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KPIT Technologies Ltd Interim / Quarterly Report 2023

Oct 19, 2022

59234_rns_2022-10-19_41b37f07-574f-48dc-9f96-37d3750f519f.pdf

Interim / Quarterly Report

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KP 11·

October 19, 2022

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001.

National Stock Exchange of India Ltd.,

Exchange Plaza, C/1, G Block, Bandra - Kurla Complex, Sandra (E), Mumbai - 400051.

Scrip ID: KPITTECH Scrip Code: 542651

Symbol: KPITTECH Series: EQ

Kind Attn: The Manager, Department of Corporate Services

Kind Attn: The Manager, Listing Department

Sub·ect: Outcome of the Board Meeting commenced on October 18, 2022 (at 7.00 pm) and concluded today, i.e. on October 19, 2022 (at 11.15 am)

Dear Sir / Madam,

We wish to inform you that the Board of Directors of the Company, at its meeting held through video conferencing concluded today, inter alia, has approved the following:

  1. Unaudited Standalone Financial Results and Consolidated Financial Results for the quarter and half year ended September 30, 2022.

Unaudited Consolidated Financial Results and Standalone Financial Results for the quarter and half year ended September 30, 2022, along with Limited Review Reports thereon and investor update are being sent separately.

Kindly take the same on your records.

Thanking you.

Yours faithfully,

For KPIT Technologies Limited

==> picture [23 x 15] intentionally omitted <==

----- Start of picture text -----

e"
"
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E Nida Deshpande Company Secretary & Compliance Officer

0 +91 20 6770 6000 E [email protected] W kpit.com

KPIT Technologies Limited

Registered & Corporate Office: Plot No. 17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Taluka-Mulshi, Hinjawadi, Pune-411057, India. CIN: L74999PN2018PLC174192

KPIT TECHNOLOGIES LIMITED

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIOC-SEZ, Phase-III, Maan, Hinj�wadi, Taluka - Mulshi, Pune - 411057 Phone: +91 20 6770 [email protected] I CIN: L74999PN2018PLC174192

PART I: STATEMEN-rOF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2022

' in milion(except per share data)
Pariculars
Revenue from operations
Other income
Net unrealised gain on investments carried at fair value
through profit and loss
Bank interest, dividend income and realised gain on
mutual fund investments
Others (Refer note 4)
Total income
Expenses
Employee benefits expense
Finance costs (Refer note 5)
Depreciation and amortisation expense
Net loss on investments carried at fair value through profit
and loss
Other expenses
Totalexpenses
Profit before share of equity accounted investees and tax
Share of profit of equity accounted investees (net of tax)
Profit before tax
Tax expense
Current tax
Deferred tax benefit
Total tax expense
Profit for the period/year
Other comprehensive income
Items that will not be reclassified subsequently to profit or
loss
Remeasurements of defined benefit plans - gain/(loss)
Income
tax
on
items
that
will
not
be
reclassified
subsequently to profit or loss
Items that will be reclassified subsequently to profit or loss
Exchange differences on translation of financial
statements of foreign operations
Effective portion of gains/(losses) on hedging instruments
in cash flow hedges
Income tax on items that will be reclassified subsequently
to profit or loss
Total other comprehensive income/(losses)
Total comprehensive income for the period/year
Profit attributable to
Owners of the Company
Non-controlling interests
Profit for the period/year
Other comprehensive income attributable to
Owners of the Company
Non-controlling interests
Other comprehensive income for the period/year
Total comprehensive income atributable to
owners of the Company
Non-controlling interests
Total comprehensive income for theperiod/year
30 September
2D22
(Unaudited)
7,448.32
77.40
17.50
7,543.22
4,964.43
70.31
327.41
1.92
1,102.26
6,466.33
1,076.89
14.36
1,091.25
280.81
(25.21)
255.60
835.65
(56.54)
19.12
(68.13)
(42.71)
12.93
(135.33)
700.32
834.80
0.85
835.65
(132.11)
(3.22)
(135.33)
702.69
(2.37)
700.32
Quarter ended
30 June 2022
(Unaudited)
6,857.24
6.12
57.67
95.22
7,016.25
4,528.22
63.43
310.23
997.29
5,899.17
1,117.08
3.77
1,120.85
281.09
(36.83)
244.26
876.59
(2.70)
0.75
(14.98)
(66.72)
17.51
{66.14)
810.45
854.28
22.31
876.59
(58.74)
(7.40)
(66.14)
795.54
14.91
810.45
Half Year ended
Year ended
30 September
30 September
2021
2022
(Unaudited)
(Unaudited)
5,908.73
21.39
51.87
37.50
6,019.49
3,989.37
38.56
290.93
878.77
5,197.63
821.86
821.86
183.52
(12.66)
170.86
651.00
(67.10)
23.85
{64.99)
31.52
(11.01)
(87.73)
563.27
651.00
651.00
(87.73)
(87.73)
563.27
563.27
14,305.56
4.20
135.07
112.72
14,557.55
9,492.65
133.74
637.64
2,099.55
12,363.58
2,193.97
18.13
2,212.10
561.90
(62.04)
499.86
1,712.24
(59.24)
19.87
(83.11)
(109.43)
30.44
{201.47)
1,510.77
1,689.08
23.16
1,712.24
(190.85)
(10.62)
(201.47)
1,498.23
12.54
1,510.77
30 September
31 March 2022
2021
(Audited)
(Unaudited)
11,582.54
42.99
91.18
97.95
11,814.66
7,747.19
78.66
577.39
1,813.60
10,216.84
1,597.82
1,597.82
433.59
(89.23)
344.36
1,253.46
(52.85)
18.87
12.50
{10.87)
3.80
(28.55)
1,224.91
1,253.46
1,253.46
(28.55)
(28.55)
1,224.91
1,224.91
24,323.86
50.67
210.25
187.17
24,771.95
16,105.99
193.95
1,196.14
3,832.41
21,328.49
3,443.46
1.98
3,445.44
836.11
(153.10)
683.01
2,762.43
(75.00)
25.57
13.51
20.17
(6.94)
(22.69)
2,739.74
2,742.33
20.10
2,762.43
(28.14)
5.45
(22,69)
2,714.19
25.55
2,739.74		 Quarter ended
Half Year ended
Year ended
Paid up equity capital (face value � 10 per share)
Other equity
Earnings per equity share (face value per share ? 10
each)
Basic
Diluted
_ are not annualed for the interiin periods._
2,699.53
3.09
3.06
2,700.97
3.16
3.13
2,696.18
2.42**
2.39
2,699.53
6.25
6.18
2,696.18
4.66
4.60
2,700.17
10,395.50
10.17
10.05

