KPIT Technologies Ltd — Regulatory Filings 2024

Apr 29, 2024

April 29, 2024

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, Bandra (E), Mumbai - 400051.

Symbol: KPITTECH Series: EQ

Kind Attn: The Manager, Listing Department

Dear Sir / Madam,

Subiect: - Disclosure of events & information pursuant to Regulation 30 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Outcome of the Board Meeting held on Monday, April 29, 2024.

Time of Commencement of the Board Meeting: 9.00 am 1ST. Time of Conclusion of the Board Meeting: 01:00 pm 1ST.

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

• A. Audited Standalone Financial Results and Consolidated Financial Results for the quarter and year ended March 31, 2024.
• B. Audited Standalone Financial Statements and Consolidated Financial Statements for the year ended March 31, 2024.
• C. Recommendation of Final Dividend at Rs. 4.60/- per equity share of Rs. 10/ each (46%) for FY 2023-24, subject to declaration of the same by members at the ensuing Annual General Meeting ("AGM") of the Company to be held within the stipulated timeline as per the Companies Act, 2013 and the Rules made thereunder. The dividend, if declared by the members at the AGM will be paid within the statutory timeline as per the Companies Act, 2013 & the Rules made thereunder.
• D. Issue of Letter of Comfort (LOC) in favor of KPIT Technologies S.A.S. (France) ("KPIT France"), 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".

E. Corporate Guarantee in favour of KPIT Technologies Holding Inc. a Wholly owned Subsidiary for working capital limits up to USO 3 Million for 3 years.

The details of disclosure pursuant to Schedule Ill of the Listing Regulations read with SEBI Circular dated July 13, 2023, are enclosed as "Annexure-8"

0 +91 20 6770 6000

• E info@kpit.com
• w kpit.com

The Statutory Auditors of the Company have issued audit reports with unmodified opinion on the financial Statement.

Audited Consolidated Financial Resu lts and Standalone Financial Results for the quarter and year ended March 31, 2024, along w ith Auditors Report thereon, Declaration relating to the Unmodified Opinion by the Statutory Auditors on the aforementioned Financial Results 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

0 +91 20 6770 6000 E info@kpit.com W kpit.com

KP 11·

Annexure A

Sr. No.	Particulars	Details
1	Name of party for which such guarante or indemnity or es surety h as been given.	Company obtained the The has Board approval for issuing the Letter of Comfort to t he HSBC Factoring France in favour of KPIT France a Wholly Owned step-down Subsidiary of the Company.
		However, it will not be issued in connection with any guarantee or indemnity or surety.
2	Whether promoter/ the promote group/ group r compani es have any interest in this tran saction? If yes, nature of intere st and details thereof and whe ther the same is done at "arm's length"	The Promoter or Promoter group or any other Company in the group does not have any interest in this transaction.
3	Brief det ails of such guarantee or inde mnity or becoming a surety	l factoring facility from KPIT France shall avai HSBC Factoring France aggregating to Euro 4 million.
		Accordingly, the Board approval is obtained on April 29, 2024 for issuing the Letter of Comfort affirming the maintenance of the beneficial ownership of at least 75% in the issued share capital of KPIT Technologies Netherlands (Netherlands) the and B.V. Company will retain beneficial ownership (whether directly or indirectly) of at least 75% of of the capital issued share KPIT Technologies S.A.S. (France) during t he period in which it has any obligations (whether future or contingent) outstanding under the Factoring Agreement.
		Issuance of LOC approved by the Board of Directors at their meeting held on January 30, 2024, now stands modified due to change in internal structure of HSBC Bank.
		Further, the Letter of Comfort is not issued in with or connection any loan, guarantee indemnity and does not constitute a financial obligation on the Company.
4	Impact o f such guarantees or indemnit y or surety on listed entity.	of Comfort is not Let ter issued The in with or connection any loan, guarantee indemnity. Hence, there is no material impact or financial obligation on the Company.

0 +91 20 6770 6000 E info@kpit.com

W kpit.com

KP 11·

Annexure-B

Sr. No.	Particulars	Details
1	party for Na me which such of gua rantees or indemnity or surety has been given.	The Company has obtained the Board approval for the Corporate Guarantee to HSBC Bank USA, N.A, in favour of KPIT Technologies Holding Wholly Inc, a Owned Subsidiary of the Company.
2	ether the promoter/ promoter Wh up/ group companies have any gro rest in this transaction? If yes, inte nat of interest ure details and the reof and whether the same is eat "arm's length" don	The Promoter or Promoter group or any other Company in the group does not have any interest in this transaction.
3	Bri ef details of such guarantee or ind emnity or becoming a surety	The Corporate Guarantee is provided on behalf of KPIT Technologies Holding Inc. in favour of HSBC Bank USA, N.A, in nature of working capital finance up to USO 3 Million for further period of 3 years.
4	of Im pact or such guarantees ind emnity or surety on listed entity.	corporate guarantee This issued on behalf of KPIT Technologies Holding Inc. books of the Company. ~~------- w ill be the contingent liability in the ~

***

O +91 20 6nO 6000

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 erievances@kc it.comIwww.kc it .com I CIN: L74999PN2018PLC174192

