KPIT Technologies Ltd — Interim / Quarterly Report 2025

Jul 24, 2024

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July 24, 2024

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001. Scrip ID: KPITTECH Scrip Code: 542651 Kind Attn: The Manager, Department of Corporate Services Dear Sir / Madam,

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

Symbol: KPITTECH Series: EQ Kind Attn: The Manager, Listing Department

Subject:- Investor Update – Q1 FY 2025.

Please find enclosed the investor Update – Q1 FY 2025. Kindly take the same on your records. Thanking you. Yours faithfully, For KPIT Technologies Limited Digitally signed by DESHPANDE DESHPANDE NIDA YUNUS NIDA YUNUS Date: 2024.07.24 13:35:49 +05'30' Nida Deshpande Company Secretary & Compliance Officer

Encl.: - as above

O +91 20 6770 6000 E ~~Maan, Taluka-M~~ info@kpit.comulshi, W kpit.com

KPIT Technologies Limited O +91 20 6770 6000 Registered & Corporate Office: Plot No. 17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, E ~~Maan, Taluka-M~~ info@kpit.comulshi, Hinjawadi, Pune-411057, India. W kpit.com CIN: L74999PN2018PLC174192

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July 24, 2024

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. In certain cases, the numbers reported in this update might be rounded off to the nearest whole number.

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Performance Overview

Q1FY25

Reimagining Mobility with YOU

Performance Overview

1 M Reported $ Revenue growth of 23.1% Y-o-Y 1 Revenue Growth led by Middleware, Powertrain and Asia

Q1FY25 CC Revenue grows 24.8% Y-o-Y

Q1FY25 Profit (PAT) grows 42.2%* Y-o-Y

Q1FY25 Net Profit at ₹ 2,042 M 2 Net Profit 52.4% (incl one-time gain) growth in profit Y-o-Y Q1FY25 EBITDA at 21.1% 3 EBITDA Y-o-Y EBITDA growth of 31.0% Wins and $ 202M worth engagements closed in the quarter 4 Pipeline Healthy Pipeline level across practices

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*Excluding one-time gain in Q1FY25

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Performance Highlights

Net Profit Working (₹ million)	Q1FY25	Q1FY24	Q4FY24	Growth (Y-o-Y)	Growth (Q-o-Q)
Reported Profit	2,042	1,340	1,643	52.4%	24.3%
One-time Income	396	134	-	-	-
Tax on above item	69	-	-	-	-
Profit excludingone-time impact	1,715	1,206	1,643	42.2%	4.4%

01[Q-o-Q][CC][growth][of][4.7%][and][reported][$][growth][of][3.7%.] Growth led cars. by passenger

02 EBITDA margins improved to 21.1% post two months of ESOP cost and quarterly promotions, mainly due to fixed cost leverage. Sequential EBITDA growth of 5.6%

03[Other][income][was] lower as compared to last quarter due to conversion losses Yen denominated assets. ETR was in-line with our annual outlook.

Net Cash Balance at the end of the quarter stood at ₹ 10.01 04 billion, depicting a net cash addition of ₹ 1.50 billion. DSO at the end of the quarter stood at 46 Days.

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Additional facts - timeseries

Revenue $ Million

71 73[77][77][77] 70[74][77][80][84][87][90][94] 65 65

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[165]
[149 159]
124 [134 145]
110
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Consistent Performance

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16 Consecutive Quarters of Steady Revenue Growth

EBITDA ₹ Billion

[2.9]

[2.6 2.7]

[2.4]

[2.2] 1.7[1.9] 0.6[0.7][0.7][0.7][0.8] 0.7[0.7][0.8][0.9][1.0][1.0][1.2][1.2][1.3][1.4]

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16 Consecutive Quarters of Steady EBITDA Growth

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Management Quotes

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Kishor Patil, Co-founder, CEO and MD, KPIT said,” We have started the year on a positive note with an all-round robust performance. While the mobility industry is going through certain pressures on the demand and profitability fronts, we are proactively investing in creating relevant large, differentiated offerings to support our clients reduce their costs and time-to-market. We are also investing in adjacencies and newer geographical markets. We expect creation of meaningful growth opportunities via both these investments and continue with the growth momentum, paving way for a fair demand visibility in the medium term.”