==> picture [56 x 48] intentionally omitted <==

KPIT TECHNOLOGIES LIMITED

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone : +91 20 6770 6000 I e:[email protected] I www.kpit.com I CIN : L74999PN2018PLC174192

l

PART II: SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

r in milion
Sr Particulars Quarter ended Half Year ended Year ended
No 30 September 30 June 2022 30 September 30 September 30 September 31 March 2022
2022 (Unaudited) 2021 2022 2021 (Audited)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
1 Segment revenue
Americas 2,829.87 2,702.14 2,395.58 5,532.01 4,733.80 9,513.63
UK & Europe 3,355.74 2,835.19 2,512.83 6,190.93 4,855.45 10,226.38
Rest of the World 3,992.87 3,993.27 3,153.45 7,986.14 5,956.01 13,121.21
Total 10,178.48 9,530.60 8,061.86 19,709.08 15,545.26 32,861.22
Less : Inter segment revenue 2,730.16 2,673.36 2,153.13 5,403.52 3,962.72 8,537.36
Revenue from operations 7,448.32 6,857.24 5,908.73 14,305.56 11,582.54 24,323.86
2 segment results - Profitbefore tax
and interest
Americas 686.99 774.12 630.03 1,461.11 1,413.68 2,514.27
UK & Europe 559.44 499.38 337.22 1,058.82 521.39 1,634.75
Rest of the World 433.24 535.21 415.45 968.45 844.46 2,004.90
Total 1,679.67 1,808.71 1,382.70 3,488.38 2,779.53 6,153.92
Less:
- Finance costs 70.31 63.43 38.56 133.74 78.66 193.95
- Other unallocable expenditure (net of 532.47 628.20 522.28 1,160.67 1,103.05 2,516.51
unallocable income)
Profit
before		 share of equity 1,076.89 1,117.08 821.86 2,193.97 1,597.82 3,443.46
accounted investees and tax
Share of profit of equity accounted 14.36 3.77 - 18.13 - 1.98
investees (net of tax)
Profit before tax 1,091.25 1,120.85 821.86 2,212.10 1,597.82 3,445.44
3 Segment assets
Americas 1,782.80 1,560.68 1,187.47 1,782.80 1,187.47 1,264.74
UK & Europe 2,689.32 2,097.67 1,834.51 2,689.32 1,834.51 1.774.06
Rest of the World 1,355.58 1,222.62 1,225.86 1,355.58 1,225.86 1,490.94
Total 5,827.70 4,880.97 4,247.84 5,827.70 4,247.84 4,529.74
Unallocated assets 18,577.93 19,379.55 16,943.60 18,577.93 16,943.60 18,831.73
Total assets 24,405.63 24,260.52 21,191.44 24,405.63 21,191.44 23,361.47
4 Segment liabilities
Americas 234.11 189.45 213.40 234.11 213.40 304.85
UK & Europe 1,188.99 1,288.28 739.79 1,188.99 739.79 1,071.15
Rest of the World 383.70 276.36 497.26 383.70 497.26 339.33
Total 1,806.80 1,754.09 1,450.45 1,806.80 1,450.45 1,715.33
Unallocated liabilities 8,486.38 8,420.09 7,002.49 8,486.38 7,002.49 8,395.00
Total liabilities 10,293.18 10,174.18 8,452.94 10,293.18 8,452.94 10,110.33

a Segment assets other than trade receivables, unbilled revenue and contract assets, and segment liabilities other than unearned revenue and advance to customers used in the Company's business are not identified to any reportable segments, as these are used interchangeably between segments.

b The cost incurred during the year to acquire Property, plant and equipment and Intangible assets, Depreciation/Amortisation and non-cash expenses are not attributable to any reportable segment.

