KPIT Technologies gains 6% on healthy Q4 numbers, revenue up 11%

KPIT Technologies expects revenue growth in the range of 27-30 percent in constant currency and EBITDA margin at 19-20 percent for FY24

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KPIT Technologies shares gained 6 percent on April 26 after reporting a healthy set of numbers for the March quarter as well as the financial year 2022-23, ending the day at Rs 905.5 on the National Stock Exchange (NSE).

The IT services company recorded an 11 percent sequential growth in consolidated profit at Rs 111.6 crore for the March quarter and revenue grew by nearly 11 percent to Rs 1,017.4 crore in the same period, the firm said in an exchange filing earlier in the day.

The revenue growth in dollar terms was 12.1 percent and 8.5 percent in constant currency terms, the company said.

The Americas business grew by 27 percent sequentially to Rs 381.2 crore, while the UK & Europe business saw a 6 percent growth at Rs 526.6 crore. Sequentially, the Rest of the World recorded an 11 percent increase in revenue at Rs 472.5 crore for the January-March quarter.

On the operating front, EBIT (earnings before interest and tax) for the quarter grew by 17.44 percent to Rs 152 crore with a margin expansion of 83 basis points 14.94 percent from the previous quarter, KPIT said.

One basis point is one-hundredth of a percentage point.

For the full year, the Pune-based software services provider registered a 39 percent growth in profit at Rs 381 crore from the previous year. Revenue came in at Rs 3,365 crore, up 38.3 percent from the previous fiscal.

KPIT Technologies expects revenue growth in the range of 27-30 percent in constant currency and EBITDA margin in the 19-20 percent range in FY24.

Technical View

Technically, the stock formed a long bullish candlestick on the daily charts with strong volumes. It has given a nice Bullish Flag breakout, which indicates a potential upside in the stock in the coming sessions.

The stock traded above all key moving averages —21, 50, 100 and 200-day exponential moving averages — which supports the bullish momentum in the stock.

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