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Sachin Tikekar, Co-founder and Joint MD, KPIT said, ” Our attention remains on making Software Defined Vehicles (SDV) a reality for our clients, so that they realize its benefits. We are working on productivity and competency improvement aided by AI, to improve our competitiveness and offer differentiated offerings to clients. The attrition numbers continue to drop further, justifying our continual investments in overall people development. Sustainability, in line with our Vision of ‘a cleaner, safer and smarter world’ is one of the result areas for us. We are our prime key anchoring goals on Science Based Targets (SBTs) towards carbon neutral footprint of our own.”

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Cash Flow – Major Movement

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₹ M
Decrease in Working
–
Capital 606
–
PathPartner Payout 721
–
Capex 655
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Cash and Cash Equivalents break-up ₹ M In Investment Accounts (in India) 1,454 In Investment Accounts (outside India) 4,443 In Operating Accounts 4,563 TOTAL 10,460

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NET CASH (₹ M) Q1FY25 Q4FY24
Gross Cash 10,460 8,959
Long Term Debt NIL NIL
Short Term Debt 447 445
NET CASH 10,013 8,514
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DSO Q1FY25 end : 46 Days

* Debt in the books of Technica

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New Engagements

Strong Wins - TCV of new engagements won during Q1FY25 : $ 202 million

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A Leading European Car Manufacturer selected KPIT for a significant engagement in the connected vehicle domain.

Strategic engagements in the autonomous, connected and powertrain domains for a leading European Car Manufacturer.

Crucial engagements in the middleware and architecture domains with a leading American Car Manufacturer.

Strategic engagements in the connected, middleware and architecture domains with a leading Asian Car Manufacturer

in domains for a Key Engagements powertrain and connected leading American Commercial Vehicle OEM.

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Qorix Update

KPIT and ZF have completed initial Cash and IP contributions to Qorix post all regulatory approvals

Following completion of all regulatory requirements, middleware specialist QORIX GmbH is now an independent company. The founding companies KPIT Technologies Ltd. and ZF Friedrichshafen AG are its shareholders with 50:50 ownership. Qorix has also setup a India subsidiary named Qorix India Pvt. Ltd.

Qorix joins Eclipse Foundation SDV Group to shape Automotive Software

QORIX announced its membership in the Software Defined Vehicle (SDV) Working Group at The Eclipse Foundation. This step highlights QORIX’s commitment to advancing softwaredefined vehicle technologies amid growing software complexity in the automotive industry.

Qorix turning a 50:50 venture from a wholly owned KPIT company resulted in one-time gain in Q1FY25

• A gain of ₹ 197.22 million on transfer of IPs to Qorix under "Other income" along with a related tax expense of ₹ 68.92 million under "tax expense”.

• A gain of ₹ 199.07 million under “Other income” resulting from derecognition of the assets and liabilities of Qorix, due to conversion to JV from a subsidiary.

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Other Updates

Q1FY25

Reimagining Mobility with YOU

Launch of EcoVoyage 2030

KPIT embarked on a significant journey towards sustainability with the launch of EcoVoyage 2030. This strategic commitment underscores KPIT's Vision of "Reimagining Mobility for a cleaner, smarter, and safer world" sustainable into our by integrating practices business operations, technology solutions, and client partnerships. The program kicked off in June 2024, with the celebration of Sustainability Month, wherein all KPITians came together to contribute to various sustainability initiatives.

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KPIT leaders featured on popular media outlets

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In an interview with Forbes India, Mr. Ravi Pandit and Mr. Kishor Patil shared the inspiring story behind KPIT's transformation. reminisced on They the company's 35-year journey, highlighting the pivotal decision to focus on automotive and mobility in 2018-19. The interview underscored the unwavering conviction that fueled this strategic shift and the incredible dedication of KPITians over the past three decades.

A recent Automobil Elektronik cover story featured both Mr. Kishor Patil, Co-founder, CEO & Managing Director of KPIT, and Dr. Gabriel Seiberth, President & Geography Head-Europe. Their insightful discussion explored the challenges and opportunities presented by the software-driven transformation within the automotive industry. They highlighted KPIT's unique expertise in software integration, which automakers in empowers globally, particularly Europe, to navigate the road to SDVs efficiently.

