KPIT Technologies Ltd — Interim / Quarterly Report 2024

Apr 29, 2024

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April 29, 2024

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 2024.

Dear Sir / Madam,

Please find enclosed the investor Update – Q4 FY 2024.

Kindly take the same on your records.

Thanking you.

Yours faithfully,

For KPIT Technologies Limited

DESHPANDE Digitally signed by DESHPANDE NIDA YUNUS NIDA YUNUS Date: 2024.04.29 13:34:30 +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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April 29, 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 Q4FY24 FY24 Reimagining Mobility with YOU

Performance Overview

• FY24 revenue grows 40.4% in Reported $ terms, PAT grows 56%, over FY23

• FY24 CC growth 39.1%, beats increased guidance for the year

• Q4FY24 Y-o-Y CC revenue growth of 27.6%, PAT growth 47.3%

• FY25 Outlook - revenue growth of 18% - 22%, EBITDA margin at 20.5%+

Q4 FY24

REVENUE EBITDA EBITDA at 20.7% Up 160 bps Y-o-Y

Y-o-Y $ growth 28.5% Q-o-Q $ growth 6.6%

PAT

PAT at ₹ 1,644 Mn Q-o-Q growth of 5.8%

Wins & Dividend

$ 261 Mn worth engagements closed

FY24

Revenue at $ 587 Mn Broad Based Growth

EBITDA at 20.3% 56% growth over FY23

PAT at ₹ 5,945 Mn PAT Margin at 12.2%

Dividend per Share : Final - ₹ 4.60 Total - ₹ 6.70

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Performance Highlights

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Sequential CC Growth of 5.1% led by Middleware, Connected 01 and Autonomous domains. Growth was broad based across geographies, led by Asia. Both passenger cars and commercial vehicle verticals had healthy growth.

02 EBITDA margins were at 20.7%. EBITDA grew 40.5% y-o-y and 5.6% full cost of last q-o-q, post quarter quarter people additions and as quarterly promotions. Rupee appreciation compared to Q3FY24, impacted EBITDA by around 30 bps.

03[Other][income][was] lower as compared to last quarter due to conversion losses on foreign currency denominated assets, especially Euro and Yen denominated. ETR was inline with our annual outlook.

Net Cash Balance at the end of the quarter stood at ₹ 8.50 04 billion, depicting a net cash addition of ₹ 224 million. DSO at the end of the quarter stood at 51 Days.

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Additional facts - timeseries

Revenue $ Million

[159]

[149] 124[134 145] 110 71 73 77 77 77 70 74 77 80[84] 87[90][94] 65 65

Consistent Performance

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15 Consecutive Quarters of Steady Revenue Growth

EBITDA ₹ Billion

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]

[2.7]

[2.6]

[2.4]

[2.2] 1.7[1.9]

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15 Consecutive Quarters of Steady EBITDA Growth

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Management Quotes

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Commenting on the performance of FY24, Ravi Pandit, Co-founder and Chairman, KPIT said,” Since our landmark demerger in 2019, we have been truly living our Vision of Reimagining Mobility with you for creation of a cleaner, safer and smarter world. The world of Mobility is at a faster than ever before. We are to be at the forefront of these transforming pace proud – technology transformations with focus on sustainability for our clients, employees, internal operations and the world at large. Our 40%+ growth is a testimony to global needs and our expertise. We are confident about our performance going forward.”

Kishor Patil, Co-founder, CEO and MD, KPIT said,” We have consistently delivered fifteen sequential quarters of healthy growth in revenues and operating profits. Software content inside and outside the vehicle is growing in areas of alternate fuel technologies, autonomous and connectivity. Global OEMs are pledged to changing their business model. Basis committed investments by our Strategic Clients, a strong pipeline and solid wins of $ 261 million in Q4, we continue to witness robust demand. We start FY25 on a strong footing and expect to deliver CC revenue growth of 18%-22% with EBITDA margins of 20.5%+.”

Sachin Tikekar, Co-founder and Joint MD, KPIT said, ” We start FY25 on back of a solid Q4 and FY24 operational performance. We are uncompromising on our focus on Strategic Client Partnerships, Technology Innovations, People and Zero-Defect Deliveries. We will pivot our investments on enhancing domain practices and sharpen our focus on Commercial Vehicles and Asia strategy. We have launched a new ESOP scheme to strengthen the long term incentivization for our people. Our internal sustainability goals have been set and the prime focus in FY25 would be on execution towards achieving these goals.”

