KPIT Technologies Ltd — Interim / Quarterly Report 2022

Apr 27, 2022

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April 27, 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, Bandra (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

- Subject: Investor Update – Q4 FY 2022.

Dear Sir / Madam,

Please find enclosed the investor Update – Q4 FY 2022.

Kindly take the same on your records.

Thanking you.

Yours faithfully,

For KPIT Technologies Limited

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Nida Deshpande

Company Secretary & Compliance Officer

Encl.: - As mentioned above.

O +91 20 6770 6000 E info@kpit.com W kpit.com

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

Reimagining Mobility with YOU

April 27, 2022 Investor Update Q4FY2022 and FY2022

KPIT Technologies Ltd.

Forward Looking Statements

Some of the statements in this update that are not historical facts, are forward-looking statements. These forward-looking statements include our financial and growth projections, as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for our services, the competitive market for the type of services and solutions that we offer, market conditions that could cause our clients to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry

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• 1 March 2021

Performance Overview Q4FY22 | FY22 Reimagining Mobility with YOU

Performance Overview

KPIT FY22 Net Profit grows 88%[*] over FY21

Revenue growth of 19.7% in CC terms

FY22 Reported $ Revenue Growth of 19.5% 1 1 Revenue Volume growth of ~28% driven by higher offshore Q4 FY22 CC Revenue Growth of 21% Y-o-Y, 5.2% Q-o-Q 2 Revenue $ Revenue Growth of 17% Y-o-Y and 4.1% Q-o-Q Q4 FY22 Net Profit at ₹ 789 million 3 Profit Net Profit growth of 50%[#] Y-o-Y, 12.7% Q-o-Q Large Large Engagement with a European OEM. 4 Deal TCV of Euro 70+ Million CC Revenue growth in the range of 18% to 21% FY23 5 EBITDA margin to be in the range of 18% to 19% Outlook

Q4 FY22 CC Revenue Growth of 21% Y-o-Y, 5.2% Q-o-Q 2 Revenue $ Revenue Growth of 17% Y-o-Y and 4.1% Q-o-Q

CC Revenue growth in the range of 18% to 21% EBITDA margin to be in the range of 18% to 19% Volume Growth in the range of 25%

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• 95% excluding One time tax gain in FY21

68% excluding One time tax gain in Q4FY21

Performance Highlights

Sequential CC growth of 5.2% led by Autonomous and Connected domains. Broad based across growth 01 commercial vehicles and passenger car verticals. Q4 was another good quarter in terms of deal closures. EBITDA expansion of 10 bps despite supply side constraints and fresher additions. Offshore has 02 ~ consistently increased in FY22; 10% over FY21, resulting in higher volume growth and improved margins

02

03

04

Sequential double digit net profit growth aided by improvement in operating margins and higher other income. ETR for the quarter lower as a one-time impact. FY22 EPS at 10.05. High cash conversion continued post dividend payout, with DSO at 53 days. Net Cash at quarter end ₹ 10.3 billion. 13[th] consecutive quarter of increase in net cash. Final Dividend of ₹ 1.85/share. Total FY22 Dividend ₹ 3.10/share

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Additional facts - timeseries

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Revenue $ M
[87.1]
[83.7]
[76.9] [76.9] 74.5 [77.2] [80.4]
[77.2]
71.1 [72.8] 65.3 65.3 [69.7]
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Qtr. End Net Cash ₹ B
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[9.33 10.2310.38]
8.22 [8.78]
5.28 [6.30]
[3.94]
[3.28]
0.90 [1.81] [2.04] [2.58]
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EBITDA %
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18.6%
17.2% [17.3%17.6%18.5%]
13.4%
15.7%
13.5%
14.6%
13.4% 13.4% [14.3%]
12.8%
EBITDA ₹ M
981 [1,041][ 1,150][ 1,214]
931
811
639 [739] 727 737 751 662 [697]
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EBITDA ₹ M

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Management Quotes

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Commenting on the performance of FY22, Ravi Pandit, Co-founder and Chairman, KPIT said,” FY22 was a of in and I am with the we have year resurgence many ways, happy way emerged stronger. The transformation in the Mobility Industry is pointing towards Software Defined Vehicles, aiming for a larger goal of sustainability for all. We have been working in these areas for over 2 decades and will be a major contributor towards this transformation with our expertise and dependability. We are committed towards achieving our Vision of creating a Cleaner, Safer and Smarter World”.