PART I: STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024

					f in million (except per share data)
Particulars		Quarter ended	Year ended
	31 March 2024 (Audited) (Refer note 10)	31 December 2023 (Unaudited)	31 March 2023 (Audited) (Refer note 10)	31 March 2024 (Audited)	31 March 2023 (Audited) (Refer note 9)
Revenue from operations	13,178.00	12,569.62	10,173.67	48,715.41	33,650.38
Other income : Net unrealised gain on investments carried at	7.39	14.04		32.94
fair value through profit and loss Bank interest, dividend income and realised gain	30.64	18.17	23.58	92.92	181.42
on mutual fund investments Others (Refer note 3 and 4)	128.31	155.70	39.02	476.81	220.50
Total income	13,344.34	12,757.53	10,236.27	49,318.08	34,052.30
Expenses Cost of materials consumed	308.66	85.85	117.68	719.96	658.80
Changes in inventories of finished goods and work in- progress	(151.57)	93.48	132.75	(136.35)	(254.42)
Employee benefits expense	8,327.96	7,904.05	6,408.59	31 ,120.25	21,553.00
Finance costs	117.94	157.51	106.57	548.25	323.13
Depreciation and amortisation expense Net unrealised loss on investment s carried at fair value through profit and loss	526.97	499.59	422.10 0.51	1,957.93	1,463.79 25.68
Other expenses (Refer note 3)	1,964.20	1,901.18	1,691.14	7,098.28	5,338.42
Total expenses	11,094.16	10,641.66	8,879.34	41,308.32	29,108.40
Profit before share of profit/ Closs) of equity accounted investees and tax	2,250.18	2,115.87	1,356.93	8,009.76	4,943.90
of profit/(loss) of equity Share accounted investees (net of tax) (Refer note 5)	(5.37)		5.10	(5.37)	23.97
Profit before tax	2,244.81	2,115.87	1,362.03	8,004.39	4,967.87
Tax expense
Current tax Deferred tax (benefit)/ charge	657.93 (72.31)	570.48 (22.15)	192.79 53.42	2,379.01 (359.75)	1,091.25 7.99
Total tax expense	585.62	548.33	246.21	2,019.26	1,099.24
Profit for the period/ year	1,659.19	1,567.54	1,115.82	5,985.13	3,868.63
Other comprehensive income Items that will not be reclassified subsequently to profit or loss
Remeasurements of defined benefit plans - gain/(loss)	(5.66)	(8.38)	(19.20)	(48.95)	(90.10)
Income tax on items that w ill not be reclassified subsequently to profit or loss	2.06	3.03	6.44	18.63	30.83
Items t hat will be reclassified subsequent ly to profit or loss
Exchange differences on translation of financial statements of foreign operations	(190.35)	446.68	99.02	80.81	654.40
Effective portion of gains/(losses) on hedging instruments in cash flow hedges	170.11	(200.05)	105.13	212.57	(167.45)
Income tax on items that w ill be reclassified subsequently t o profit or lo ss	(59.45)	69.91	(30.65)	(73.87)	58.00
Total other comprehensive lncome/(losses)	(83.29)	311.19	160.74	189.19	485.68
Total comprehensive income for the period/year Profit attributable to	1,575.90	1,878.73	1,276.56	6,174.32	4,354.31
Owners of the Company Non-controlling interests	1,643.50 15.69	1,553.31	1,116.00	5,945.33 39.80	3,809.98 58.65
Profit for the period/year	1,659.19	14.23 1,567.54	(0.18) 1,115.82	5,985.13	3,868.63
Other comprehensive lncome/(losses) attributable to
Owners of the Company	(83.47)	311.09	159.30	186.19	491.82
Non-controlling interests	0.18	0.10	1.44	3.00	(6.14)
Other comprehensive income/(losses) for t he period/year	(83.29)	311.19	160.74	189.19	485.68
Total comprehensive income attributable to Owners of t he Company	1,560.03	1,864.40	1,275.30	6,131.52	4,301.80
Non-controlling interests Total comprehensive income for the period/ year	15.87 1,575.90	14.33	1.26	42.80 6,174.32	52.51 4,354.31
Paid -up equity share capital (face value ~ 10 per	2,712.17	1,878.73 2,711.33	1 276.56 2,703.46	2,712.17	2,703.46
share) Other equit y				18,746.41	13,811.92
Earnings per equity share (face value per share t 10 each)*
Basic Diluted	6.06	5.73	4.13	21.95	14.10
*£PS are not annualised for the interim periods.	6.02	5.69	4.09	21.77	13.95

	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 erievancesffllknit.com I www.koit.com I CIN: L74999PN2018PLC174192	KPIT TECHNOLOGIES LIMITED
	PART 11: SEGMENT WISE REVENUE, RESULTS AND CAPITAL EM PLOYED					( in ml1/ion
	Sr Particulars		Quarter ended		Year ended
No		31 March 2024 (Audited) (Refer note 10)	31 December 2023 (Unaudited)	31 March 2023 (Audited) (Refer note 10)	(Audited)	31 March 2024 31 March 2023 (Audited) (Refer note 9)
1	Segment revenue Americas UK & Europe Rest of the World Total	3,915.68 7,227.88 6,263.89 17,407.46	3,902.72 6,832.46 5,958.66 16,693.84	3,811.97 5,266.58 4,725.32 13,803.87	15,441.19 26,381.36 22,846.89 64,669.44	12,342.66 16,431.52 16,971.17 45,745.35
	Less : Inter segment revenue	4,229.45	4,124.22	3,630.20	15,954.03	12,094.97
	Revenue from operations	13,178,00	12,569.62	10,173.67	4 8 715.41	33 650.38
2	Segment results - Profit before tax and interest Americas UK & Europe Rest of the World Total	1,073.99 1,760.56 910.49 3,745.04	1,105.57 1,573.16 796,67 3,475.40	1,292.36 722.09 536.78 2,551.23	4,501.35 5,310.98 3,115.38 12,927.71	3,579.38 2,690.18 2,028.38 8,297.94
	Less: - Finance costs - Other unallocable expenditure (net of unallocable income) of equity Profit before share of proflt/(loss)	117,94 1,376.92	157,51 1,202.02	106.57 1,087.73	548,25 4,369.70 8,009.76	323.13 3,030.91 4,943.90
	accounted Investees and tax Share of profit/(loss) of equity accounted investees	2,250.18 (5.37)	2,115.87 -	1,356.93 5.10	(5.37)	23.97
	(net of tax) Profit before tax	2,244.81	2,115.87	1,362.03	8,004.39	4,967.87
3	Segment assets Americas UK & Europe Rest of the World Total Unallocated assets	2,697.84 5,333.26 1,531.60 9,562.70 32,116.26	2,710.56 4,982.00 888.43 8,580.99 31,885.44	2,382.82 3,959.01 1,445.02 7,786.85 26,218.90	2,697.84 5,333.26 1,531.60 9,562.70 32,116.26	2,382.82 3,959.01 1,445.02 7,786.85 26,218.90
		41,678.96	40,466.43	34,005.75	41,678.96	34,005.75
4	Total assets Segment liabilities Americas UK & Europe Rest of the World Total	213.41 3,619.69 899.46 4,732.56	168.35 3,762.33 725.21 4,655.89	242.61 1,850.26 507.99 2,600.86	213.41 3,619.69 899.46 4,732.56	242.61 1,850.26 507.99 2,600.86
	Unallocated liabilities	15,316.73	15,203.10	14,771.95	15,316.73	14,771.95
	Total liabilities	20,049.29	19,858.99	17,372.81	20,049.29	17,372.81

