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KPIT Technologies Ltd Regulatory Filings 2023

Oct 30, 2023

59234_rns_2023-10-30_1878abc8-f105-4782-87d4-cc3f39be1a56.pdf

Regulatory Filings

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KP 11·

October 30, 2023

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001.

Scrip ID: KPITTECH Scrip Code: 542651

Kind Attn: The Manager, Department of Corporate Services National Stock Exchange of India Ltd., Exchange Plaza, C/1, G Block, Sandra - Kurla Complex, Sandra (E}, Mumbai - 400051.

Symbol: KPITTECH Series: EQ

Kind Attn: The Manager, Listing Department

Subject; - Disclosure of events & information pursuant to Regulation 30 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Outcome of the Board Meeting held on October 30, 2023

Time of commencement of the Board Meeting: 9:00 am 1ST. Time of conclusion of the Board Meeting: 12:00 pm 1ST.

Dear Sir/ Madam,

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

    1. Un-audited Consolidated Financial Results and Standalone Financial Results for the quarter and half-year ended September 30, 2023.
    1. Issue of Letter of Comfort (LOC) in favor of Technica Engineering GmbH (Technica GmbH), a Wholly-owned Step-down Subsidiary of the Company.

The details of disclosure pursuant to Schedule Ill of the Listing Regulations read with SEBI Circular dated July 13, 2023, are enclosed as "Annexure-A"

  1. Reconstitution of Nomination and Remuneration (HR) Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee and Enterprise Risk Management Committee are as follows:

a) Nomination and Remuneration (HR) Committee:

    1. Mr. Anant Talaulicar, Chairman
    1. Mr. 8 V R Subbu, Member
    1. Prof. Alberto Sangiovanni Vincentelli, Member
    1. Mr. Srinath Batni, Member
    1. Mr. S. B. (Ravi) Pandit, Member

KPIT Technologies Ltd.

I

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

0 +91 20 6770 6000

E [email protected]

w kpit.com

KP 11·

b) Stakeholders Relationship Committee:

    1. Mr. B V R Subbu, Chairman
    1. Mr. Kishor Patil, Member
    1. Mr. Anup Sable, Director

c) Corporate Social ResponsibiUty Committee:

    1. Mr. Anant Talaulicar, Chairman
    1. Mr. S. B. (Ravi) Pandit, Member
    1. Mr. Sachin Tikekar, Member

d) Enterprise Risk Management Committee:

    1. Mr. S. B. (Ravi) Pandit, Chairman
    1. Mr. Anant Talaulicar, Mem ber
    1. Mr. B V R Subbu, Member
    1. Ms. Bhavna Doshi, Member
    1. Mr. Srinath Batni, Member
    1. Mr. Chinmay Pandit, Member
    1. Pursuant to Regulation 24 of the Listing Regulations, appointment of Prof. Rajiv Lal, Independent Direct or of t he Company as a Director on the Board of KPIT Technologies Inc., material subsidiary of the Company, w .e.f. October 30, 2023, on resignation of Dr. Nickhil Jakatdar, Independent Director of the Company.

Un-audited Consolidated Financial Results and Standalone Financial Results for the quarter and half-year ended September 30, 2023, 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

Nida Deshpande Company Secretary & Compliance Officer

KPIT Technologies Ltd. Registered & Corporate Office: Plot No. 17, Rajiv Gandhi lnfot ech 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

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 ~rievancesialkoit.com I www.kcit.com I CIN : L 74999PN2018PLC174192