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Cash Flow – Major Movement

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

₹ M
Decrease in Working
–
Capital 1,170
–
Dividend Payout 571
–
Capex 364
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Cash and Cash Equivalents break-up ₹ M In Investment Accounts (in India) 2,183 In Investment Accounts (outside India) 3,315 In Operating Accounts 3,461 TOTAL 8,959

NET CASH (₹ M)	Q4FY24	Q3FY24
Gross Cash	8,959	8,736
Long Term Debt	NIL	NIL
Short Term Debt	445*	447
NET CASH	8,514	8,289

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DSO Q4FY24 end : 51 Days

* Debt in the books of Technica

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New Engagements

Strong Wins - TCV of new engagements won during Q4FY24 : $ 261 million

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A Leading European Car Manufacturer selected KPIT for significant engagements in the electric powertrain and connected domains.

Strategic engagements in the connected, autonomous and middleware domains for a leading Asian Car Manufacturer.

Crucial engagements in the connected, electric and conventional powertrain domains with a leading American Car Manufacturer.

Strategic engagements in the autonomous, electric and conventional powertrain domains with a leading American Car Manufacturer

Key Engagements in powertrain and vehicle diagnostics domain for a leading American Commercial Vehicle OEM.

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FY25 Outlook

Practice & Technology

Additional Technology Investments in related areas. Cross – practice offerings, AI adoption, stronger Asia focus, strategic partnerships & collaborations

Delivery and Operations

CC Revenue growth in the 18% to 22% range

EBITDA Margin of 20.5%+

Robust competency framework and relentless execution. Leverage Global Delivery. Building scale via automation and productivity

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People

Create competence at scale. Focus on Leadership development and AI enablement. New ESOP scheme launched.

Strategic Clients

Deepen Strategic Relationships by building proactive solutions to enhance value delivered to clients. Broad base growth

Profitability

Improve Realization with productivity improvement. Enhance people pyramid, optimization of cost through global delivery model

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Other Updates

Q4FY24

Reimagining Mobility with YOU

KPIT Sparkle Grand Finale 2024 & KPIT Shodh Awards 2024

The 10[th] edition of KPIT Sparkle receive participation from 19,000 students, who submitted 1000+ ideas across 9 themes aligned to software technology innovation for mobility. The winners were announced from eight finalist teams that contested for the coveted prize.

The 5[th] edition of KPIT Shodh Awards honored the best PhD thesis among 130+ entries

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KPIT At The Most Influential Tech Event in The World – CES 2024

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Continuing the CES legacy, KPIT was present with a technology showcase at CES 2024. Over a series of multiple interactions with Mobility Leaders the discussions revolved around how KPIT brings in cutting-edge technology solutions that equip the mobility ecosystem to realize SDV programs successfully.

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KPIT At The Bharat Mobility Global Expo 2024

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From discussions about how SDV can revolutionize mobility in India to exploring the might of India’s ER&D landscape, KPIT proudly showcased how we can be partners in the successful realization of SDV programs at the Bharat Mobility Global Expo 2024

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Technology Leadership

KPIT has partnered with Microsoft to introduce an Azure OpenAI Service-powered Co-pilot to transform automotive repair and maintenance.

The Co-pilot is built on KPIT’s proven root cause diagnostics platform, Trace2Fix, which addresses customer retention and dealership profitability challenges. These challenges stem from difficulties in identifying the underlying root causes due to complex vehicle systems and a global shortage of certified and skilled service technicians.

In a next big step towards a greener tomorrow, Cochin Shipping Yard worked with KPIT’s team to develop India’s first Hydrogen Fuel Cell vessel. This features electric propulsion controls and a powertrain designed and developed entirely by KPIT from the ground up. The Vessel was inaugurated by PM Narendra Modi on Feb 28, 2024

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KPIT leaders featured on popular media outlets

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How Is KPIT Tech Benefited From EVs? Chairman Ravi Pandit Shares Insights Mr. Ravi Pandit shares his key insights about the industry and shed light on how EVs are important in the mobility sector.

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The future of mobility is here, and KPIT is leading the charge! Mr. Kishor Patil, Co-Founder, CEO & MD of KPIT, recently spoke to Fortune India, revealing the strategic shift that transformed KPIT into a pure-play automotive engineering and mobility solutions company.

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Kishor Patil, MD Of KPIT Technologies speaks on co's performance and shares the upcoming plans for KPIT to ET NOW

This bold move paid off, as KPIT has made it into the Top 10 of Fortune's Next 500 List!

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#LifeAtKPIT

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Reforestation activity at Koynanagar Passionate KPIT volunteers filled over 1000+ sapling bags for the nursery. Team also processed 30 kilograms of various varieties of seeds for germination. After the germinations, these saplings will be planted at Koyna site during the monsoon. A total of 224 volunteering hours were put into this activity.