==> picture [53 x 35] intentionally omitted <==

KPIT TECHNOLOGIES LIMITED

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone : +91 20 6770 6000 I £[email protected] I CIN : L74999PN2018PLC174192

l

PART Ill: CONSOLIDATED BALANCE SHEET


A
ASSETS
1
Non-current assets
a.
Property, plant and equipment
b.
Right-of-use assets
C,
Capital work-in-progress
d.
Goodwill
e.
Other intangible assets
f.
Intangible assets under development
g.
Equity accounted investees
h.
Financial assets
Investments
Other financial assets
i.
Income tax assets (net)
j.
Deferred tax assets (net)
k.
Other non-current assets
2
Current assets
a.
Financial assets
Investments
Trade receivables
Billed
Unbilled
Cash and cash equivalents
Other balances with banks
Other financial assets
b.
Other current assets
TOTAL ASSETS
B
EQUITY AND LIABILITIES
Equity
a.
Equity share capital
b.
Other equity
Equity attributable to owners of the Company
Non-controlling interest
Total equity
Liabilities
1
Non-current liabilities
a.
Financial liabilities
Borrowings
Lease liabilities
Other financial liabilities
b.
Provisions
c.
Deferred tax liabilities (net)
2
Current liabilities
a.
Financial liabilities
Borrowings
Lease liabilities
Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises
Other financial liabilities
b.
Other current liabilities
C.
Provisions
d.
Income tax liabilities (net)
TOTAL EQUITY AND LIABILITIES		 r in milion
As at
31 March 2022
30 September
(Audited)
2022
1,933.64
1,936.72
2,091.84
2,503.32
17.22
4.09
2,174.40
1,678.66
540.95
289.77
40.55
-
222.64
216.14
0.40
0.42
838.69
538.83
340.41
279.59
793.76
763.83
8.37
8.50
9,002.87
8,219.87
1,054.91
1,075.68
3,982.13
3,714.47
1,350.70
695.41
3,241.36
3,420.63
4,632.20
5,507.34
238.23
279.73
903.23
448.34
15,402.76
15,141.60
24,405.63
23,361.47
2,699.53
2,700.17
11,219.79
10,395.50
13,919.32
13,095.67
193.13
155.47
14,112.45
13,251.14
3.48
18.65
1,483.22
1,833.95
813.01
926.77
341.67
254.29
24.51
0.07
2,665.89
3,033.73
4.54
7.15
372.66
412.51
2.27
5.70
1,420.16
1,366.60
2,213.56
1,899.28
2,554.17
2,421.04
673.91
658.45
386.02
305.87
7,627.29
7,076.60
24,405.63
23,361.47

==> picture [54 x 33] intentionally omitted <==

Notes:

1 The above unaudited consolidated financial results have been reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors in their n:ieetings held on 18 October 2022 and 19 October 2022 respectively. These unaudited consolidated financial results have been prepared in accordance with the Indian Accounting Standards ("Ind-AS") as specified under Section 133 of the Companies Act, 2013 read with the applicable rules as amended from time to time and the provisions of Companies Act, 2013.

2 The Statutory auditors of the Company have conducted a limited review of the above unaudited consolidated financial results of the Company for the quarter and halt year ended 30 September 2022. An unqualified opinion has been issued by them thereon.

3
4
5		 Standalone information:
Sr NoParticulars
a
Revenue from operations
b
Profit before tax
C
Net profit for the period/year
d
Other comprehensive income/(losses)
e
Total
comprehensive
income
for
th
period/year
Details of foreign exchange gain included in above re
Particulars		 Standalone information:
Sr NoParticulars
a
Revenue from operations
b
Profit before tax
C
Net profit for the period/year
d
Other comprehensive income/(losses)
e
Total
comprehensive
income
for
th
period/year
Details of foreign exchange gain included in above re
Particulars		 Quarter ended
HalfYear ended
Year ended
30 September
30 June2022
30 September
30 September
30 September
31 March 2022
2022
(Unaudited)
2021
2022
2021
(Audited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
3,575.70
3,547.93
2,904.95
7,123.63
5,438.82
11,809.88
870.19
950.57
639.85
1,820.76
1,271.57
2,765.72
658.18
736.84
524.31
1,395.02
1,047.76
2,381.20
(58.16)
(40.35)
(22.74)
(98.51)
(41.05)
(38.94)
e
600.02
696.49
501.57
1,296.51
1,006.71
2,342.26
sults:
Quarter ended
Half Year ended
Year ended
30 September
30 June 2022
30 September
30 September
30 September
31 March 2022
2022
(Unaudited)
2021
2022
2021
(Audited)
(Unaudited)
(Unaudited)
(Unaudited)
/Unaudited)
4.66
42.58
29.86
47.24
80.94
129.78
Quarter ended
Half Year ended
Year ended
30 September
30 June 2022
30 September
30 September
30 September
31 March 2022
2022
(Unaudited)
2021
2022
2021
(Audited)
(Unaudited)
(Unaudited)
/Unaudited)
(Unaudited)
s
52.36
50.45
30.37
102.81
61.22
162.80
n
17.95
12.98
8.19
30.93
17.44
31.15
70.31
63.43
38.56
133.74
78.66
193.95
Foreign exchange gain included in other income
Details of finance casts:
Particulars
Finance cost on unwinding of financial instrument
as per Ind-AS
Interest expense on working capital loan, termloa
and other bank interest
Total finance costs		 come

6 The consolidated results of the Company are available on the Company's website, www.kpit.com and also on the website of the SSE Limited, www.bseindia.com and National Stock Exchange of India Limited, www.nseindia.com, where the shares of the Company are listed.