PART I: STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2023
Particulars ( in million (exceot oer share data)
30 September Quarter ended Half Year ended Year ended
2023 30 June 2023
{Unaudited)
2022 30 September 30 September 30 September 31 March 2023
2023
2022 {Audited)
Revenue from operations (Unaudited\ (Unaudited) (Unaudited) (Unaudited\
Other income : 11,991.57 10,976.22 7,448.32 22,967.79 14,305.56 33,650.38
Net unrealised gain on investments carried at
fair value through profit and loss
8.72 2.79 11.51 4.20
Bank interest, dividend income and realised gain
on mutual fund investments
18.37 25.74 77.40 44.11 135.07 181.42
Others (Refer note 4 and 7)
Total Income
67.57
12,086.23
186.55
11,191.30
17.50
7,543.22
223.83
23,247.24
112.72
14,557.55
220.50
34,052.30
Expenses
Cost of materials consumed 186.27 139.18 325.45 658.80
Changes in inventories of finished goods and work
in-progress
(10.43) (67.83) (78.26) (254.42)
Employee benefits expense 7,752.81 7,135.43 4,964.43 14,888.24 9,492.65 21,553.00
Finance costs (Refer not e 5) 135.70 137.10 70.31 272.80 133.74 323.13
Depreciation and amortisation expense
Net unrealised loss on investments carried at fair
value through profit and loss
480.93 450.44 327.41
1.92
931.37 637.64 1,463.79
25.68
Other expenses (Refer note 4)
Total expenses
1,663.58
10,208.86
1,630.64
9,424.96
1,102.26
6,466.33
3,263.93
19,603.53
2,099.55
12,363.58
5,338.42
29,108.40
Profit before share of equity accounted Investees
and tax
1,877.37 1,766.34 1,076.89 3,643.71 2,193.97 4,943.90
Share of profit of equity accounted investees (net
of tax) (Refer note 7)
14.36 18.13 23.97
Profit before tax 1,877.37 1,766.34 1,091.25 3,643.71 2,212.10 4,967.87
Tax expense
Current tax 512.43 638.17 280.81 1,150.60 561.90 1,091.25
Deferred tax (benefit)/charge
Total tax expense
(49.07)
463.36
(216.22)
421.95
(25.21)
255.60
(265.29)
885.31
(62.04)
499.86
7.99
1,099.24
Profit for the period/year 1,414.01 1,344.39 835.65 2,758.40 1,712.24 3,868.63
Other comprehensive Income
It ems that will not be reclassified subsequent ly to
profit or loss
Remeasurements of defined benefit plans -
gain/(loss)
(30.70) (4.21) (56.54) (34.91) (59.24) (90.10)
Income tax on items that will not be reclassified
subsequently to profit or loss
11.99 1.55 19.12 13.54 19.87 30.83
Items that will be reclassified subsequently to
profit or loss
Exchange differences on translation of financial
statements of foreign operations
(118.74) (56.78) (68.13) (175.52) (83.11) 654.40
Effective portion of gains/(losses) on hedging
instruments in cash flow hedges
26.80 215.71 (42.71) 242.51 (109.43) (167.45)
Income tax on items that will be reclassified
subsequently to profit or loss
(9.32) (75.01) 12.93 (84.33) 30.44 58.00
Total other comprahenaive Jneomo/(lossu:u;:) (119.97) 81.26 (136.33 ) (38.71) (201.47) 485.88
Total comprehensive income for the period/year 1,294.04 1,425.65 700.32 2,719.69 1,510.77 4,354.31
Profit attributable to
Owners of the Company
1,408.54 1,339.98 834.80
Non-controlling interests 5.47 4.41 0.85 2,748.52
9.88
1,689.08
23.16
3,809.98
58.65
Profit for the period/year 1,414.01 1,344.39 835.65 2,758.40 1,712.24 3,868.63
Other comprehensive Income attributable to
Owners of the Company
(122.04) 80.61 (132.11) {41.43) (190.85) 491.82
Non-controlling interests 2.07 0.65 (3.22) 2.72 (10.62) (6.14}
Other comprehensive Income for the period/year {119.97) 81.26 (135.33) {38.71) {201.47) 485.68
Total comprehensive Income attributable to
Owners of the Company
1,286.50 1,420.59 702.69 2,707.09 1,498.23 4,301.80
Non-controlling interests
Total comorehenslve income for the oerlod/vear
7.54 5.06 (2.37) 12.60 12.54 52.51
Paid-up equity share capital (face value i 10 per 1,294.04
2,710.13
1 425.65
2,706.02
700.32
2,699.53
2 719.69
2,710.13
1 510.77
2,699.53
4 354.31
2,703.46
share)
Other equity
13,811.92
Earnings per equity share (face value per share ~
10 each)*
Basic 5.20 4.95 3.09 10.15 6.25 14.10
Diluted
*EPS are not annualised for the interim periods.
5.16 4.91 3.06 10.06 6.18 13.95
Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase- Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 KPIT TECHNOLOGIES LIMITED
Phone: +91 20 6770 6000 I [email protected] I www.koit.com I CIN : L74999PN2018PLC174192
PART II: SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED r in million
Sr Particulars Quarter ended Half Year ended Year ended
No 2023
/Unauditedl
(Unaudited) JO September JO June 2023 JO September JO September
2022
(Unaudited)
2023
(Unaudited)
2022
IUnauditedl
JO September 31 March 2023
(Audited)
1 Segment revenue
Americas
UK & Europe 3,798.15 3,824.64 2,829.87 7,622.79 5,532.01 12,342.66
Rest of the World 6,506.53
5,594.41
5,814.49
5,029.93
3,355.74 12,321.02 6,190.93 16,431.52
Total 15,899.09 14,669.06 3,992.87
10,178.48
10,624.34
30,568.15
7,986.14
19,709.08
16,971.17
45,745.35
Less : Inter segment revenue 3,907.52 3,692.84 2,730.16 7,600.36 5,403.52 12,094.97
Revenue from operations 11 991.57 10 976.22 7 448.32 22 967.79 14 305.56 33 650.38
2 Segment results - Profit before tax and Interest
Americas 1,105.98 1,215.81 686.99 2,321.79 1,461.11 3,579.38
UK & Europe 1,149.90 827.36 559.44 1,977.26 1,058.82 2,690.18
Rest of the World 768.85 639.37 433.24 1,408.22 968.45 2,028.38
Total 3,024.73 2,682.64 1,679.67 5,707.27 3,488.38 8,297.94
Less:
• Finance costs 135.70 137.10 70.31 272.80 133.74 323.13
- Other unallocable expenditure (net of unallocable
income)
1,011.66 779.10 532.47 1,790.76 1,160.67 3,030.91
Profit before share of equity accounted Investees and
tax
1,877.37 1,766.34 1,076.89 3,643.71 2,193.97 4,943.90
Share of profit of equity accounted Investees (net of
tax) (Refer note 7)
- - 14.36 - 18.13 23.97
Profit before tax 1,877.37 1,766.34 1,091.25 3,643.71 2,212.10 4,967.87
3 Segment assets
Americas 2,437.82
UK & Europe 5,376.27 2,382.07
5,153.82
1,782.80
2,689.32
2,437.82
5,376.27
1,782.80
2,689.32
2,382.82
3,959.01
Rest of the World 1,068.21 810.89 1,355.58 1,068.21 1,355.58 1,445.02
Total 8,882.30 8,346.78 5,827.70 8,882.30 5,827.70 7,786.85
Unallocated assets 28,563.70 28,158.11 18,577.93 28,563.70 18,577.93 26,218.90
Total assets 37,446.00 36,504.89 24,405.63 37,446.00 24,405.63 34,005.75
4 Segment liabilities
Americas 133.05 127.52 234.11 133.05 234.11 242.61
UK & Europe 2,568.73 2,200.40 1,188.99 2,568.73 1,188.99 1,850.26
Rest of the World 651.57 799.21 383.70 651.57 383.70 507.99
Total 3,353.35 3,127.13 1,806.80 3,353.35 1,806.80 2,600.86
Unallocated liabilities 15,389.26 15,214.80 8,486.38 15,389.26 8,486.38 14,771.95
Total liabilities 18,742.61 18,341.93 10,293.18 18,742.61 10,293.18 17,372.81