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

b The cost incurred during the period/year to acquire property, plant and equipment and intangible assets, depreciation/amortisation and noncash expenses are not attributable to any reportable segment.

rO II 1;

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	KPIT TECHNOLOGIES LI MITED 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 ~rievances@koit.com I www.koit.com I CIN : L74999PN2018PLC174192 PART Ill: CONSOLIDATED BALANCE SHEET
	Particulars	2024 (Audited)	r in million As at 31 March As at 31 March 2023 (Audited)
A	ASSETS
1	Non-current assets
a.	Property, plant and equipment	2,395.27	2,143.89
b.	Right-of-use assets	3,033.45	2,594.34
c.	Capital work-In-progress	5.16	56.43
	d. Goodwill	11,463.25	10,102.57
e.	Other intangible assets	2,261.55	2,003.62
f.	Intangible assets under development	575.55	268.77
g.	Investments accounted for using the equity method	B1.38	252.22
h.	Financial assets
	Investments	0.46	0.45
i.	Other financial assets Income tax assets (net)	697.91 195.61	568.34 292.70
j.	Deferred tax assets (net)	787.93	698.70
k.	Other non-current assets	16.96	8.00
		21 514.48	1B 990.03
2	Current assets
a.	Inventories	902.49	587.50
b.	Financial assets
	Investments	862.91	389.52
	Trade receivables
	Billed Unbilled	7,489.47 2,068.94	5,924.40 1,823.21
	Cash and cash equivalents	6,550.19	4,542.13
	Bank balances other than cash and cash equivalents above	1,155.13	949.19
	Other financial assets	422.84	283.72
c.	Other current assets	712.51	516.05
		20 164.48	15 015.72
	TOTAL ASSETS	41,678.96	34,005.75
B	EQUITY AND LIABILITIES
	Equity
a.	Equity share capital	2,712.17	2,703.46
	b. Other equity	18,746.41	13,811.92
	Equity attributable to owners of the Comp any	21 458.58 171.09	16 515.38 117.56
	Non-controlling interests Total equity	21 629.67	16 632.94
	Liabilities
1	Non- current liabilities
a.	Financial liabilities
	Borrowings	0.59	2.26
	Lease liabilities	2,167.48	1,864.28 2,850.16
b.	Other financial liabilities Provisions	1,546.77 512.84	375.45
c.	Deferred tax liabilities (net)	695.72	600.12
		4 923.40	5 692.27
2	Current liabilities
a.	Financial liabilities
	Borrowings	446.77	489.84
	Lease liabilities	672,68	508.88
	Trade payables Other financial liabilities	2,397.69	1,643.35
b.	Other current liabilities	3,272.05 6,332.63	4,448.21 3,614.42
c.	Provisions	771.23	517.25
d.	Income tax liabilities (net)	1,232.84	458.59
		15125.89	11 680.54
	TOTAL EQUITY AND LIABILITIES	41,678.96	34,005.75

i

Notes:

• The above audited consolidated financial results have been reviewed by the Audit Committee and thereafter approved and t aken on record by the Board of Directors in their meetings held on 29 April 2024. These audited consolidated financial statements have been prepared in accordance with the Indian Accounting Standards ("Ind-AS") as per the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, notified under sect ion 133 of the Companies Act , 2013 ("Act") and other relevant provisions of the Act.
• 2 The Statutory auditors of the Company have audited the above consolidated financial results of the Company for the quarter and year ended 31 March 2024. An unqualified opinion has been issued by them thereon.

3 Details of forei n exchan e ain/loss included in above results:

Particulars		Quarter ended	Year ended
	31 March 2024 (Audited) (Refer note 10)	31 December 2023 (Unaudited)	31 March 2023 (Audited) (Refer note 10	31 March 2024 (Audited)	31 March 2023 (Audited) (Refer note 9)
Foreign exchange gain (net) included in other income	66.46	132.29		167 .72	100.43
Foreign exchange loss (net) included in other ex enses			119.06

4 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 acquisit iondat e fair value. Accordingly, the Group had recognised a gain on 134.13 million during the quarter ended on 30 June 2023.