Kishor Patil, Co-founder, CEO and MD, KPIT said,” We have delivered seven sequential quarters of healthy growth and steady margin expansion. The Mobility Industry is investing heavily in CASE and architectural changes to make Software Defined Vehicle a reality. We are elevated interests from clients to in these areas. This us witnessing engage gives great visibility of robust demand for the next 4-5 years. On the back of this, we expect to deliver CC growth of 18%-21% in FY23 with EBITDA margins between 18%-19%. FY23 Volume growth is expected to be ~25%”.

Sachin Tikekar, Co-founder and Joint MD, KPIT said, ” The Mobility Industry transformation is seen in both passenger car and commercial vehicle verticals. This is creating demand much higher than supply. We thus, will have a sharper focus on talent attraction, development and retention. We will continue to invest in the right technologies and partnerships to help us deliver value to our clients, making them successful in their transformation. We start FY23 on the back of closure of key strategic, long-term engagements with our T25 clients, giving us clear visibility for another year of profitable growth”.

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Cash Flow – Major Movement

INR Million Increase in Working Capital – 275

Capex – 323 Dividend - 343

Cash and Cash E uivalents break-u ₹ M q p In Investment Accounts (in India) 5,580 In Investment Accounts (outside India) 1,841 In Operating Accounts 2,959 TOTAL 10,380

	Q-o-Q Increase in Net Cash : INR 154 Million	Q-o-Q Increase in Net Cash : INR 154 Million	Q-o-Q Increase in Net Cash : INR 154 Million	Q-o-Q Increase in Net Cash : INR 154 Million
	NET CASH (INR Mln)		Q4FY22	Q3FY22
	Gross Cash		10,380	10,226
	Long Term Debt		NIL	NIL
	Short Term Debt		NIL	NIL
	NET CASH		10,380	10,226

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DSO Q4FY22 end : 53 Days

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Strategic Large Engagement

A leading European OEM selects KPIT as its key partner for next generation ECU Platforms’ Software

TCV of Euro 70+ million. 80%+ of revenue expected to be delivered over next 5 years

Software Architecture, Software Development, Configuration and Integration, Validation

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New Engagements

TCV of Total Deals won during the Quarter : $ 125* million

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A leading American car manufacturer selected KPIT for an engagement in the powertrain virtualization domain

A leading European car manufacturer selected KPIT for multiple engagements in the AUTOSAR and vehicle diagnostics domains.

A leading American commercial vehicles manufacturer selected KPIT for a program in the vehicle engineering domain

A leading Asian car manufacturer selected KPIT for multiple programs in the connected vehicles and autonomous driving domains

A leading American Tier I selected KPIT for multiple engagements in the autonomous driving domain

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• Excluding The Strategic Large Engagement of Euro 70+ M. Includes renewals plus new deals.

FY23 – Outlook

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CC Revenue Growth : 18% to 21%

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Broad based growth across practices, led by Strategic Clients and Strategic Engagements. Volume Growth to be in the range of 25%, driven by increased offshore

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EBITDA Margin : 18% to 19%

Improvement in Revenue mix towards offshore and fixed price. Growth Leverage. Focus on productivity improvement

Profitability

People

Supply side pressures to continue in FY23. Focus on Talent development and retention. Increments, promotions similar to last year.

Revenue

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Clients Investments

Technology led R&D Investments, Market facing investments, total 3+% of revenue

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• 1 March 2021

Other Updates

Q4FY22

Reimagining Mobility with YOU

Recognition

Frost & Sullivan, has recognized KPIT Technologies for Frost & Sullivan 2021 Global OTA and Cloud Platform Technology Innovation Leadership Award.

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Under the Best Practices Awards, Frost & Sullivan has recognized KPIT Technologies for its commitment to innovation, creativity, commercialization success, client acquisition, growth potential, and human capital.

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KPIT and dSPACE team up for smart charging solutions for electric vehicles

KPIT and dSPACE have teamed up to offer a comprehensive solutions test suite for smart charging. Comprehensive solutions suite enables the development of next-generation onboard vehicle chargers that complies with international standards to perform conformance testing.