a Segment assets other than trade receivables, unbilled revenue and contract assets, and segment liabilities other than unearned revenue and advance from 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 period/year to acquire Property. plant and equipment and Intangible assets, Depreciation/Amortisation and non-cash expenses are not attributable to any reportable segment.

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

PART Ill: CONSOLIDATED BALANCE SHEET fin million
Particulars As at 30
September
2023
As at 31 March
2023
(Audited)
(Unaudited)
A
1
ASSETS
Non-current assets
a. Property, plant and equipment
b. Right-of-use assets 2,174.94 2,143.89
c. Capital work-in- progress 2,818.33
42.18
2,594.34
d. Goodwill 11,205.76 56.43
10,102.57
e. Other intangible assets 3,005.45 2,003.62
f. Intangible assets under development - 268.77
g. Investments accounted for using the equity method - 252.22
h. Financial assets
Investments 0.45 0.45
Other financial assets 531.68 568.34
i. Income tax assets (net) 327.70 292.70
j. Deferred tax assets (net) 766.51 698.70
k. Other non-current assets 23.59 8.00
2 Current assets 20 896.59 18 990.03
a. Inventories 890.50 587.50
b. Financial assets
Investments 192.09 389.52
Trade receivables
Billed 6,926.29 5,924.40
Unbilled 1,956.01 1,823.21
Cash and cash equivalents 4,735.02 4,542.13
Bank balances other than cash and cash equivalents above 1,011.47 949.19
Loans
Other financial assets
0.42 -
c. Other current assets 298.13
539.48
283.72
516.05
16 549.41 15 015.72
TOTAL ASSETS 37,446.00 34,005.75
B EQUITY AND LIABILITIES
Equity
a. Equity share capital 2,710.13 2,703.46
b . Other equity 15,862.06 13,811.92
Equity attributable to owners of the Company 18 572.19 16 515.38
Non-controlling interests 131.20 117.56
Total equity 18 703.39 16 632.94
Liabilit ies
1 Non- current liabilit ies
a. Financial liabilities
Borrowings 1.44 2.26
Lease liabilities 2,054.93 1,864.28
Other financial liabilities 1,651.06 2,850.16
b. Provisions 475.56 375.45
c. Deferred tax liabilities (net) 698.94 600.12
2 Current liabilities 4 881.93 5,692.27
a. Financial liabilities
Borrowings 1,153.25 489.84
Lease liabilities 549.90 508.88
Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 3.34 3.53
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,488.61 1,639.82
b. Other financial liabilities
Other current liabilities
3,097.50 4,448.21
c. Provisions 4,777.50 3,614.42
d. Income tax liabilities (net) 920.02 517.25
870.56
13 860.68
458.59
11 680.54
TOTAL EQUITY AND LIABILITIES 37,446.00 34,005.75

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 meetings held on 30 Octo ber 2023. These unaudited consolidated financial results have been prepared in accordance with the Indian Account ing Standards ("Ind-AS") as specified under Section 133 of the Companies Act, 2013 read with t he 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 on the above unaudited consolidated financial results of the Company for the quarter and half year ended 30 September 2023. An unqualified opinion has been issued by them thereon.

