KPIT Technologies - Revenue Crosses Pre-Pandemic Levels, Expects Mid-Teens Growth: Anand Rathi
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Anand Rathi Report
Good growth in Q1 was seen for KPIT Technologies Ltd.
Revenue up 3.7% q-o-q, 18.3% y-o-y, to $77 million, likely to persist.
Growth came from Asia Pacific/Japan (13% q-o-q, 25% y-o-y) and, in service lines, autonomous driving-advanced driver assistance systems (14% q-o-q, 10% y-o-y) and connected vehicle (14% q-o-q, 10% y-o-y) led the way.
KPIT Technologies' top-25 accounts continue to grow; non-top also contributed to original equipment manufacturer adds.
The better-than-expected 17.3% Ebitda margin is likely to remain high (16.5-17%) despite wage hikes in Q2.
Risk: sluggishness in top 25 clients.
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