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KPIT Cummins
KPIT Cummins reported its 3QFY2011 results. The USD revenue came in at US $60.4mn (v/s
our expectation of US $54.2mn, a whopping 19.0% qoq increase on the back of strong
growth in all the three major SBUs, IES, Auto and SAP of 34.8%, 17.7% and 8.2% qoq,
respectively. In INR terms, revenue came in at `273.7cr (v/s or expectation of `243cr), up
16.5% qoq. However, the operational performance was disappointing as EBITDA margins
declined by 142bp qoq to 14.1% from 15.5% in 2QFY2011 due to an increase in employee
costs and SG&A expenses. PAT stood at `25cr (v/s our expectation of `27cr), up 5.8% qoq.
The company substantially revised its USD revenue growth guidance for FY2011 to 38-40%
yoy from 25% yoy earlier and PAT growth for FY2011 to 8–10% yoy from 5% yoy earlier.
We continue to be positive on the stock and will be releasing a detailed result update shortly.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
KPIT Cummins
KPIT Cummins reported its 3QFY2011 results. The USD revenue came in at US $60.4mn (v/s
our expectation of US $54.2mn, a whopping 19.0% qoq increase on the back of strong
growth in all the three major SBUs, IES, Auto and SAP of 34.8%, 17.7% and 8.2% qoq,
respectively. In INR terms, revenue came in at `273.7cr (v/s or expectation of `243cr), up
16.5% qoq. However, the operational performance was disappointing as EBITDA margins
declined by 142bp qoq to 14.1% from 15.5% in 2QFY2011 due to an increase in employee
costs and SG&A expenses. PAT stood at `25cr (v/s our expectation of `27cr), up 5.8% qoq.
The company substantially revised its USD revenue growth guidance for FY2011 to 38-40%
yoy from 25% yoy earlier and PAT growth for FY2011 to 8–10% yoy from 5% yoy earlier.
We continue to be positive on the stock and will be releasing a detailed result update shortly.
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