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GO-BABY-GO project- A joint initiative by KPIT America and Purdue Polytechnic, Cummins Inc. USA

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KPITians in Thailand came together to complete another session at Maepra Fatima School introducing the concepts of pressure, motion and force to the students through experiments such as “air resists at the surface, coin in a cup and paper stays dry in water.

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Financial & Data Operational

Snapshot Reimagining Mobility with YOU

INR MN

Profit & Loss Account Sna shot p

DETAILS	Q4FY24	Q3FY24	Q4FY23	FY24	FY23
Revenue from Operations	13,178.00	12,569.62	10,173.67	48,715.41	33,650.38
Other Income	158.95	173.87	62.60	569.73	401.92
Total Income	13,336.95	12,743.49	10,236.27	49,285.14	34,052.30
OperatingExpenses	10,449.26	9,984.56	8,350.16	38,802.14	27,295.80
EBITDA	2,728.74	2,585.06	1,942.57	9,913.27	6,354.58
Depreciation	526.97	499.59	422.10	1,957.93	1,463.79
EBIT	2,201.77	2,085.47	1,520.47	7,955.34	4,890.79
Finance Costs	117.94	157.51	106.57	548.25	323.13
Change in FMV of Investments	7.39	14.04	(0.51)	32.94	(25.68)
Profit Before Exceptional Items	2,250.17	2,115.87	1,356.93	8,009.76	4,943.90
Exceptional items	-	-	-	-	-
Profit/(loss) from equity accounted investee	(5.37)	-	5.10	(5.37)	23.97
PBT	2,244.80	2,115.87	1,362.03	8,004.39	4,967.87
Tax	585.62	548.33	246.21	2,019.26	1,099.24
PAT	1,659.18	1,567.54	1,115.82	5,985.13	3,868.63
Profit Attributable to owners of Company	1,643.49	1,553.31	1,116.00	5,945.33	3,809.98
Profit Attributable to non-controllinginterest	15.69	14.23	(0.18)	39.80	58.65

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INR MN

Balance Sheet Snapshot

ASSETS	Q4FY24	Q3FY24		EQUITY & LIABILITIES	Q4FY24	Q3FY24
NON-CURRENT ASSETS				Equity Share Capital	2,712.17	2,711.33
Property, Plant & Equipment Right-of-use Assets	2,395.27 3,033.45	2,224.30 2,934.29		Other Equity Equityattributable to owners Non-controllinginterests	18,746.41 21,458.58 171.09	17,750.58 20,461.91 145.53
Other Tangible Assets	5.16	87.43		TOTAL EQUITY	21,629.67	20,607.44
Goodwill & Other Intangibles	14,300.35	14,645.95		NON-CURRENT LIABILITIES
Other Non-Current Assets TOTAL NON-CURRENT	1,373.37 21,107.60	1,619.20 21,511.17		Borrowings Lease Liabilities Other Non-Current Liabilities	NIL 2,167.48 2,755.92	NIL 2,128.75 2,965.12
CURRENT ASSETS				TOTAL NON-CURRENT	4,923.40	5,093.87
Inventories	902.49	925.67		CURRENT LIABILITIES
Cash and Cash Equivalents	8,958.73	8,736.37		Borrowings	445.10	447.07
Trade Receivables	7,489.47	7,502.28		Trade Payables	2,397.69	2,450.32
				Lease Liabilities	672.68	604.18
Other Current Assets	3,220.67	1,790.94
TOTAL CURRENT	20,571.36	18,955.26		Others TOTAL CURRENT	11,610.42 15,125.89	11,263.55 14,765.12
TOTAL ASSETS	41,678.96	40,466.43		TOTAL EQUITY AND LIABILITIES	41,678.96	40,466.43

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USD MN

Revenue Break-up (Quarterly)

Verticals*	Q4FY24	Q3FY24	Q4FY23	Q-o-Q	Y-o-Y
Passenger Cars	125.55	116.85	92.14	7.5%	36.3%
Commercial Vehicles	27.76	25.90	30.75	7.2%	(9.7)%

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

Business Units#	Q4FY24	Q3FY24	Q4FY23	Q-o-Q	Y-o-Y
Feature Development & Integration	98.64	93.11	76.21	5.9%	29.4%
Architecture & Middleware Consulting	29.70	27.61	23.83	7.6%	24.6%
Cloud Based Connected Services	30.68	28.42	23.75	8.0%	29.1%

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

CloudBasedConnectedServices – IntelligentCockpit,Digital Connected SolutionsandDiagnostics