  • 7 Effective 1 October 2021, the Company had acquired controlling stake in PathPartner Technology Private Limited ("PathPartner"). During the current quarter, the purchase price allocation and the related identification and measurement of identifiable intangible asset acquired in a business combination is completed.

  • 8 The Indian Parliament had approved the Code on Social Security, 2020 which could impact the contributions by the company towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified. The Company will complete its evaluation and will give appropriate impact in the financial results in the period in which, the Code and related rules become effective.

  • 9 Consolidated statement of cash flows is attached in Annexure A.

==> picture [445 x 99] intentionally omitted <==

----- Start of picture text -----

For and on behalf of the Board of Directors of
KPIT TECHNOLOGIES LI '-
- Mr
/)
(Ra Pandi o
Place: Pune _, _ __,-�=."' air n of e Board c:� � naging Director
,;yi
Date: 19 October 2022 DIN : 0 5861 DIN: 00076190
----- End of picture text -----

==> picture [58 x 41] intentionally omitted <==

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone :a+91 20 6770 6000 I [email protected] I www.kpit.com I GIN : L74999PN2018PLC174192

KPIT TECHNOLOGIES LIMITED

ANNEXURE A: CONSOLIDATED STATEMENT OF CASH FLOWS


Particulars
Half Year		 ended � i milion
Year ended
30 September 30 September 31 March 2022
2022 2021 (Audited)
(Unaudited) (Unaudited)
A CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period/year 1,712.24 1,253.46 2,762.43
Adjustments for:
Tax expense 499.86 344.36 683.01
Depreciation and amortisation expense 637.64 577.39 1,196.14
Interest expense 133.74 78.66 193.95
Interest income (119.60) (86.87) (194.33)
Dividend income (1.98) (1.91) (3.60)
Property, plant and equipments and other intangible assets written off 8.47 - 126.19
Net loss/(profit) on disposal of property, plant and equipments - 12.90 (0.72)
Unrealised gain on investment carried at fair value through profit and toss (net) (4.20) (42.99) (50.67)
Realised gain on investment carried at fair value through profit and loss (18.34) (7.79) (26.51)
Provision for doubtful debts and advances (net) (14.15) (32.11) (112.92)
Bad debts written off 31.05 27.40 68.57
Share based compensation expenses 60.34 44.92 87.97
Net unrealised foreign exchange loss (63.21) 5.10 13.76
Impairment loss - - -
Gain on sate of investment in an associate (18.86) - -
Others (25.58) 40.94 20.16
Operating profit before working capital changes 2,817.42 2,213.46 4,763.43
Adjustments for changes in working capital:
Trade receivables (846.48) (354.02) (370.16)
Other financial assets, loans and other assets (461.07) (55.49) (23.51)
Trade Payables (32.33) 155.28 (19.95)
Other financial liabilities, provisions and other liabilities 19.41 806.29 1,288.34
Cash generated from operations 1,496.95 2,765.52 5,638.15
Taxes paid (net) (454.74) (312.77) (888.25)
Net cash generated from operating activities (A) 1,042.21 2,452.75 4,749.90
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (675.72) (339.50) (686.04)
Proceeds from sale of property, plant and equipment - 0.64 0.95
Acquisition of subsidiary (314.38) - (626.04)
Acquisition of non-controlling interest - (231.83) (231.83)
Investment in mutual fund (1,750.00) (1,070.00) (2,625.34)
Proceeds from sale of investment in mutual fund 1,788.82 1,030.91 2,865.17
Proceed from sale of investments carried at fair value through profit and Los� 5.46 41.31 69.11
Investment in equity accounted investees - (217.86) (214.16)
Proceeds from sale of investment in an associate 19.13 - -
Interest received 103.58 36.11 140.26
Dividend received - 1.91 3.60
Fixed deposits with banks (net) having maturity_over_three months 562.76 (1,217.61) (1,719.73)
Net cash used in investing activities (B) (260.35) (1,965.92) (3,024.05)
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of long term loan from banks (1.88) (1.71) (3.50)
Repayment of long term loan from other than banks (15.00) (1.87) (1.87)
Payment of lease liabilities (254.35) (251.27) (515.58)
Proceeds from working capital loan 542.86 1,034.87 1,801.39
Repayment of working capital loan (542.86) (1,034.87) (1,801.39)
Payments for shares purchased by Employee Welfare Trust (228.43) - -
Proceeds from shares issued by Employee Welfare Trust 6.81 16.02 27.45
Dividend paid (499.83) (403.91) (741.30)
Interest and finance charges paid (31.84) (18.37) (31.86)
Net cash used in financing activities (C) (1,024.52) (661.11) (1,266.66)
D Exch�nge differences on translation of foreign currency cash and cash equivalents 20.82 0.11 8.12
Net increase/(decrease) in cash and cash equivalents (A+ B + C + D) (221.84) (174.17) 467.31
Cash and cash equivalents at close of the period/year 3,241.36 2,683.53 3,420.63
Cash and cash equivalents at beginning of the period/year 3,420.63 2,857.70 2,857.70
Cash and cash equivalents on account of acquisition of subsidiary 42.57 - 95.62
Cash surplus/(deficit) for the period/year (221.84) (174.17) 467.31