3 Standalone information:

Sr No Particulars Quarter ended Half Year ended Year ended
30 September 30 June 2023
2023
(Unaudited\
(Unaudited) 2022
(Unaudited)
2023
(Unaudited)
30 September 30 September 30 September 31 March 2023
2022
(Unaudited)
(Audited)
a Revenue from operations 5,034.12 4,449.55 3,575.70 9,483.67 7,123.63 15,164.29
b Profit before tax 1,109.71 995.70 870.19 2,105.41 1,820.76 3,655.53
C Net profit for the period/year 843.51 766.61 658.18 1,610.12 1,395.02 2,801.61
d Other comprehensive
income/(losses)
(11.28) 134.58 (58.16) 123.30 (98.51) (163.03)
e Total comprehensive income for the
period/year
832.23 901.19 600.02 1,733.42 1,296.51 2,638.58

4 Details of foreign exchani:ie gain/loss included in above results:

</unaudited)<>
Particulars Quarter ended Half Year ended Year ended
2023
(Unaudited)
(Unaudited) 2022
/Unaudited)
2023
<unaudited)< th="">
2022
(Unaudit ed)
30 September 30 June 2023 30 September 30 September 30 September 31 March 2023
(Audited}
2022
(Unaudit ed)
30 September 30 June 2023 30 September 30 September 30 September 31 March 2023
(Audited}
Foreign exchange gain (net} included in
other income
30.29 - 4.66 - 47.24 100.43
Foreign exchange loss (net) included in
other expenses
- 61.32 - 31.03 - -

5 Details of finance cost s:

Part le u Lars Quarter ended Half Year ended Year ended
2023
(Unaudited)
30 September 30 June 2023
(Unaudited)
2022
/Unaudited)
30 September 30 September 30 September
2023
/Unaudited)
2022
(Unaudited)
31 March 2023
(Audited)
Finance cost on unwinding of financial
instruments as per Ind-AS
77.96 84.47 52.36 162.43 102.81 230.48
Interest expense on working capital loan,
term loan and other bank interest
57.74 52.63 17.95 110.37 30.93 92.65
Total finance costs 135.70 137.10 70.31 272.80 133.74 323.13

6 The consolidat ed 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.nselndia.com, where the shares of the Company are listed.

7 Effective 1 April 2023, the Group had acquired the balance stake of 75% in FMS Future Mobility Solutions GmbH, Germany (FMS) through KPIT Technologies GmbH, a wholly owned step down subsidiary of the Company. Pursuant to this KPIT Technologies GmbH now holds 100% stake in FMS.

In line with IND- AS 103, Business Combinations, the Group had remeasured its previously held equity interest in FMS at the acquisition-date fair value. Accordingly, the Group had recognised a gain of t 134.13 million during the previous quarter.

8 Effective 1 October 2022, the Group had acquired the entire stake in Technica Engineering GmbH, Germany, Technica Electronics Barcelona S.L., Spain and Technica Engineering Spain S.L., Spain through KPIT Technologies GmbH, a wholly owned step-down subsidiary of the Company and Technica Engineering Inc, USA through KPIT Technologies Inc. a wholly owned step-down subsidiary of the Company.

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.

  • 9 Mr. Srinath Batni was appointed as an Additional and Independent Director of the Company, with effect from 25 July 2023. Further, the Shareholders in their 6th Annual General Meeting held on 29 August 2023, have approved his appointment as an Independent Director for a period of five years from 25 July 2023.
  • 10 Consolidated statement of cash flows is attached in Annexure A.

For and on behalf of the Board ctr· ctors f KPIT TECHNOLOGIES LIMITED s Place: Pune "!,~"' ,~ '""""'')7 ~Chairm President & Joint Managing Director Dat e: 30 October 2023 DIN: 0 758 DIN : 02918460 '