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KPIT-dSPACE Smart Charging Solutions
at CES 2022, Las Vegas, USA
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KPIT Sparkle 2022: Completed the 8th edition of the flagship event to engaging the best talent across India

• KPIT Sparkle is one of India’s biggest innovation platforms for Engineering, Science and Design students

• Platform’s multidisciplinary outlook empowers tech enthusiasts to solve society’s biggest challenges through path-breaking innovations creatively

• Nurtures and recognizes the country’s young innovators towards building a better and cleaner tomorrow

• Sparkle received more than 1,300 ideas from 15,000+ students across 800+ colleges in India

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KPIT – being the Best Place to Grow !!

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Unveiling brand
new office in US!
Novi, Michigan
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A bigger, better located, futuristic premise aligned with our goal of being the best place to grow for KPITians in USA!

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Expansion
of local
tech
center in
China
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KPIT Technologies and Coventry University launch a workplace Master of Technology in automotive software engineering course

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KPIT and Coventry University have worked together since 2016 delivering postgraduate courses for the global software company in the field of Strategic Engineering Management and Automotive Engineering. KPIT employees will undertake extensive coursework and training sessions from Coventry University’s experts.

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KPIT – Societal Development Commitment

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• Water Conservation • KPIT SPARKLE (Engg. Innovation)
• Forest Conservation • SHODH (PhD researchers)
•
Chotte Scientists (School Children)
ENVIRONMENT EDUCATION
Transforming lives of
Making this world a
people through science &
better place to live in
technology education
KPIT SOCIETAL
DEVELOPMENT
Developing innovative COMMITMENT
Utilizing employee
solutions for efficient
strength to make a
energy consumption difference
and renewable supply
ENERGY ENGAGEMENT
• •
Alternate Energy Dedicated Time
• •
Renewable Energy Volunteer Development
•
COVID Warriors
KPIT is a Socially Responsible Corporate Citizen in each country it works
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• 1 March 2021

Financial & Operational Data

Snapshot Reimagining Mobility with YOU

INR MN

Profit & Loss Account Snapshot

DETAILS	Q4FY22	Q3FY22	Q4FY21	FY22	FY21
Revenue from Operations	6,517.65	6,223.67	5,403.27	24,323.86	20,357.41
Other Income	127.54	80.75	51.53	397.42	139.29
Total Income	6,645.19	6,304.42	5,454.80	24,721.28	20,496.70
OperatingExpenses	5,303.69	5,073.92	4,527.68	19,938.40	17,286.02
EBITDA	1,213.96	1,149.75	930.96	4,385.46	3,100.74
Depreciation	307.18	311.57	309.09	1,196.14	1,331.74
EBIT	906.78	838.18	621.87	3,189.32	1,769.00
Finance Costs	70.46	44.83	39.69	193.95	172.53
Change in FMV of Investments	2.93	4.75	11.56	50.67	18.33
Profit Before Exceptional Items	966.79	878.85	589.90	3,443.46	1,724.74
Exceptional items	-	-	-	-	51.49
profit/(loss) from equity accounted investee	5.37	(3.39)	-	1.98
PBT	972.16	875.46	589.90	3,445.44	1,776.23
Tax	166.28	172.37	62.39	683.01	305.20
PAT	805.88	703.09	527.51	2,762.43	1,471.03
Profit Attributable to owners of Company	788.77	700.10	524.59	2,742.33	1,461.37
Profit Attributable to non-controllinginterest	17.11	2.99	2.92	20.10	9.66