==> picture [51 x 34] intentionally omitted <==

r

BS R & Co. LLP

Chartered Accountants

8th floor, Business Plaza, Telephone: +91 20 6747 7300 Westin Hotel Campus, Fax: +91 20 6747 7310 36/3-8, Koregaon Park Annex, Mundhwa Road, Ghorpadi, Pune-411001, India

Limited Review Report on unaudited consolidated financial results of KPIT Technologies Limited for the quarter ended 30 September and year-to-date results for the period from 1 April 2022 to 30 September 2022 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of KPIT Technologies Limited

  1. We have reviewed the accompanying Statement of unaudited consolidated financial results of KPIT Technologies Limited ("the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its joint venture for the quarter ended 30 September 2022 and year-to-date results for the period from 1 April 2022 to 30 September 2022 ("the Statement''), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

  2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

  1. The Statement includes the results of the following entities:

  2. 1) KPIT Technologies Limited (Parent)

Subsidiaries

  • 2) KPIT Technologies (UK) Limited

  • 3) KPIT (Shanghai) Software Technology Co. Limited

  • 4) KPIT Technologies Netherland B.V.

  • 5) KPIT Technologies GmbH

  • 6) KPIT Technologias Ltda (erstwhile Microfuzzy KPIT Technologia ltda)

  • 7) Microfuzzy lndustrie-Elektronic GmbH

  • 8) KPIT Technologies Limited GK

  • 9) KPIT Technologies Inc.

  • 10) KPIT Technologies Holding Inc.

Registered Off'ice:

B s R & Co. (a partnership firm with Registration No. BA61223) converted into as R & Co. LLP (a Llmrted Llabil,ty Partnership with LLP Reglstrelion No. MB-6181) with effect from OCtober 14, 2013

14th Floor. Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center. western Express HiQhw2v. G0190aon (Eas0. IAumb•i - A00061

BS R & Co. LLP

11) ThaiGerTec Co., Limited

  • 12) PathPartner Technology Private Limited (with effect from 1 October 2021)

13) PathPartner Technology Inc. (with effect from 1 October 2021)

14) PathPartner Technology GmbH (with effect from 1 October 2021)

15) Somit Solutions (UK) Limited (with effect from 1 June 2022)

16) Somit Solutions Inc. (with effect from 1 June 2022)

17) KPIT Technologies Employee Welfare Trust (ESOP trust)

18) KPIT Technologies S.A.S (with effect from 23 September 2022)

Joint Venture

19) FMS Future Mobility Solutions GmbH (with effect from 28 September 2021)

  1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

  2. The Statement includes the interim financial information of two Subsidiaries which have not been reviewed, whose interim financial information reflect total assets of Rs. 189.81 million as at 30 September 2022 and total revenues of Rs. 110.15 million and Rs. 146.87 million, total net profit after tax of Rs. 39.98 million and Rs. 53.31 million and total comprehensive income of Rs. 39.98 million and Rs 53.31 million, for the quarter ended 30 September 2022 and for the period from 1 April 2022 to 30 September 2022 respectively, and cash outflows (net) of Rs. 20.17 million for the period from 1 April 2022 to 30 September 2022, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 14.36 million and Rs. 18.13 million and total comprehensive income of Rs. 14.36 million and Rs. 18.13 million, for the quarter ended 30 September 2022 and for the period from 1 April 2022 to 30 September 2022 respectively as considered in the unaudited consolidated financial results, in respect of one joint venture, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group.

Our conclusion is not modified in respect of this matter.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

==> picture [84 x 41] intentionally omitted <==

Swapnil Dakshindas

· Partner

Pune

19 October 2022

Membership No.: 113896 UDIN:22113896BAFKOK5373

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone: +91 20 6770 6000 I grievances(cl)koit.com I www.kpit.com I CIN : L74999PN2018PLC174192