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Recognitions

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KPIT received a well-deserved nomination for the prestigious Global Diversity, Equity, and Inclusion (DEI) Champion of the Year award from the WardsAuto AutoTech Awards. This is a recognition significant acknowledgement of KPIT's unwavering commitment to fostering a culture of inclusion within the workplace and driving positive change across the industry, through initiatives like KPIT Women in Mobility.

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KPIT achieved a significant accomplishment by securing a coveted spot in Automobilwoche's ranking of the top 25 engineering service providers.

This recognition underscores KPIT's unwavering commitment to excellence within the everchanging automotive and mobility landscape.

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Financial & Data Operational

Snapshot Reimagining Mobility with YOU

INR MN

Profit & Loss Account Sna shot p

DETAILS	Q1FY25	Q4FY24	Q1FY24
Revenue from Operations	13,646.30	13,178.00	10,976.22
Other Income	543.07	158.95	78.16
Gain on account of Business Combinations	-	-	134.13
Total Income	14,189.37	13,336.95	11,188.51
OperatingExpenses	10,764.70	10,449.26	8,837.42
EBITDA	2,881.60	2,728.74	2,200.12
Depreciation	525.14	526.97	450.44
EBIT	2,356.46	2,201.77	1,749.68
Finance Costs	127.31	117.94	137.10
Change in FMV of Investments	1.37	7.39	2.79
Profit Before Exceptional Items	2,773.59	2,250.17	1,766.34
Profit/(loss) from equity accounted investee	(6.62)	(5.37)	-
PBT	2,766.97	2,244.80	1,766.34
Tax	725.37	585.62	421.95
PAT	2,041.60	1,659.18	1,344.39
Profit Attributable to owners of Company	2,041.60	1,643.49	1,339.98
Profit Attributable to non-controlling interest	-	15.69	4.41

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INR MN

Balance Sheet Snapshot

ASSETS	Q1FY25	Q4FY24		EQUITY & LIABILITIES	Q1FY25	Q4FY24
NON-CURRENT ASSETS				Equity Share Capital	2,713.54	2,712.17
Property, Plant & Equipment Right-of-use Assets	2,354.23 3,173.80	2,395.27 3,033.45		Other Equity Equity attributable to owners Non-controllinginterests	21,008.53 23,722.07 -	18,746.41 21,458.58 171.09
Other Tangible Assets	3.48	5.16		TOTAL EQUITY	23,722.07	21,629.67
Goodwill & Other Intangibles	13,659.10	14,300.35		NON-CURRENT LIABILITIES
Other Non-Current Assets TOTAL NON-CURRENT	2,815.08 22,005.69	1,373.37 21,107.60		Borrowings Lease Liabilities Other Non-Current Liabilities	NIL 2,305.87 1,187.73	NIL 2,167.48 2,755.92
CURRENT ASSETS				TOTAL NON-CURRENT	3,493.60	4,923.40
Inventories	973.29	902.49		CURRENT LIABILITIES
Cash and Cash Equivalents	10,460.05	8,958.73		Borrowings	446.94	445.10
Trade Receivables	6,753.69	7,489.47		Trade Payables	3,066.13	2,397.69
				Lease Liabilities	683.67	672.68
Other Current Assets	3,908.58	3,220.67
TOTAL CURRENT	22,095.61	20,571.36		Other Current Liabilities TOTAL CURRENT	12,688.89 16,885.63	11,610.42 15,125.89
TOTAL ASSETS	44,101.30	41,678.96		TOTAL EQUITY AND LIABILITIES	44,101.30	41,678.96

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USD MN

Revenue Break-up

Verticals*	Q1FY25	Q4FY24	Q1FY24	Q-o-Q	Y-o-Y
Passenger Cars	132.02	125.55	100.53	5.2%	31.3%
Commercial Vehicles	27.86	27.76	28.78	0.4%	(3.2)%

