As per an announcement, KPIT has published its consolidated financial results for the second quarter and half year ended September 30, 2013.
In Q2 FY14, KPIT achieved revenues at INR7.03 billion with a Q-o-Q growth of 14.60 per cent and Y-o-Y growth of 23.90 per cent. 360 net employees were added during the quarter. The company also bagged a couple of US$10+ million deals during this quarter.
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Kishor Patil, Managing Director & CEO, KPIT, said, We closed two large deals in excess of US$10 million during the quarter and have created a robust pipeline of larger deals. This positions us well for stronger H2 performance. To support higher growth and volumes in H2, we are making investments in hiring of senior level industry specialists and on the training and development of the leadership team. We added 350+ people to our team this quarter. We registered stable profitability on the back of higher currency realization and increased strategic investments. However, we see further opportunities for EBITDA improvement in H2.
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Sachin Tikekar, Board Member, President Strategic Relationships and Business Transformation, KPIT, said, During the quarter, both engineering and IT businesses performed well in the APAC region and we are seeing demand traction picking up in Europe. In Q2 FY14, we adopted a new brand that signifies our transformation into a product and technology provider. Toward reaching the US$1 billion revenue milestone by 2017, our focus will be on productized solutions, go-to-market strategy and deeper penetration into strategic accounts.
Moreover, in this quarter Q2 FY14 50 patents were filed by the Company.