KPIT TECHNOLOGIES LIMITED

PART I: STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2022

Particulars Quarter ended i in million {except
Half Year ended		 i in million {except
Half Year ended		 per share data)
Year ended
30 September 30 June 2022 30 September 30 September 30 September 31 March 2022
2022 {Unaudited) 2021 2022 2021 {Audited)
(Unaudited) {Unaudited) (Unaudited) (Unaudited)
Revenue from operations 3,575.70 3,547.93 2,904.95 7,123.63 5,438.82 11,809.88
Other income:
Net gain on investments carried at fair value 6.12 21.39 4.20 42.99 50.67
through profit and loss
Bank interest, dividend income and realised gain 73.97 55.59 51.68 129.56 90.78 535.06
on mutual tund investments
Others (Refer note 3) 12.22 51.90 44.78 64.12 116.78 186.99
Total Income 3,661.89 3,661.54 3,022.80 7,321.51 5,689.37 12,582.60
Expenses
Employee benefits expense 2,165.88 1,987.52 1,777.54 4,153.40 3,295.12 7,048.08
Finance costs (Refer note 4) 38.54 39.59 16.97 78.13 33.36 108.56
Depreciation and amortization expense 230.06 212.35 200.84 442.41 396.91 815.76
Net loss on investments carried at fair value 1.92
through profit and loss
Other expenses 355.30 471.51 387.60 826.81 692.41 1,844.48
Total expenses 2,791.70 2,710.97 2,382.95 5,500.75 4,417.80 9,816.88
Profit before tax 870.19 950.57 639.85 1,820.76 1,271.57 2,765.72
Tax expense
Current tax 223.79 234.47 112.84 458.26 269.98 511.53
Deferred tax (benefit)/charge (11.78) (20.74) 2.70 (32.52) (46.17) (127.01)
Total tax expense 212.01 213.73 115.54 425.74 223.81 384.52
Profit for the period/year 658.18 736.84 524.31 1,395.02 1,047.76 2,381.20
Other comprehensive income
Items that will not be reclassified subsequently to
profit or loss
Remeasurements of defined benefit plans - (50.01) (5.83) (67.10) (55.84) (52.85) (76.96)
gain/(loss)
Income tax on items that will not be reclassified 17.48 2.03 23.85 19.51 18.87 25.57
subsequently to profit or loss
Items that will be reclassified subsequently to
profit or loss
Effective portion of gains/(losses) on hedging (39.40) (56.18) 31.52 (95.58) (10.87) 19.13
instruments in cash flow hedges
Income tax on items that will be reclassified 13.77 19.63 (11.01) 33.40 3.80 (6.68)
subsequently to profit or loss
Total other comprehensive losses (58.16) (40.35) (22.74) {98.51) {41.05) (38.94)
Total comorehensive income for the period/year 600.02 696.49 501.57 1,296.51 1,006.71 2,342.26
Paid up equity capital (face value � 10 per share) 2,699.53 2,700.97 2,696.18 2,699.53 2,696.18 2,700.17
Other equity 9,488.26
Earnings per equity share {face value per share t
10 each)*
Basic 2.44 2.73 1.95 5.17 3.89 8.83
Diluted 2.41 2.70 1.92 5.11 3.84 8.73
* are not annualised for the interim periods.

==> picture [48 x 41] intentionally omitted <==

KPIT TECHNOLOGIES LIMITED

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone: +91 20 6770 6000 Ii;[email protected] I CIN : L74999PN2018PLC174192

PART II: STANDALONE BALANCE SHEET

Particulars
AASSETS
1
Non-current assets
a.
Property, plant and equipment
b.
Right-of-use assets
C.Capital work-in-progress
d.
Other intangible assets
e.Intangible assets under development
f.
Financial assets
Investments
Other financial assets
g.Income tax assets (net)
h.
Deferred tax assets (net)
i.
Other non-current assets
2
Current assets
a.Financial assets
Investments
Trade receivables
Billed
Unbilled
Cash and cash equivalents
Other balances with banks
Other financial assets
b.Other current assets
TOTAL ASSETS
BEQUITY AND LIABILITIES
Equity
a.Equity share capital
b.Other equity
Liabilities
1
Non-current liabilities
a.Financial liabilities
Borrowings
Lease liabilities
Other financial liabilities
b.Provisions
2Current liabilities
a.
Financial liabilities
Borrowings
Lease liabilities
Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises
(ii) Total outstanding dues of creditors other thanmicro enterprisesand small
enterprises
Other financial liabilities
b.Other current liabilities
c.Provisions
d. Income tax liabilities (net)
TOTAL EQUITY AND LIABILITIES
30		 Particulars
AASSETS
1
Non-current assets
a.
Property, plant and equipment
b.
Right-of-use assets
C.Capital work-in-progress
d.
Other intangible assets
e.Intangible assets under development
f.
Financial assets
Investments
Other financial assets
g.Income tax assets (net)
h.
Deferred tax assets (net)
i.
Other non-current assets
2
Current assets
a.Financial assets
Investments
Trade receivables
Billed
Unbilled
Cash and cash equivalents
Other balances with banks
Other financial assets
b.Other current assets
TOTAL ASSETS
BEQUITY AND LIABILITIES
Equity
a.Equity share capital
b.Other equity
Liabilities
1
Non-current liabilities
a.Financial liabilities
Borrowings
Lease liabilities
Other financial liabilities
b.Provisions
2Current liabilities
a.
Financial liabilities
Borrowings
Lease liabilities
Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises
(ii) Total outstanding dues of creditors other thanmicro enterprisesand small
enterprises
Other financial liabilities
b.Other current liabilities
c.Provisions
d. Income tax liabilities (net)
TOTAL EQUITY AND LIABILITIES
30		 As at
September 2022
(Unaudited)
1,665.05
880.86
15.54
429.17
40.22
4,813.14
658.35
162.42
596.66
7.32
9,268.73
1,026.75
2,662.07
614.02
442.31
2,971.18
231.21
448.90
8,396.44
17,665.17
2,699.53
10,120.58
12,820.11
3.48
480.12
589.07
296.98
1,369.65
4.54
122.92
1.91
594.49
1,512.44
874.30
240.45
124.36
3,475.41
17,665.17
� in milion
As at
31 March 2022
(Audited)
1,663.44
1,087.15
2.28
245.52
-
4,491.50
353.22
142.06
598.95
5.67
8,589.79
1,004.49
2,331.66
328.96
458.57
4,022.82
266.06
239.64
8,652.20
17,241.99
2,700.17
9,488.26
12,188.43
18.65
656.25
727.60
202.47
1,604.97
7.15
138.76
4.38
574.84
1,479.56
848.60
394.65
0.65
3,448.59
17,241.99