• 5 During t he quarter ended on 31 December 2023, the Company had done an initial strategic acquisition of 13.01% stake in N-Dream AG for a total cash consideration of EUR 3.00 million. N- Dream AG is a Cloud based Game Aggregation Platform company based in Switzerland. Also refer the disclosure given on 9 November 2023 to BSE Limited and National Stock Exchange of India Limited.
• 6 The consolidated results of the Company are available on the Company's website, www.kpit.com and also on the websit e of the BSE Limited, www.bseindia.com and National Stock Exchange of India Limited, www.nseindia.com, where the shares of the Company are liste
• 7 The Board of Directors at its meeting held on 29 April 2024, has recommended a final dividend of t 4.60 per equity share, which is subject to the approval of shareholders at the Annual General Meeting.
• 8 Consolidated statement of cash flows is attached in Annexure A.
• 9 Effective 1 October 2022, the Group had acquired the entire stake in Technica Group, and thereby during the year ended 31 March 2023, six months results were consolidated in the statement of profit and loss.
• 10 The figures for t he quarter ended 31 March 2024 and 31 March 2023 as reported in these financial results, are the balancing figures between the audited figures in respect of the full financial year and unaudited published year to date figures upto the end of the third quarter of the relevant financial years.

For and on behalf of the Board of Direc rs of KPIT TECHNOLOGIES LIMIT ~ Place: Pune Date: 29 April 2024

Registered & Corporate Office: Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinj awadi, Taluka - Mulsh:, Pune - 411057 Phone : +91 20 6770 6000 I grievances@kpit.com I www.kpit.com I CIN : L74999PN2018PLC174192

ANNEXURE A: CONSOLIDATED STATEMENT OF CASH FLOWS

f in million

Particulars		Year ended
	31 March 2024	31 March 2023
	(Audited)	(Audited)
		(Refer note 9 )
A CASH FLOW FROM OPERATING ACTIVITIES
Profit b efore tax	8,004.39	4,967.87
Adjustments for:
Depreciation and amort isation expense	1,957.93	1,463.79
Finance costs	548.25	323.13
Interest income Dividend income	(112.35)	(140.59)
Property, plant and equipments and other intangible assets w ritten off	(1.78)	(3.29)
Net (gain)/loss on disposal of property, plant and equipments		8.77
Unrealised (gain)/loss on investment carried at fair value t hrough profit and loss (net)	7.13	(6.72)
Realised gain on investment carried at fair value through profit and loss (net)	(32.94) (11.46)	25.68 (59.54)
Net loss on fair valuation of earn outs and derivative assets carried at fair value through profit or lo	36.85
Provision for doubtful debts and advances (net)	129.80	71.03
Sad debts written off	48.83	49.63
Share based compensation expenses	91.65	118.74
Net unrealised foreign exchange (gain)/loss	(16.30)	615.33
Gain on sale of investment in an associate		(18.86)
Share of (profit)/ loss of equity ac counted investees (net of tax)	5.37	(23.97)
Gain on previously held interest in equity accounted investee Ot hers	(136.95)
Operating profit before working capital changes	(0.89)	(8.82)
	10,517.53	7,382.18
Adjustments for changes in working capital: Trade receivables
Inventories	(1,802.99)	{2,045.62)
Other f inancials assets and other assets	(314.99) (181.34)	(0.95) (95.95)
Trade payables	747.25	(129.35)
Other f inancial liabilities, other liabilit ies and provisions	2,423.11	502.65
Cash generated from operations	11,388.57	5,612.96
Income taxes paid (net)	(1,370.90)	(988.51)
Net cash generated from operating activities (A)	10,017.67	4,624.45
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and int angible assets	(1,553.37)	(1,294.98)
Proceeds from sale of property, plant and equipment	4.46	18.82
Payments pursuant t o acquisition of subsidiaries (net)	(3,230.68)	(5,781.91)
Payment for contract ual obligation under acquisition agreement Investment in mutual fund	(55.62)	(446.66)
Proceeds from sale of investment in mutual fund	(4,216.00) 3,760.53	(5,339.00) 6,050.61
Proceed from sale of investments carried at fair value through profit and loss	27.67	10.29
Investment in an equity accounted investee	(271.20)
Proceeds from sale of investment in an associate		19.13
Int erest received Dividend received	52.88	201.27
Amount placed in overseas money m anager accounts and fixed deposits	1.20	0.41
Amount realized from overseas money manager account s and fixed deposits	(26,840.58) 26,683.70	(11,184.69) 15,723.25
Net cash used in investing activities (B)	(5,637.01)	(2,023.46)
C CASH FLOW FROM FINANCING ACTIVITIES
Repaym ent of long term loan from banks	(3.26)	(3.83)
Repayment of long term loan from other than banks Payment of lease liabilities		(15.00)
Proceeds from working capital loan	(779.00) 4,527.93	(578.31)
Repayment of working capital loan	(4,680.61)	1,044.70 (1,089.01)
Payments for shares purchased by Employee Welfare Trust		(228.43)
Proceeds from shares issued by Employee Welfare Trust	17.05	17.28
Dividend paid	(1 ,287.10)	(891.63)
Interest and finance charges paid Net cash used in financing activities (C)	(194.84)	(86.76)
	(2,399.83)	(1,830.99)
D Exchange differences on translation of foreign currency cash and cash equivalent s	27.23	3.28
Net increase in cash and cash equivalents (A + B + C + D)	2,008.06	773.28
Cash and cash equivalents at close of t he year	6,550.19	4,542.13
Cash and cash equivalents at beginning of the year	V) 4,542.13	3,420.63
Cash and cash equivalents on account of acquisition of subsidiaries		348.22
Cash surplus for the year I \	I 2,008.06	773.28