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

ANNEXURE A: CONSOLIDATED STATEMENT OF CASH FLOWS

f in million
Particulars Half Year ended Year ended
30 September 30 September 31 March 2023
2023 2022 (Audited)
(Unaudited) (Unauditedl
A CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period/ year 2,758.40 1,712.24 3,868.63
Adjustments for:
Tax expense 885.31 499.86 1,099.24
Depreciation and amortisation expense 931.37 637.64 1,463.79
Finance costs 272.44 133.74 323.13
Interest income (46.80) (119.60) (140.59)
Dividend income (1.54) (1.98) (3.29)
Property, plant and equipments and other intangible assets written off - 8.47 8.77
Net (gain)/loss on disposal of property, plant and equipments 1.20 - (6.72)
Unrealised (gain)/ loss on investment carried at fair value t hrough profit and loss (net) (11.51) (4.20) 25.68
Realised gain on investment carried at fair value through profit and loss (net) (2.98) (18.34) (59.54)
Provision for doubtful debts and advances (net) 65.69 (14.15) 71.03
Bad debts written off 0.61 31.05 49.63
Share based compensation expenses 52.74 60.34 118.74
Net unrealised foreign exchange (gain)/ loss (12.33) (63.21) 615.33
Gain on sale of investment in an associate - (18.86) (18.86)
Share of profit of equity accounted investees (net of tax) - (18.13) (23.97)
Gain on previously held interest in equity account ed investees (134.97) - -
Others (1.92) (7.45) (8.82)
4 ,755.71 2 ,817.42 7,382.18
Operating profit before working capital changes
Adjustments for changes in working capital: (1,023.41) (846.48) (2,045.62)
Trade receivables (303.00) - (0.95)
Inventories 93.12 (461.07) (95.95)
Other financials assets, loans and other assets 843.49 (32.33) (129.35)
Trade payables
Other financial liabilities, other liabilit ies and provisions
1,104.42 19.41 502.65
5,612.96
Cash generated from operations
income t axes paid (net)
5 ,470.33
(704.46)
1,496.95
(454.74)
(988.51)
Net cash generated from operating activities (A) 4,765.87 1,042.21 4,624.45
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and int angible assets (999.57) (675.72) (1,294.98)
Proceeds from sale of property, plant and equipment (0.48) - 18.82
Payment s pursuant to acquisition of subsidiaries (3,399.63) (314.38) (5,781.91)
Acquisit ion of non- controlling interests - - (446.66)
Investm ent in mutual f und (1,666.00) (1,750.00) (5,339.00)
Proceeds from sale of investment in m utual fund 1,872.81 1,788.82 6,050.61
Proceed from sale of investments carried at fair value through profit and loss 6.30 5.46 10.29
Proceeds from sale of investment in an associate -
Interest received 19.13 19.13
33.72 103.58
-
201.27
0.41
Dividend received
Fixed deposits with banks (net) having original maturity over three months
-
3.11
562.76 4,538.56
Net cash used in investing activities (B) (260.35) (2,023.46)
(4,149.74)
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of long term loan from banks (2.04) (1.88) (3.83)
Repayment of long term loan from ot her than banks - (15.00) (15.00)
Proceeds from issue of Share Capital and application money 1.00 - -
Payment of lease liabilities (361.32) (254.35) (578.31)
Proceeds from working capital loan 542.86 1,044.70
Repayment of working capital loan 3,758.25
(3,165.15)
(542.86) (1,089.01)
Payments for shares purchased by Employee Welfare Trust - (228.43) (228.43)
Proceeds from shares issued by Employee Welfare Trust 6.81 17.28
Dividend paid 14.73
(717.63)
(499.83) (891.63)
Int erest and finance charges paid (99.91) (31.84) (86.76)
Net cash used In financing activities (C) (572.07) (1,024.52) (1,830.99)
D Exchange differences on translation of foreign currency cash and cash equivalents 11.83 20.82 3.28
Net lncrease/(decrease) in cash and cash equivalents (A + B + c + D) 55.89 (221.84) 773.28
Cash and cash equivalents at close of the period /year 4,735.02 3,241.36 4,542.13
Cash and cash equivalents at beginning of the p eriod/year 4,542.13 3,420.63 3,420.63
Cash and cash equivalents on account of acquisition of subsidiaries 137.00 42.57 348.22
Cash surplus/(deficit) for the period/year 55.89 (221.84) 773.28

r

8 SR & Co. LLP

Chartered Accountants

8th floor, Business Plaza Westin Hotel Campus 36I3-B, Koregaon Park Annex Mundhwa Road, Ghorpadi Pune - 411 001, India Telephone: +91 (20) 6747 7300 Fax: +91 (20) 6747 7100

Limited Review Report on unaudited consolidated financial results of KPIT Technologies limited for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 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 (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 ("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").
    1. 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.
    1. 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:

1) KPIT Techologies Limited

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 Technologia Ltda
  • 7) Microfuzzy lndustrie-Elektronic GmbH
  • 8) KPIT Technologies Limited GK
  • 9) KPIT Technologies Inc.
  • 10) KPIT Technologies Holding Inc.
  • 11) ThaiGerTec Co., Limited

Registered Office:

141h FJoor, Central B 'Mng and North C 1/\/ing, Nesco IT Park•· Nesco Center, VVestem Express Highway. Goreoaon (East), Mumbai• • 00063 Page 1 of 2

8 S R & Co. (a partne~hip firm with Registration No. BA61223) converted klto 8 SR & Co. LLP (a Limited Uablllty Partnership with LLP Reg1stra11on N o AAB-8181) wilh effect rrom October 14 , 2013

BS R & Co. LLP

Limited Review Report (Continued) KPIT Technologies Limited

  • 12) PathPartner Technology Private Limited
  • 13) PathPartner Technology Inc.
  • 14) PathPartner Technology GmbH
  • 15) Samit Solutions (UK) Limited (with effect from 01 June 2022)
  • 16) Samit Solutions Inc. (with effect from 01 June 2022)
  • 17) KPIT Technologies Employee Welfare Trust (ESOP Trust)
  • 18) KPIT Technologies SAS (with effect from 23 September 2022)
  • 19) Technica Engineering GmbH (with effect from 01 October 2022)
  • 20) Technica Electronics Barcelona, S.L. (with effect from 01 October 2022)
  • 21) Technica Electronics Spain S.L. (with effect from 01 October 2022)
  • 22) Technica Engineering Inc. (with effect from 01 October 2022)
  • 23) Qorix GmbH (with effect from 10 March 2023)
  • 24) FMS Future Mobility Solutions GmbH (with effect from 01 April 2023)
    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.
    1. The Statement includes the interim financial information of one Subsidiary which has not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 639.81 million as at 30 September 2023 and total revenues (before consolidation adjustments) of Rs. Nil and Rs. Nil. total net profit after tax (before consolidation adjustments) of Rs. 10.67 million and Rs. 14.90 million and total comprehensive income (before consolidation adjustments) of Rs. 10.67 million and Rs 14.90 million, for the quarter ended 30 September 2023 and for the period from 1 April 2023 to 30 September 2023 respectively, and cash flows (net) (before consolidation adjustments) of Rs. 37.40 million for the period from 1 April 2023 to 30 September 2023. as considered in the Statement. According to the information and explanations given to us by the Parent's management, this interim financial information is not material to the Group.