==> picture [57 x 44] intentionally omitted <==

Notes:

  • 1 The above unaudited standalone financial results have been reviewed by the Audit Committee and thereafter approved and taken on record by

the Board of Directorsain their meetings held on 18 October 2022 and 19 October 2022 respectively. These unaudited standalone financial results have been prepared in accordance with the Indian Accounting Standards ("Ind-AS") as specified under Section 133 of the Companies Act, 2013 read with the applicable rules as amended from time to time and the provisions of Companies Act, 2013.

  • 2 The statutory auditors of the Company have conducted a limited review of the above unaudited standalone financial results of the Company for the quarter and half year ended 30 September 2022. An unqualified opinion has been issued by them thereon.

==> picture [512 x 183] intentionally omitted <==

----- Start of picture text -----

3 Details of foreign exchange gain included in above results:
Particulars Quarter ended Half Year ended Year ended
30 September 30 June 2022 30 September 30 September 30 September 31 March 2022
2022 (Unaudited) 2021 2022 2021 (Audited)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Foreign exchange gain (net) included in 1.86 18.26 40.55 20.12 106.69 169.44
other income
4 Details of finance costs:
Particulars Quarter ended Half Year ended Year ended
30 September 30 June 2022 30 September 30 September 30 September 31 March 2022
2022 (Unaudited) 2021 2022 2021 (Audited)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Finance cost on unwinding of financial 37.40 38.53 16.10 31.82 105.69
instruments as per Ind-AS
Interest expense on working capital loan, 1.14 1.06 0.87 2.20 1.54 2.87
term loan and other bank interest
Total finance costs 38.54 39.59 16.97 78.13 33.36 108.56
75.93
----- End of picture text -----

  • 5 Where financial results contain both consolidated financial results and standalone financial results of the parent, segment information is required to be presented only in the consolidated financial results. Accordingly, segment information has been presented in the consolidated financial results.

  • 6 The standalone results of the Company are available on the Company's website, www.kpit.com and also on the website of the BSE Limited, www.bseindia.com and National Stock Exchange of India Limited, www.nseindia.com, where the shares of the Company are listed.

  • 7 The Indian Parliament had approved the Code on Social Security, 2020 which could impact the contributions by the company towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified. The Company will complete its evaluation and will give appropriate impact in the financial results in the period in which, the Code and related rules become effective.

  • 8 Statement of Cash flows is attached in Annexure A.

==> picture [426 x 109] intentionally omitted <==

----- Start of picture text -----

For and on behalf of the Board of Directors of
KPIT TECHNOLOGIES LIMITED
� i
��
S.B. avi) Pandit
Place: Pune �- irman of The Board CEO & Managi irector
Date: 19 October 2022 - DIN : 00075861 DIN : 0007619
I
f C ,;,��l
fI,
----- End of picture text -----

==> picture [47 x 30] intentionally omitted <==

KPIT TECHNOLOGIES LIMITED

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone: +91 20 6770 6000 I e:rievanceslOlkoit.com I www.koit.com I CIN : L74999PN2018PLC174192