BS R & Co. LLP

Chartered Accountants

8th floor, Business Plaza Westin Hotel Campus 36/3-B, Koregaon Park Annex Mundhwa Road, Ghorpadi Pune - 411 001, India Telephone: +91 (20) 6747 7300 Fax: +91 (20) 6747 7100

Independent Auditors Report

To the Board of Directors of KPIT Technologies Limited

Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of KPIT Technologies Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associate for the year ended 31 March 2024, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditor on separate audited financial statements of the subsidiary, the aforesaid consolidated annual financial results:

• a. include the annual financial results of the entities mentioned in Annexure I to the aforesaid consolidated annual financial result):
• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of report of the other auditor referred to in sub paragraph no. (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management's and Board of Directors'/ Board of Trustees' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its associate in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in

Reg1Slered Office

14'th Floor, Central B Wing and North C Wing, Nesco IT Pal'k .(, Ne-sco Center, 'Western Express Highway, Goregaon (Easl), Mumbai - • 00063 Page 1 of 5

BS R & Co. LLP

f.

(JJ Wes• nrus ' * 36r (j <J /

Independent Auditor's Report (Continued)

KPIT Technologies Limited

India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies/Board of Trustees of the Employee Stock Option Plan (ESOP) Trust included in the Group and the respective Management and Board of Directors of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company/ESOP Trust and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the companies/Board of Trustees of the ESOP Trust included in the Group and the respective Management and Board of Directors of its associate are responsible for assessing the ability of each company/ESOP Trust to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/Board of Trustees either intends to liquidate the company/ESOP Trust or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies/Board of Trustees of the ESOP Trust included in the Group and the respective Board of Directors of its associate is responsible for overseeing the financial reporting process of each company/ESOP Trust.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. misrepresentations. or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. lfwe conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on ~ -re atjdit evidence obtained up to the date of our auditor's report. However, future events or conditions p Page 2 of 5

Independent Auditor's Report (Continued) KPIT Technologies Limited

may cause the Group and its associate to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within the Group and its associate to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities included in the consolidated annual financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audits carried out by them We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in sub paragraph no. (a) of the "Other Matters• paragraph in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matters

b,

a. The consolidated annual financial results include the audited financial results of 12 subsidiaries, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 8,589.55 million as at 31 March 2024, total revenue (before consolidation adjustments) of Rs. 12,125.01 million and total net profit after tax (before consolidation adjustments) of Rs. 1,828.47 million and net cash inflows (before consolidation adjustments) of Rs 678 21 million for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The independent auditor's reports on financial statements of these entities have been furnished to us by the management.

Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the reports of such auditors and the procedures performed by us are as stated in paragraph above.

Certain of these subsidiaries are located outside India whose financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

The consolidated annual financial results include the unaudited financial results of 5 subsidiaries, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 2,105.98 as Page 3 of 5

Independent Auditor's Report (Continued)

KPIT Technologies Limited

at 31 March 2024, total revenue (before consolidation adjustments) of Rs. 1,052.37 million, total net loss after tax (before consolidation adjustments) of Rs. 45.38 million and net cash inflows (before consolidation adjustments) of Rs 697 .96 million for the year ended on that date, as considered in the consolidated annual financial results. These unaudited financial statements have been furnished to us by the Board of Directors. The consolidated annual financial results also include the Group's share of total net loss after tax of Rs. 5.37 million for the year ended 31 March 2024, as considered in the consolidated annual financial results, in respect of one associate. This unaudited financial statements have been furnished to us by the Board of Directors.

Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate is based solely on such financial statements. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements are not material to the Group

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to the financial statements certified by the Board of Directors.

c. The consolidated annual financial results include the results for the quarter ended 31 March 2024 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

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

Swapnil Dakshindas Partner Membership No.: 113896 UDIN:24113896BKFIFQ4460

Pune 29 April 2024

8 SR & Co. LLP

Independent Auditor's Report (Continued) KPIT Technologies Limited

Annexure I
	List of entities included in consolidated annual financial results.
Sr. No	- Name of component	Relationship
1	KPIT Technologies (UK) Limited	Subsidiary
2	KPIT (Shanghai) Software Technology Co. Limited	Subsidiary
3	KPIT Technologies Netherland B.V.	Subsidiary
4	KPIT Technologies GmbH	Subsidiary
5	KPIT Technologias Ltda	Subsidiary
6	Microfuzzy lndustrie-Elektronic GmbH	Subsidiary
7	KPIT Technologies Limited GK	Subsidiary
8	KPIT Technologies Inc.	Subsidiary
9	KPIT Technologies Holding Inc.	Subsidiary
10	ThaiGerTec Co., Limited	Subsidiary
11	PathPartner Technology Private Limited	Subsidiary
12	PathPartner Technology Inc	Subsidiary
13	PathPartner Technology GmbH	Subsidiary
14	Samit Solutions (UK) Limited (with effect from 1 June 2022)	Subsidiary
15	Samit Solutions Inc. (with effect from 1 June 2022)	Subsidiary
16	KPIT Technologies Employee Welfare Trust (ESOP trust)	Subsidiary
17	KPIT Technologies S.A.S (with effect from 23 September 2022)	Subsidiary
18	Technica Engineering GmbH (with effect from 1 October 2022)	Subsidiary
19	Technica Electronics Barcelona, S.L. (with effect from 1 October Subsidiary 2022)
20	Technica Electronics Spain S.L. (with effect from 1 October 2022)	Subsidiary
21	Technica Engineering Inc. (with effect from 1 October 2022)	Subsidiary
22	Qorix GmbH (with effect from 10 March 2023)	Subsidiary
23	FMS Future Mobility Solutions GmbH (with effect from 1 April 2023)	Subsidiary
24	N Dream AG (with effect from 5 December 2023)	Associate