Our conclusion is not modified in respect of this matter.

For BS R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022

Swapnil Dakshindas Partner Membership No.: 113896 UDIN:23113896BGYESY9572

Pune 30 October 2023

Page 2 of 2

Regist ered & Corporate Office: Plot-17, Rajlv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadl, Taluka - Mulshl, Pune - 411057 KPIT TECHNOLOGIES LIMITED
Phone: +91 20 6770 [email protected] I CIN: L74999PN201BPLC174192
PART I: STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2023
Particulars Quarter ended t In ml/lion (exceot oer share data J
30 September 30 June 2023 Half Year ended
30 September 30 September 30 September 31 March 2023
Year ended
2023
(Unaudited)
(Unaudited) 2022
(Unaudited)
2023
(Unaudited)
2022
(Unaudited)
(Audited)
Revenue from operations 5,034.12 4,449.55 3,575.70
Other income: 9,483.67 7,123.63 15,164.29
Net gain on investments carried at fair value through profit and loss 7.31 2.79 10.10 4.20
Bank Interest, dividend income and realised gain on mutual fund
investments
12.52 12.14 73.97 24.66 129.56 166.92
Others (Refer note 3) 39.62 8.50 12.22 12.16 64.12 256.64
Total Income 5,093.57 4,472.98 3,661.89 9,530.59 7,321.51 15,587.85
Expenses
Employee benefits expense 2,994.28 2,674.01 2,165.88 5,668.29 4,153.40 8,873.32
Finance costs (Refer note 4) 37.10 38.14 38.54 75.24 78.13 146.79
Depreciation and amortization expense 254.42 228.72 230.06 483.14 442.41 905.17
Net loss on Investments carried at fair value through profit and loss 1.92 25.68
Other expenses (Ref er note 3)
Total expenses
698.06
3,983.86
536.41
3,477.28
355.30
2,791.70
1,198.51
7,425.18
8 26.81
5,500.75
1,981.36
11,932.32
Profit before tax 1,109.71 995.70 870.19 2,1D5.41 1,820.76 3,655.63
Tax expense
Current tax 285.95 251.25
Deferred t ax (benefit)lcharge (19.75) (22.16) 223.79
(11.78)
537.20
(41.91)
458.26
(32.52)
857.68
(3.76)
Total tax expense 266.20 229.09 212.01 495.29 425.74 853.92
Profit for the period/year 843.51 766.61 658.18 1,610.12 1,395.02 2,801.61
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurements of def ined benefit plans - gain/(loss) (43.63) (5.14) (50.01) (48.77) (55.84) (88.38)
Income tax on items that will not be reclassified subsequently to profit or
loss
15.24 1.80 17.48 17.04 19.51 30.88
Items that will be reclassified subsequently to profit or loss
Effective portion of gains/(losses) on hedging instruments in cash flow
hedges
26.30 212.00 (39.40) 238.30 (95.58) (162.21)
Income tax on ltems that will be rectasslfled subsequently to
profit or
loss
(9.19) (74.08) 13.77 (83.27) 33.40 56.68
Total other comprehensive income/(losses) (11.28) 134.58 (58.18) 123.30 (98.51) (163.03)
Total comorehenslve Income for the oerlod/vear 832.23 901.19 600.02 1,733.42 1,296.51 2,638.58
Paid-up equity share capital (face value~ 10 per share)
Other equity
2,710.13 2,706.02 2,699.53 2,710.13 2,699.53 2,703.46
11,133.80
Earnings per equity share (face value per share t 10 each)*
Basic 3.11 2.83 2.44 5.95 5.17 10.37
Diluted 3.09 2.81 2.41 5.90 5.11 10.26
''EPS are not annualised for the interim periods.