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INR MN

Balance Sheet Snapshot

ASSETS	Q4FY22	Q3FY22		EQUITY & LIABILITIES	Q4FY22	Q3FY22
NON-CURRENT ASSETS				EquityShare Capital	2,700.17	2,698.64
				Other Equity	10,395.50	10,768.99
Property, Plant & Equipment	1,936.72	1,967.75
				Equityattributable to owners	13,095.67	13,467.63
Right-of-use Assets	2,503.32	2,397.34
				Non-controllinginterests	155.47	134.83
Other Tangible Assets	4.09	8.92
				TOTAL EQUITY	13,251.14	13,602.46
Goodwill & Other Intangibles	1,968.43	2,016.46		N ON-CURRENT LIABILITIES
Other Non-Current Assets	1,400.51	1,243.00		Borrowings	NIL	NIL
				Lease Liabilities	1,833.95	1,773.67
TOTAL NON-CURRENT	7,813.07	7,633.47
				Other Non-Current Liabilities	1,199.78	810.19
CURRENT ASSETS
				TOTAL NON-CURRENT	3,033.73	2,583.86
Inventories	NIL	NIL
				CURRENT LIABILITIES
Cash and Cash Equivalents	10,380.32	10,226.30		Borrowings	NIL	NIL
Trade Receivables	3,714.47	3,784.51		Trade Payables	1,372.30	1,545.19
				Lease Liabilities	412.51	376.99
Other Current Assets	1,453.61	1,180.20
				Others	5,291.79	4,715.98
TOTAL CURRENT	15,548.40	15,191.01
				TOTAL CURRENT	7,076.60	6,638.16
TOTAL ASSETS	23,361.47	22,824.48
				TOTAL EQUITY AND LIABILITIES	23,361.47	22,824.48

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USD MN

Revenue Break-up (Quarterly)

Verticals	Q4FY22	Q3FY22	Q4FY21	Q-o-Q	Y-o-Y
Passenger Cars	62.88	61.42	56.68	2.4%	10.9%
Commercial Vehicles	22.04	20.40	16.65	8.1%	32.4%
Others	2.19	1.87	1.15	17.0%	90.3%
TOTAL	87.11	83.69	74.48	4.1%	17.0%
Practices	Q4FY22	Q3FY22	Q4FY21	Q-o-Q	Y-o-Y
Powertrain	29.19	33.19	30.12	(12.1)%	(3.1)%
AD-ADAS	18.08	14.47	13.80	24.9%	31.0%
Connected Vehicle	10.38	8.17	7.99	27.1%	30.0%
Others	29.46	27.85	22.58	5.8%	30.5%

Geography	Q4FY22	Q3FY22	Q4FY21	Q-o-Q	Y-o-Y
US	33.10	30.43	31.34	8.8%	5.6%
Europe	34.27	35.12	29.77	(2.4)%	15.1%
Asia	19.73	18.14	13.38	8.8%	47.5%
TOTAL	87.11	83.69	74.48	4.1%	17.0%

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USD MN

Revenue Break-up (Annual)

Verticals	FY22	FY22	FY21	Y-o-Y
Passenger Cars	242.40		211.01	14.9%
Commercial Vehicles	80.05		60.06	33.3%
Others	5.90		3.70	59.4%
TOTAL	328.36		274.77	19.5%
Practices	FY22		FY21	Y-o-Y
Powertrain	122.01		108.22	12.8%
AD-ADAS	62.77		57.89	8.4%
Connected Vehicle	36.04		30.31	18.9%
Others	107.55		78.36	37.3%
Geography		FY22	FY21	Y-o-Y
US		127.82	114.66	11.5%
Europe		131.89	112.66	17.1%
Asia		68.63	47.46	44.6%
TOTAL		328.36	274.77	19.5%

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P&L Metrics (Quarterly)

Revenue by Contract Type	Q4FY22	Q3FY22	Q4FY21	Q-o-Q	Y-o-Y	Y-o-Y
Time & Material Basis	48.1%	43.5%	45.4%	15.0%	23.8%
Fixed Price Basis	51.9%	56.5%	54.6%	(4.3)%	11.3%
Clients
Strategic T21 Client Revenue	83.85%*	82.93%*	85.64%	4.1%	8.8%
Active Clients (Period End)	60	58	55
Revenue per Devp. Employee USD 45,679 46,365 50,946
R&D Expenditure (USD MN) 2.09 2.41 - EBITDA Margin 18.6% 18.5% 17.2% EBIT Margin 13.9% 13.5% 11.5% PAT Margin 12.1% 11.2% 9.7% Effective Tax Rate 17.1% 19.7% 10.6% EPS (Basic) 2.92 2.60 1.95 EPS(Diluted) 2.89 2.56 1.93

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• Excluding PP revenues

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P&L Metrics (Annual)