Page 5 of 5

Registered & Corporate Office : Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone: +91 20 6770 6000/.<?rievances@kpit.comIwww.kpit.com I GIN: L74999PN2018PLC174192

PART I: STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024

Particulars		Quarter ended	r In million (except p er share data) Year ended
	31 March 2024 (Audited)	31 December	31 March 2023 (Audited)	31 March 2024	31 March 2023 (Audited)
	(Refer note 9)	2023 (Unaudited)	(Refer note 9)	(Audited)
Revenue from operations Other income:	5,462.15	5,220.20	4,241.25	20,166.02	15,164.29
Net gain on investments carried at fair value through profit and loss	2.62	11.26	-	23.98	-
Bank interest, dividend income and realised gain on mutual fund investments	18.81	11.77	18.60	55.24	166.92
Others (Refer note 3 & 4)	456.64	193.48	22.57	606.91	256.64
Total Income	5,940.22	5,436.71	4,282.42	20,852.15	15,587.85
Expenses
Employee benefits expense Finance costs	3,436.77	3,306.06	2,424.68	12,411.12	8,873.32
Depreciation and amortization expense	25.57 283.94	44.73 261.46	31.13 223.11	145.54 1,028.54	146.79 905.17
Net loss on investments carried at fair value through profit and loss	-	-	0.51	-	25.68
Other expenses (Refer note 3)	1,020.19	723.15	624.29	2,886.48	1,981.36
Total expenses	4,766.47	4,335.40	3,303.72	16,471.68	11,932.32
Profit before tax	1,173.75	1,101.31	978.70	4,380.47	3,655.53
Tax expense
Current tax	264.63	283.48	190.86	1,085.31	857.68
Deferred tax (benefit)/charge	92.07	(23.28)	45.79	26.88	(3.76)
Total tax expense	356.70	260.20	236.65	1,112.19	853.92
Profit for the period/year	817.05	841.11	742.05	3,268.28	2,801.61
Other comprehensive Income
Items that will not be reclassified subsequently to profit or loss
Remeasurements of defined benefit plans - gain/(loss)	(6.24)	(9.35)	(16.36)	(64.36)	(88.38)
Income tax on items that will not be reclassified subsequently to profit or loss	2.18	3.27	5.72	22.49	30.88
Items that will be reclassified subsequently to profit or loss Effective portion of gains/(losses) on hedging instruments in cash flow hedges	170.14	(200.07)	98.52	208.37	(162.21)
Income tax on items that will be reclassified subsequently to profit or loss	(59.45)	69.91	(34.43)	(72.81)	56.68
Total other comprehensive lncome/(losses)	106.63	(136.24)	53.45	93.69	(163.03)
Total comprehensive income for the period/year	923.68	704.87	795.50	3,361.97	2,638.58
Paid-up equity share capital (face value ? 10 per share) Other equity	2,712.17	2,711.33	2,703.46	2,712.17 13,308.28	2,703.46 11,133.80
Earnings per equity share (face value per share t 10 each) Basic Diluted EPS are not annualised for the interim periods.	3.01 2.99	3.10 3.08	2.75 2.72	12.06 11 .97	10.37 10.26

~

Notes:

• 1 The above audited 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 29 April 2024. These audited standalone financial statements have been prepared in accordance w ith the Indian Accounting Standards ("Ind-AS") as per the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, notified under section 133 of the Companies Act, 2013 ("Act') and other relevant provisions of the Act.
• 2 The statutory auditors of the Company have audited the above standalone financial results of the Company for the quart er and year ended 31 March 2024. An unqualified opinion has been issued by them thereon.

3 Details of forei n exchan e ain/ loss included in above results.

Partlculara	Quarter ended			Year ended
	31 March 2024 (Audited) Refer note 9	31 December 2023 Unaudited	31 March 2023 (Audited) Refer note 9	31 March 2024 (Audited)	31 March 2023 (Audited)
Foreign exchange gain (net) included In other income Foreign exchange loss (net) included in other expenses	47.34	191.98	26.66	183.95	186.41

4 Includes gain of t 394.44 million on sale of asset to its wholly owned subsidiary.

• 5 Where financial results contain both consolidated financial results and standalone financial results of the parent, segment information is required to be presented only in the consolidated financial results. Accordingly, segment Information has been presented in the consolidated financial results.
• 6 The standalone results of the Company are available on the Company's website, www.kpit.com and also on the website of the BSE Limited, www.bselndia.com and National Stock Exchange of India Limited, www.nseindia.com, where the shares of the Company are listed.
• 7 The Board of Directors at its meeting held on 29 April 2024, has recommended a final dividend of t 4.60 per equity share, which is subject to the approval of shareholders at the Annual General Meeting.
• 8 Statement of Cash flows Is attached in Annexure A.
• 9 The figures for the quarter ended 31 March 2024 and 31 March 2023 as reported in these financial results, are the balancing figures between the audited figures in respect of the full financial year and unaudited published year to date figures upto the end of the third quarter of the relevant financial years.