• The balance revenues comefromothers,whichis not a big areaas of now

Business Units#	Q1FY25	Q4FY24	Q1FY24	Q-o-Q	Y-o-Y
Feature Development & Integration	100.59	98.64	82.14	2.0%	22.5%
Architecture & Middleware Consulting	33.78	29.70	28.03	13.7%	20.5%
Cloud Based Connected Services	30.50	30.68	23.77	(0.6)%	28.3%

• FeatureDevelopment& Integration- Electrification, AD-ADAS, Body Electronicsand VED Architecture & Middleware Consulting– Middleware,AUTOSAR

CloudBasedConnectedServices– IntelligentCockpit, Digital Connected SolutionsandDiagnostics

Geography	Q1FY25	Q4FY24	Q1FY24	Q-o-Q	Y-o-Y
US	46.47	47.24	44.91	(1.6)%	3.5%
Europe	84.97	82.25	68.08	3.3%	24.8%
Asia	33.42	29.53	20.96	13.2%	59.4%

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P&L Metrics

&L Metrics
Q1FY25 Q4FY24 Q1FY24 Q-o-Q Revenue by Contract Type Time & Material Basis 46.5% 49.2% 55.0% (2.0)% Fixed Price Basis 53.5% 50.8% 45.0% 9.2% Clients Strategic ClientRevenue 86.5% 86.4% 82.6% 3.8% Active Clients (Period End) 60 60 60 Revenue per Devp. Employee USD 53,018 52,725 49,439 R&D Expenditure (USD MN) 3.29 3.70 3.01 EBITDA Margin 21.1% 20.7% 20.0% EBIT Margin 17.3% 16.7% 15.9% PAT Margin 15.0% 12.5% 12.2% Effective Tax Rate 26.2% 26.1% 23.9% EPS (Basic) 7.53 6.06 4.95 EPS (Diluted) 7.47 6.02 4.91	Q1FY25	Q4FY24	Q1FY24	Q-o-Q	Y-o-Y
	46.5%	49.2%	55.0%	(2.0)%	4.1%
	53.5%	50.8%	45.0%	9.2%	46.3%
	86.5%	86.4%	82.6%	3.8%	28.9%
	60	60	60
R&D Expenditure (USD MN)
EBITDA Margin
EBIT Margin
PAT Margin
Effective Tax Rate
EPS (Basic)
EPS (Diluted)

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Currency wise revenues, Hedging Details

Currency wise revenue USD	Q1FY25	Q4FY24	Q1FY24
	28.7%	30.7%	34.0%
EUR	45.5%	45.6%	44.5%
GBP	5.2%	5.7%	6.0%
JPY	15.7%	12.4%	10.5%
INR	3.0%	3.5%	3.5%
Others	1.8%	2.0%	1.5%

O/s Hedge Details	Q1FY25
Hedge Rates
USD/INR	84.26
EUR/INR	92.51
GBP/INR	106.16
JPY/INR	0.57
Hedge Amounts(Mn)
USD/INR	65.90
EUR/INR	34.10
GBP/INR	9.76
JPY/INR	4,220

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Headcount Data

Period End Headcount	Q1FY25	Q4FY24	Q1FY24	Q-o-Q	Y-o-Y
Development	12,438	12,064	10,837	-	-
Enabling & Sales	815	792	734	-	-
Total	13,253	12,856	11,571	-	-

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Contact Us

Reimagining Mobility with YOU

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Conference Call Details

Conference name : KPIT Technologies Q1 FY2025 Post Earnings Conference Call Date : Wednesday July 24, 2024 Time : 1730 Hrs. Participants : Mr. Kishor Patil, Co-founder, CEO & MD Mr. Sachin Tikekar, President, Joint MD Mr. Anup Sable, CTO Mrs. Priya Hardikar, CFO Mr. Chinmay Pandit, Whole-time Director & Head Americas Mr. Sunil Phansalkar, VP CF&G , Head-IR

Dial-in Numbers for all participants

: +91 22 6280 1116

Primary number : +91 22 7115 8017 Local Access

International Numbers[:][USA - 1 866][746][2133][|][UK][-][0][808][101][1573] Click here for your Diamond Pass Singapore - 800 101 2045 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 13,000+ 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.

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For more information, visit http://www.kpit.com

7/24/2024

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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

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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

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25

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THANK YOU !!

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KPIT Technologies Ltd.

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