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

PART II: STANDALONE BALANCE SHEET

~ in million
Particulars As at
30 September 2023
(Unaudited)
As at
31 March 2023
(Audited)
A ASSETS
1 Non-current assets
a. Property, plant and equipment 1,716.92 1,723.92
b. Right-of-use assets 910.40 828.97
c. Capital work-in-progress 39.56 48.75
d. Other intangible assets 966.93 248.53
e. intangible assets under development - 268.77
f. Financial assets
Investments 9,428.77 8,091.46
Other financial assets 335.24 329.15
g. Income tax assets (net) 142.01 130.54
h. Deferred tax assets (net) 453.99 556.88
i. Other non-current assets 18.24 7.98
2 Current assets 14,012.06 12,234.95
a. Financial assets
Investments 25.62 351.81
Trade receivables
Billed 4,873.76 3,554.64
Unbilled 525.29 690.58
Cash and cash equivalents 474.20 713.05
Bank balances other than cash and cash equivalents above 267.94 236.54
Other financial assets 213.64 185.95
b. Other current assets 289.83 245.97
6,670.28 5,978.54
TOTAL ASSETS 18,213.49
20,682.34
B EQUITY AND LIABILITIES
Equity
a. Equity share capital
b. Other equity 2,710.13
12,210.13
2,703.46
11,133.80
14,920.26 13,837.26
liabilities
1 Non-current liabilities
a. Financial liabilities
Borrowings 1.44 2.26
Lease liabilities 466.04 431.27
Other financial liabilities - 93.17
b. Provisions 426.21 317.35
893.69 844.05
2 Current liabilities
a. Financial liabilities
Borrowings 710.05 3.81
Lease liabilities 175.03 130.04
Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 3.29 3.14
(ii) Total outstanding dues of creditors other than micro enterprises
and small
1,136.57 506.75
enterprises
Other financial liabilities 1,261.11 1,493.72
b. Other current liabilities 1,215.01 1,049.54
c. Provisions 324.88 274.52
d. Income tax liabilities (net) 42.45 70.66
4,868.39 3,532.18

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 Directors in their meetings held on 30 October 2023. These unaudited standalone financial results have been prepared m accordance With the IndIan Accounting Standaras (-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 2023. An unqualified opinion has been issued by them thereon.

Particulars Details of forei n exchan e ain/loss included in above results: Half Year ended Year ended
30 September
2023
(Unaudited)
Quarter ended
30 June 2023
(Unaudited)
2022
(Unaudited)
30 September 30 September 30 September 31 March 2023
2023
(Unaudited)
2022
(Unaudited)
(Audited)
Foreign exchange gain (net) included in other income
Forei n exchan e toss (net) Included in other ex enses
35.96 91.33 1.86 55.37 20.12 186.41
Particulars Quarter ended Half Year ended Year ended
30 September
2023
(Unaudited)
30 June 2023
(Unaudited)
2022
(Unaudited)
30 September 30 September 30 September 31 March 2023
2023
(Unaudited)
2022
(Unaudited)
(Audited)
Finance cost on unwinding of financial Instruments as per Ind-AS
Interest expense on working capital loan, term loan and other bank
25.88
11.22
25.51
12.63
37.40
1.14
51.39
23.85
75.93
2.20
138.55
8.24
interest
Total finance costs
37.10 38.14 38.54 75.24 78.13 146.79

5 Where financial results contain both consolidated financial results and standalone financial results of the parent, segment informatlon 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 Mr. Srinath Batni was appointed as an Additional and Independent Director of the Company, with effect from 25 July 2023. Further, the Shareholders in their 6th Annual General Meeting held on 29 August 2023, have approved his appointment as an Independent Director for a period of five years from 25 July 2023.

a Statement of Cash flows ls attached in Annexure A.