Place: Pune Date: 29 A rll 2024

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

PART II: STANDALONE BALANCE SHEET

			r in million
	Particulars	As at 31 March 2024	As at 31 March 2023 (Audited)
		(Audited)
	A ASSETS
	1 Non- current assets
	a. Property, plant and equipment b. Right-of- use assets	1,866.94	1,723.92 828.97
	C. Capital work-in-progress	942.71	48.75
	d. Other intangible assets	5.12 305.20	248.53
	e. Intangible assets under development	0.28	268.77
	f . Financial assets
	Investments	9,921.64	8,091.46
	Other financial assets	438.34	329.15
	g. Income tax assets (net)	78.99	130.54
	h. Deferred tax assets (net)	333.46	556.88
i.	Other non-current assets	7.16	7.98
		13,899.84	12,234.95
	2 Current assets
	a. Financial assets
	Investments	478.26	351.81
	Trade receivables
	Billed	3,494.73	3,554.64
	Unbilled	727.78	690.58
	Cash and cash equivalents	998.24	713.05 236.54
	Bank balances other than cash and cash equivalents above	224.79 1,314.19	185.95
	Other financial assets b. Other current assets	388.74	245.97
		7,626.73	5,978.54
	TOTAL ASSETS	21,526.57	18,213.49
	B EQUITY AND LIABILITIES
	Equity a. Equity share capital	2,712.17	2,703.46
	b. Other equity	13,308.28	11,133.80
		16,020.45	13,837.26
	Liabilities
	1 Non-current liabilities
	a. Financial liabilities
	Borrowings	0.59	2.26
	Lease liabilities	460.34	431.27
	Other financial liabilities	-	93.17
	b. Provisions	462.40	317.35
		923.33	844.05
	2 Current liabilities a. Financial liabilities
	Borrowings
	Lease liabilities	1.67 216.05	3.81 130.04
	Trade payables
	(i) Total outstanding dues of micro enterprises and small enterprises	16.25	3.14
	(ii) Total outstanding dues of creditors other than micro enterprises and small	852.01	506.75
	enterprises
	Other financial liabilities	1,423.47	1,493.72
	b. Other current liabilities	1,694.04	1,049.54
	C. Provisions	357.72	274.52
	d. Income tax liabilities (net)	21.58	70.66
		4,582.79	3,532.18
	TOTAL EQUITY AND LIABILITIES	21,526.57	18,213.49

Registered & Corporate Office : Plot-17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase-Ill, Maan, Hinjawadi, Taluka - Mulshi, Pune - 411057 Phone: +91 20 6770 6000I1!rievances@kpit.comIwww.kpit.com I CIN : L74999PN2018PLC174192

ANNEXURE A: STANDALONE STATEMENT OF CASH FLOWS

		r in million
Particulars	Year ended
	31 March 2024 (Audited)	31 March 2023 (Audited)
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	4,380.47	3,655.53
Adjustments for:
Depreciation and amortization expense	1,028.54	905.17
Finance costs	145.54	146.79
Interest income	(61.73)	(120.89)
Dividend income	(0.58)	(1.41)
Property, plant and equipments and other intangible assets written off	-	4.96
Net gain on disposal of property, plant and equipments	(394.64)	(6.70)
Unrealised (gain)/loss on investment carried at fair value through profit and loss (net)	(23.98)	25.68 -
Net toss on fair valuation of earn outs and derivative assets carried at fair value through profit or loss	36.95
Realised gain on investment carried at fair value through profit and loss (net)	(10.78)	(59.54)
Provision for doubtful debts and advances (net)	108.37	38.91
Bad debts written off	4.39	7.18
Share based compensation expenses	44.83	60.12
Net unrealised foreign exchange loss/(gain)	19.94	(46.13)
Gain on sale of investment in an associate	-	(16.60)
Others	(0.55)	(7.18)
Operating profit before working capital changes	5,276.77	4,585.89
Adjustments for changes in working capital:
Trade receivables	(132.65)	(1,575.90)
Other financials assets and other assets	(33.70)	(15.27) (69.13)
Trade payables Other financial liabilities, other liabilities and provisions	358.57 590.72	(243.86)
Cash generated from operations	6,059.71	2,681.73
Income taxes paid (net)	(936.56)	(642.65)
Net cash generated from operating activities (A)	5,123.15	2,039.08
B CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets	(1,217.75)	(1,117.39)
Proceeds from sale of property, plant and equipment	0.43	13.46
Investment in subsidiaries	(1,799.05)	(4,050.95)
Investment in an associate	(271.20)	-
Proceeds from sale of investment in an associate	-	19.13
Investment in mutual fund	(3,725.01)	{5,170.00)
Proceeds from sale of investment in mutual fund	3,605.64	5,846.25
Proceed from sale of investments carried at fair value through profit and loss	27.68	10.29
Interest received	20.58	186.94
Dividend received Amount placed in fixed deposits	1.20 {2,781.00)	0.41 {4,547.10)
Amount realized from fixed deposits	2,826.21	8,352.11
Net cash used In investing activities (B)	(3,312.27)	(456.85}
C CASH FLOW FROM FINANCING ACTIVITIES
Repayment of long term loan from banks	(3.26)	{3.83)
Repayment of long term loan from other than banks	-	{15.00)
Payment of lease liabilities	(223.05)	{188.14)
Proceeds from working capital loan Repayment of working capital loan	4,361.19	962.48 (962.48)
Payments for shares purchased by Employee Welfare Trust	{4,361.19) -	(228.43)
Proceeds from shares issued by Employee Welfare Trust	17.05	17.28
Dividend paid	(1,287.10)	{891.63)
Interest and finance charges paid	(49.81)	(9.13)
Net cash used in financing activities (C)	(1,546.17)	(1,318.88)
D Exchange differences on translation of foreign currency cash and cash equivalents	20.48	(8.87)
Net increase in cash and cash equivalents (A + B + C + D)	285.19	254.48
Cash and cash equivalents at close of the year	998.24	713.05
Cash and cash equivalents at beginning of the year	'- ,-- 713.05	458.57
Cash surplus for the year	/ / 285.19	254.48

8 SR & Co. LLP

Chartered Accountants

8th floor, Business Plaza Westin Hotel Campus 36/3-B, Koregaon Park Annex Mundhwa Road, Ghorpadi Pune - 411 001 , India Telephone: +91 (20} 6747 7300 Fax: +91 (20) 6747 7100

Independent Auditor 'S Report

To the Board of Directors of KPIT Technologies Limited

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of KPIT Technologies Limited (hereinafter referred to as the "Company"} for the year ended 31 March 2024, attached herewith, (in which are included financial statements from an Employee Stock Option Plan (ESOP) trust) being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.