	FY22	FY21	Y-o-Y
Revenue by Contract Type
Time & Material Basis	44.8%	47.9%	11.8%
Fixed Price Basis	55.2%	52.1%	26.6%
Clients
Strategic T21 Client Revenue	83.80%*	85.69%	14.1%
Active Clients (Period End)	60	55
Avg Revenue per Devp. Employee USD 48,804.2 46,099.6 R&D Expenditure (USD MN) 9.0 - EBITDA Margin 18.0% 15.2% EBIT Margin 13.1% 8.7% PAT Margin 11.3% 7.2% Effective Tax Rate 19.8% 17.2% EPS (Basic) 10.17 5.43 EPS (Diluted) 10.05 5.40
R&D Expenditure (USD MN) 9.0 -
EBITDA Margin 18.0% 15.2%
EBIT Margin 13.1% 8.7%
PAT Margin 11.3% 7.2%
Effective Tax Rate 19.8% 17.2%
EPS (Basic) 10.17 5.43
EPS (Diluted) 10.05 5.40

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• Excluding PP revenues

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Currency wise revenues, Hedging Details

Currency wise revenue	Q4FY22	Q3FY22	Q4FY21	FY22	FY21
USD	40.0%	37.8%	43.5%	40.3%	43.1%
EUR	32.2%	36.4%	33.9%	33.9%	35.5%
GBP	6.6%	5.0%	5.2%	5.7%	4.6%
JPY	12.4%	11.1%	8.9%	11.1%	7.9%
INR	5.9%	4.8%	4.6%	5.0%	5.2%
Others	2.9%	4.8%	3.8%	4.0%	3.7%
Realized Rate Q4FY22 Q3FY22 Q4FY21 INR/USD 74.82 74.37 72.55
INR/USD 74.82 74.37 72.55

O/s Hedge Details	Q4FY22
Hedge Rates
USD/INR	77.85
EUR/INR	89.58
GBP/INR	105.37
Hedge Amounts(Mn)
USD/INR	38.45
EUR/INR	11.82
GBP/INR	4.58

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Headcount Data

Period End Headcount	Q4FY22	Q3FY22	Q4FY21	Q-o-Q	Y-o-Y
Development	7,628	7,220	5,848	-	-
Enabling & Sales	617	606	518	-	-
Total	8,245	7,826	6,366	-	-

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• 1 March 2021

Contact Us

Reimagining Mobility with YOU

Conference Call Details

Conference name	: KPIT Technologies Q4 FY2022 Post Earnings Conference Call
Date	: Wednesday April 27, 2022
Time	: 1700 Hrs.
Participants	: Mr. S.B. (Ravi) Pandit, Co-founder, Chairman
	Mr. Kishor Patil, Co-founder, CEO & MD
	Mr. Sachin Tikekar, Co-founder, Joint MD
	Mrs. Priya Hardikar, SVP & Head of Finance
	Mr. Sunil Phansalkar, Head-IR
Dial-in Numbers for all	participants
Click here for your Diamond Pass
Primary number	: +91 22 6280 1116
Local Access	: +91 22 7115 8017
International Numbers	: USA - 1 866 746 2133
	Hongkong - 800 964 448

About KPIT Technologies

KPIT (BSE: 542651; NSE: KPITTECH), KPIT is a global technology company with software solutions that will help mobility leapfrog towards autonomous, clean, smart and connected future. With 8,000+ Automobelievers across the globe, specializing in embedded software, AI & Digital solutions, KPIT enables clients accelerate implementation of next generation mobility technologies. With development centers in Europe, USA, Japan, China, – Thailand and India KPIT works with leaders in mobility and is present where the ecosystem is transforming. 28 For more information, visit http://www.kpit.com

Contact

For Investor Queries

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Email Sunil.Phansalkar@kpit.com

Desk Phone + 91 20 6770 6997

Cell + 91 98509 66011

Website www.kpit.com

Sunil Phansalkar

29

Contact

For Media Queries

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Email Sunil.R@kpit.com

Desk Phone + 91 80 6606 6000 (7865)

Cell + 91 99001 50180

Website www.kpit.com

Sunil B R

30

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THANK YOU !!

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KPIT Technologies Ltd.