ANNEXURE A: STANDALONE STATEMENT OF CASH FLOWS

Particulars
A CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period/year
Adjustments for:
Tax expense
Depreciation and amortization expense
Interest expense
Interest income
Dividend income
Property, plant and equipments and other intangible assets written off
Net loss/(profit) on disposal of property, plant and equipments
Unrealised gain on investment carried at fair value through profit and loss (net)
Realised gain on investment carried at fair value through profit and loss
Provision for doubtful debts and advances (net)
Bad debts written off
Share based compensation expenses
Net unrealised foreign exchange (gain)/loss
Gain on sale of investment in an associate
Others
Operating profit before working capital changes
Adjustments for changes in working capital:
Trade receivables
Other financial assets and other assets
Trade Payables
Other financial liabilities, other liabilities and provisions
Cash generated from operations
Taxes paid (net)
Net cash generated from operating activities (A)
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment
Investment in subsidiary
Investment in an associate
Proceeds from sale of investment in an associate
Proceeds from liquidation of subsidiary
Investment in mutual fund
Proceeds from sale of investment in mutual fund
Proceed from sale of investments carried at fair value through profit and loss
Interest received
Dividend received
Fixed deposits with banks (net) having maturity over three months
Net cash used in investing activities (B)
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of long term loan from banks
Repayment of long term loan from other than banks
Payment of lease liabilities
Proceeds from working capital loan
Repayment of working capital loan
Payments for shares purchased by Employee Welfare Trust
Proceeds from shares issued by Employee Welfare Trust
Dividend paid
Interest and finance charges paid
Net cash used in financing activities (C)
D Exchange differences on translation of foreign currency cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents (A+B+c+D)
Cash and cash equivalents at close of the period/year
Cash and cash equivalents at beginning of the period/year
Cash surplus/(deficit) for theperiod/year		 Half year ended
30 September
30 September
2022
2021
(Unaudited)
(Unaudited)
1,395.02
1,047.76
425.74
223.81
442.41
396.91
78.13
33.36
(113.54)
(85.13)
(1.00)
(1.91)
4.88
-
-
12.90
(4.20)
(42.99)
(18.34)
(7.79)
26.50
(50.28)
1.02
27.39
29.62
29.94
6.56
(10.69)
(16.60)
-
(7.18)
-
2,249.02
1,573.28
(633.15)
(247.41)
(211.22)
(44.67)
17.44
6B.28
(214.72)
453.21
1,207.37
1,802.69
(267.09)
(238.93)
940.28
1,563.76
(626.27)
(297.07)
-
0.64
(332.21)
(0.11)
-
(2.52)
19.13
-
-
-
(1,740.00)
(1,070.00)
1,734.82
1,030.91
5.46
41.31
100.55
35.09
-
1.91
740.43
(849.66)
(98,09)
(1,109.50)
(1.88)
(1.71)
(15.00)
(1.87)
(100.35)
(98.67)
542.86
1,034.87
(542.86)
(1,034.87)
(228.43)
-
6.81
16.02
(499.83)
(403.91)
(3.11)
(2.47)
(841.79)
(492.61)
(16.66)
(2.64)
(16.26)
(40.99)
442.31
397.26
458.57
438.25
(16.26)
(40.99)
r in milion
Year ended
31 March 2022
(Audited)
2,381.20
384.52
815.76
108.56
(189.85)
(329.89)
107.78
(0.72)
(50.67)
(26.51)
(117.24)
52.89
51.61
(3.16)
-
(0.86)
3,183.42
(716.64)
144.28
93.77
780.19
3,485.02
(567.74)
2,917.28
(573.96)
1.26
(626.15)
(2.52)
-
34.63
(2,570.00)
2,845.17
69.11
137.59
329.89
(1,617.86)
(1,972.84)
(3.50)
(1.87)
(198.59)
1,801.39
(1,801.39)
-
27.45
(741.30)
(3.59)
(921.40)
(2.72)
20.32
458.57
438.25
20.32

==> picture [58 x 35] intentionally omitted <==

Chartered Accountants

8th floor, Business Plaza, Telephone: +91 20 6747 7300 Westin Hotel Campus, Fax: +91 20 6747 7310 36/3-B, Koregaon Park Annex, Mundhwa Road, Ghorpadi,

BS .R & Co. LLP

Pune - 411001, India

Limited Review Report on unaudited standalone financial results of KPIT Technologies Limited for the quarter ended 30 September 2022 and year-to­ date results for the period from 1 April 2022 to 30 September 2022 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of KPIT Technologies Limited

  1. We have reviewed the accompanying Statement of unaudited standalone financial results of KPIT Technologies Limited ("the Company") for the quarter ended 30 September 2022 and year-to-date results for the period from 1 April 2022 to 30 September 2022 ("the Statement'').

  2. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting'' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Our responsibility is to issue a report on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

  4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For BS R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

==> picture [76 x 43] intentionally omitted <==

Pune

19 October 2022

Swapnil Dakshindas Partner Membership No.: 113896 UDIN:22113896BAFKKF9474

Registered omce:

Mth Floor, Central 8 Wing and North C Wing, Nesco IT Park 4. Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

BS R & Co. (a partnership finn with Registration No. BA61223) converted into B s R & Co, LLP (a Limited Liability Pattncr"Ship with LLP Registration No. AAB-8181) with effect from October 14, 2013

KP 11·

October 19, 2022

To, National Stock Exchange of India Limited Exchange Plaza, C/1, G Block, Sandra - Kurla Complex, Bandra (E), Mumbai - 400051.

Symbol: KPITTECH Series: EQ

==> picture [52 x 13] intentionally omitted <==

The Manager, Listing Department

==> picture [50 x 12] intentionally omitted <==

Audited financial results of KPIT Technologies ("the Company") for the quarter ended September 30, 2022.

Dear Sir / Madam,

With reference to the captioned subject, we wish to submit that, there is a difference of Rs. 37.83 million in the paid-up equity share capital of the Company as reported in the shareholding pattern submitted for the quarter ended September 30, 2022 (Rs. 2,741.43 million) and audited financial results for the relevant quarter ended September 30, 2022 (Rs. 2,703.60 million) on account of elimination of shares held by KPIT Technologies Employees Welfare Trust (the "Trust") as the Company consolidates the financials of the Trust. The Trust holds 3.78 million equity shares in the Company (total face value of Rs. 37.83 million at Rs. 10/- per share) as on September 30, 2022.

Request you to please take note of the same.

Thanking you.

Yours faithfully,

==> picture [88 x 87] intentionally omitted <==

For KPIT Technologies Limited

==> picture [36 x 31] intentionally omitted <==

Nida Deshpande Company Secretary & Compliance Officer

KPIT Technologies Limited Registered & Corporate Office: Plot No. 17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Taluka-Mulshi, Hinjawadi, Pune-411057, India. CIN: L74999PN2018PLC174192

0 +91 20 6770 6000 E [email protected] W kpit.com

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