KPIT Cummins Revenue Crosses $100 Million Milestone
KPIT Cummins Infosystems has announced its results for the quarter and full year ended March 31, 2007. During the year, The Company achieved its $100Mn Mission on revenue. For the year ended 31st March 2007, the Company earned Net Profit of Rs. 504.76 Million, growth of 55.01%. For Q4 FY07, the Company earned a Net Profit of Rs. 140.58 Million, a growth of 36.85% over the corresponding quarter in the previous fiscal and 2.22% over the preceding quarter.
Total revenues for the year ended were Rs. 4637.02 Million, reflecting a 45.72% growth over the revenues in FY 06. For the quarter ended 31st March 2007, the Company's revenue stood at Rs. 1303.04 Million, a growth of 44.52% Y-o-Y and 11.27% on a sequential basis.
Growth in offshore revenues has been strong at 81.92% over the previous year. As a proportion of total revenues, offshore revenues increased to 48.75% during the year, as compared to 39.05% in the pervious year.
During the quarter, the Company upgraded 2 of its customers to the Star customer category, thus taking the total number of Star customers to 17. During the quarter, the Company added 4 new customers, taking the total active customer base to 90. These include 2 customers in the Diversified Financial Services (DFS) Line of Business (LoB), 1 in Automotive LoB and 1 in Semiconductor Solutions LoB.
The Company's guidance for the financial year 2007-08 for net profits is in the range of Rs. 700 Million to Rs. 730 Million ($16.28 Million to $16.98 Million) representing an growth of 38.68% to 44.62% over FY07.
Consolidated revenue guidance is in the range of Rs. 6150 Million to Rs. 6180 Million ($143.02 Million to $143.72 Million) representing an annual growth of 32.63% to 33.28%.
During the quarter the Company added 137 new employees, taking the total employee strength to 3256.
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