came at $65 million, down 15.2% QoQ (14% in constant currency), 10% YoY.
The decline was mainly in autonomous driving-advanced driver assistance systems (down 27.7% QoQ) and diagnostics/automotive open system architecture (down 22% QoQ).
The Ebit margin was 6.7%, down 178 basis points QoQ. Despite Q1 FY21 capex being higher, at Rs 332 million (new facility and software), net cash was a high Rs 3,938 million, 21% of market capitalisation.
Capex for the rest of the year would come down sharply. With its in-line Q1 performance and growth expected to be back in H2 as large deals ramp up and offshoring increases, margins may see a tailwind.
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