Geography	Q4FY24	Q3FY24	Q4FY23	Q-o-Q	Y-o-Y
US	47.24	44.55	44.66	6.0%	5.8%
Europe	82.25	78.81	61.40	4.4%	34.0%
Asia	29.53	25.77	17.74	14.6%	66.5%

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USD MN

Revenue Break-up (Annual)

Verticals	FY24	FY23	Y-o-Y
Passenger Cars	453.0	314.39	44.1%
Commercial Vehicles	111.50	100.37	11.1%
Practices	FY24	FY23	Y-o-Y
Feature Development & Integration	363.61	274.24	32.6%
Architecture & Middleware Consulting	114.74	66.77	71.8%
Cloud Based Connected Services	108.95	77.27	41.0%

Feature Development &Integration - Electrification, AD-ADAS, Body Electronics and VED Architecture &Middleware Consulting – Middleware, AUTOSAR

Cloud Based Connected Services – Intelligent Cockpit, Digital Connected Solutions and Diagnostics

Geography	FY24	FY23	Y-o-Y
US	180.85	149.81	20.7%
Europe	305.51	195.36	56.4%
Asia	100.95	73.12	38.1%

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P&L Metrics (Quarterly)

&L Metrics (Quarterly)	ly)
Q4FY24 Q3FY24 Q4FY23 Q-o-Q Y-o-Y Revenue by Contract Type Time & Material Basis 49.2% 46.0% 54.6% 14.0% 15.8% Fixed Price Basis 50.8% 54.0% 45.4% 0.3% 43.7% Clients Strategic ClientRevenue 86.4% 85.0% 79.5% 8.4% 39.6% Active Clients (Period End) 60 60 60 Revenue per Devp. Employee USD 52,725 49,926 48,092 R&D Expenditure (USD MN) 3.70 3.51 2.74 EBITDA Margin 20.7% 20.6% 19.1% EBIT Margin 16.7% 16.6% 14.9% PAT Margin 12.5% 12.4% 11.0% Effective Tax Rate 26.1% 25.9% 18.1% EPS (Basic) 6.06 5.73 4.13 EPS (Diluted) 6.02 5.69 4.09	Q4FY24	Q3FY24	Q4FY23	Q-o-Q	Y-o-Y
	49.2%	46.0%	54.6%	14.0%	15.8%
	50.8%	54.0%	45.4%	0.3%	43.7%
	86.4%	85.0%	79.5%	8.4%	39.6%
	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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P&L Metrics (Annual)

	FY24	FY23	Y-o-Y
Revenue by Contract Type
Time & Material Basis	49.6%	52.6%	32.2%
Fixed Price Basis	50.4%	47.4%	49.5%
Clients
Strategic Client Revenue	84.6%	82.5%	44.0%
Active Clients (Period End)	60	60
R&D Expenditure (USD MN) 13.53 9.6 EBITDA Margin 20.3% 18.9% EBIT Margin 16.3% 14.5% PAT Margin 12.2% 11.3% Effective Tax Rate 25.2% 22.1% EPS (Basic) 21.95 14.10 EPS (Diluted) 21.77 13.96 Avg Revenue per Devp. Employee USD 43,929 50,965
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	Q4FY24	Q3FY24	Q4FY23
	30.7%	31.1%	36.3%
EUR	45.6%	45.9%	42.8%
GBP	5.7%	6.6%	6.3%
JPY	12.4%	10.6%	8.8%
INR	3.5%	3.3%	4.1%
Others	2.0%	2.5%	1.8%

O/s Hedge Details	Q4FY24
Hedge Rates
USD/INR	84.02
EUR/INR	92.68
GBP/INR	105.73
JPY/INR	0.59
Hedge Amounts(Mn)
USD/INR	66.80
EUR/INR	34.75
GBP/INR	11.03
JPY/INR	2,980.00

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Headcount Data

Period End Headcount	Q4FY24	Q3FY24	Q4FY23	Q-o-Q	Y-o-Y
Development	12,064	11,949	10,297	-	-
Enabling & Sales	792	778	716	-	-
Total	12,856	12,727	11,013	-	-

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Contact Us

Reimagining Mobility with YOU

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Conference Call Details

Conference name : KPIT Technologies Q4 FY2024 Post Earnings Conference Call Date : Monday April 29, 2024 Time : 1730 Hrs. Participants : Mr. S.B. (Ravi) Pandit, Co-founder & Chairman Mr. Kishor Patil, Co-founder, CEO & MD Mr. Sachin Tikekar, President, Joint MD Mrs. Priya Hardikar, CFO Mr. Chinmay Pandit, Whole-time Director & Head Americas Mr. Anup Sable, CTO 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 11,000+ 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

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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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THANK YOU !!

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KPIT Technologies Ltd.

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