Place: Puna

Date: 30 October 202 3

St,, ..... Pre'Sident & Joint Managing Director DIN : 02918460

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

ANNEXURE A: STANDALONE STATEMENT OF CASH FLOWS

~ in million
Particulars Half vear ended Year ended
30 September
2023
(Unaudited)
30 September
2022
(Unaudited)
31 March 2023
(Audited)
A CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period/year 1,610.12 1,395.02 2,801.61
Adjustments for:
Tax expense 495.29 425.74 853.92
Depreciation and amortization expense 483.14 442.41 905.17
Finance costs 74.88 78.13 146.79
Interest income {24.43) (113.54) (120.89)
Dividend income {0.34) (1.00) (1.41)
Property, plant and equipments and other intangible assets written off
Net gain on disposal of property, plant and equipments
- 4.88
-
4.96
(6.70)
Unrealised loss/{gain) on investment carried at fair value through profit and loss (net) (0.18)
(10.10)
{4.20) 25.68
Realised gain on investment carried at fair value through profit and loss (2.93) (18.34) (59.54)
Provision for doubtful debts and advances (net) 33.13 26.50 38.91
Bad debts written off - 1.02 7.18
Share based compensation expenses 23.99 29.62 60.12
Net unrealised foreign exchange (gain)/loss (net) 81.21 6.56 (46.13)
Gain on sale of investment in an associate - {16.60) (16.60)
Others (0.55) (7.18) (7.18)
Operating profit before working capital changes 2,763.23 2,249.02 4,585.89
Adjustments for changes in working capital:
Trade receivables (1,272.51) (633.15) (1,575.90)
Other financial assets and other assets 97.81 (211.22) (15.27)
Trade Payables
Other financial liabilities, other liabilities and provisions
630.41 17.44
(214.72)
(69.13)
(243.86)
Cash generated from operations 41.64
2,260.58
1,207.37 2,681.73
Income taxes paid (net) (498.27) {267.09) (642.65)
Net cash generated from operating activities (A) 1,762.31 940.28 2,039.08
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (893.03) (626.27) (1,117.39)
Proceeds from sale of property, plant and equipment 0.21 - 13.46
Investment in subsidiaries (1,337.31) (332.21) {4,050.95)
Proceeds from sale of investment in an associate - 19.13 19.13
Investment in mutual fund (1,415.00) (1,740.00) (5,170.00)
Proceeds from sale of investment in mutual fund 1,747.91 1,734.82 5,846.25
Proceed from sale of investments carried at fair value through profit and loss 6.31 5.46 10.29
Interest received 14.42 100.55 186.94
Dividend received
Fixed deposits with banks (net) having original maturity over three months
- - 0.41
(11.23) 740.43 3,805.01
Net cash used in investing activities (B) (1,887.72) (98.09) (456.85)
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of long term loan from banks (2.04) (1.88) (3.83)
Repayment of long term loan from other than banks
Payment of lease liabilities
- (15.00) {15.00)
Proceeds from working capital loan (96.29) (100.35) (188.14)
Repayment of working capital loan 3,592.13
(2,884.12)
542.86
(542.86)
962.48
(962.48)
Payments for shares purchased by Employee Welfare Trust - (228.43) (228.43)
Proceeds from shares issued by Employee Welfare Trust 14.73 6.81 17.28
Dividend paid (717.63) (499.83) (891.63)
Interest and finance charges paid {23.86) {3.11) (9.13)
Net cash used in financing activities (C) (117.08) (841.79) (1,318.88)
D Exchange differences on translat ion of foreign currency cash and cash equivalents 3.64 (16.66) (8.87)
Net increase/(decrease) In cash and cash equivalents (A + B + C + D) (238.85) (16.26) 254.48
Cash and cash equivalents at close of the period/year 474.20 442.31 713.05
Cash and cash equivalents at beginning of the period/year 713.05 458.57 458.57
Cash surplus/(deficit) for the period/ year (238.85) (16.26) 254.48

BS R & Co. LLP

Chartered Accountants

8th floor, Business Plaza Westin Hotel Campus 36I3-B, Koregaon Park Annex Mundhwa Road, Ghorpadi Pune - 411 001 , India Telephone: +91 (20) 6747 7300 Fax: +91 (20) 6747 7100

Limited Review Report on unaudited standalone financial results of KPIT Technologies Limited for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 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 standalone financial results of KPIT Technologies Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 ("the Statement") (in which are included interim financial information from an ESOP trust).
    1. This Statement, which is the responsibility of the Company's management and approved by its 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, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
    1. 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.
    1. 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 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.
    1. The Statement includes the interim financial information of an ESOP Trust which has no! been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 639.81 million as at 30 September 2023 and total revenues (before consolidation adjustments) of Rs. Nil and Rs. Nil, total net profit after tax (before consolidation adjustments) of Rs. 10.67 million and Rs. 14.90 million and total comprehensive income (before consolidation adjustments) of Rs. 10.67 million and Rs 14.90 million, for the quarter ended 30 September 2023 and for the period from 1 April 2023 to 30 September 2023 respectively, and cash flows (net) (before consolidation adjustments) of Rs 37.40 million for the period from 1 April 2023 to 30 September 2023. as considered in the Statement. According to the information and explanations given to us by the management, this interim financial information is not material to the Company.

BS R & Co (a: partnership firm with RegiStralion No BA61223) convened Into BS R & Co. LLP (a Limited Uabtlrty Par1nershlpwilh LLP Registration No AAS-8181) with effect from October 14, 2013

14th FIOOr, Central 8 ~ and North C Wng, Center, !Vestem Express Highway, Goregaon (East), Mumbai • 4000el Page 1 of 2

Registered Office·

Limited Review Report (Continued) KPIT Technologies Limited

Our conclusion is not modified in respect of this matter.

For BS R & Co. LLP

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

Swapnil Dakshindas Partner Membership No.: 113896 UDIN:23113896BGYESX8491

Pune 30 October 2023

Page 2 of 2

October 30, 2023

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

Symbol: KPITTECH Series: EQ

Kind Att : The Manager, Listing Department

Sub·ect: - Un-audited financial results of KPIT Technologies Li mited ("the Company") for the quarter and half-year ended September 30, 2023.

Dear Sir/ Madam,

With reference to the captioned subject, we wish to submit that there is a difference of Rs. 31.31 million in the paid-up equity share capital of the Company as reported in the shareholding pattern submitted for the quarter ended September 30, 2023 (Rs. 2,741.43 million) and un-audited f inancial results for the relevant quarter ended September 30, 2023 (Rs. 2,710.12 m illion) on account of elim ination of shares held by KPIT Technologies Employees Welfare Trust (the "Trust'' as the Company consolidates the financials of the Trust. The Trust holds 3.13 million equity shares in the Company (total face value of Rs. 31.31 million at Rs. 10/ - per share) as on September 30, 2023.

Request you to please take note of the same.

Thanking you.

Yours faithfully,

For KPIT Technologies Limited

JJ

Nida Deshpande Company Secretary & Compliance Officer

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

KP 11·