Management's and Board of Directors'/Board of Trustees Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profiU loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the company/Board of Trustees of the ESOP trust are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company/ESOP Trust and for preventing and detecting frauds and other irregularities; selection and application of appropriate

------~

(a partnership ftrm wfth Reg,strahon No BA6 1223) converted Into 8 s R & Co. LLP (a y Panne.rsh p with LLP Reg,straOon No AAB-8181) with effect from October 14. 2013

Registered Office:

14th Fk>ot, Central B Vlling and North C Wlng, Nesco fT Par1t: 4, Nesco Center. VVestern Exp(ess H,ghway, Goreoaon (East), Mumbai• -400063 Page 1 of 3

Independent Auditor's Report (Continued)

KPIT Technologies Limited

accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the respective Management and the Board of Directors/Board of Trustees are responsible for assessing each company/ESOP Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/ Board of Trustees either intends to liquidate the company/ESOP Trust or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors/ Board of Trustees are responsible for overseeing the financial reporting process of each company/ESOP Trust.

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also.

• Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143{3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial statements of the ESOP Trust of the Company to express an opinion on the standalone annual financial results. For the ESOP Trust included in the standalone annual financial results, which has been audited by other auditor, such , other auditor remain responsible for the direction, supervision and performance of the audit carried Page 2 of 3

Independent Auditor's Report (Continued)

KPIT Technologies Limited

out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described sub paragraph no. (a) of the "Other Matter" paragraph in this audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter .

a. The standalone annual financial results include the audited financial results of an ESOP trust, whose financial statements reflects total assets (before consolidation adjustments) of Rs. 633.24 million as at 31 March 2024, total revenue (before consolidation adjustments) of Rs. Nil and total net profit after tax (before consolidation adjustments) of Rs. 36.75 million, and net cash inflows (before consolidation adjustments) of Rs 57.63 million for the year ended on that date, as considered in the standalone annual financial results, which has been audited by its other auditor. The other auditor's report on financial statements of this ESOP Trust has been furnished to us by the management.

Our opinion on the standalone annual financial results, in so far as it relates to the amounts and disclosures included in respect of this ESOP Trust, is based solely on the report of such auditor/auditors.

Our opinion is not modified in respect of this matter.

b. The standalone annual financial results include the results for the quarter ended 31 March 2024 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For BS R & Co. LLP Chartered Accountants

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

Swapnil Dakshindas Partner Membership No.: 113896 UDIN:24113896BKFIFR8280

Pune 29 April 2024

Page 3 of 3

KP 11·

April 29, 2024

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: - Declaration pursuant to Regulation 33(3)(d) of t he Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [the SEBI (LODR) Regulations].

Dear Sir / Madam,

We, Kishor Patil, CEO & Managing Director and Priyamvada Hardikar, Chief Financial Officer of KPIT Technologies Limited, having its Registered Office at Plot No. 17, Rajiv Gandhi lnfotech Park, MIDC-SEZ, Phase - Ill, Maan, Taluka- Mulshi, Hinjawadi, Pune - 4110 57, India, hereby declare that, the Statutory Auditors of the Company, B S R & Co. LLP (FRN: 101248/W100022) have issued an Audit Report w ith unmodified opinion on t he Audited Financial Results of the Company (Consolidated & Standalone) for the quarter and year ended March 31, 2024.

This declaration is given in compliance to Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015, as amended by the SEBI (LODR) (Amendment) Regulations, 2016, SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023.

Kindly take this declaration on your record.

Thanking you.

Yours faithfully,

For KPIT Technologies Limited

Kis t i CE n ging Director

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Pr i ya~ v~ ka r Chi~;~~i~l· Officer

0 +91 20 6770 6000 E info@kpit.com

April 29, 2024

To,

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

Symbol: KPITTECH Series: EQ

Kind Attn: The Manager, Listing Department

Subject: - Audited financial results of KPIT Technologies Limited ("the Company") for the quarter and year ended March 31, 2024.

Dear Sir / Madam,

With reference to the captioned subject, we wish to submit that there is a difference of Rs. 29.26 million in the paid-up equity share capital of the Company as reported in the shareholding pattern submitted for the q uarter ended March 31, 2024 (Rs. 2,741.43 million) and audited financial results for the quarter & year ended March 31, 2024 (Rs. 2,712.17 million) on account of elimination of shares held by KPIT Technologies Employees Welfare Trust (the "Trust") as the Company consolidates the financials of the Trust. The Trust holds 2.92 million equity shares in t he Company (total face value of Rs. 29.26 million at Rs. 10/- per share) as on March 31, 2024.

Req uest you to please take note of the same.

Thanking you.

Yours faithfully,

For KPIT Technologies Limite~'\ rt~'" !(~ \ )~:)/ \ \ .:-,. ~1

· -~.-, .. /, Nida Deshpande ',;;;;_ f ·;;,¹ Company Secretary & Compliance ·officer

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0 +91 20 6770 6000 E info@kpit.com w kpit.com

KP 11·