Rerating necessitates consistent performance • KPIT:: ICICI Securities PDF link

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Rerating necessitates consistent performance
• KPIT’s Q2FY15 earnings were above our and consensus estimates
• US$ revenues grew 8.5% QoQ to $125 million (3.9% QoQ growth
and $119.7 million estimate), led by APAC, the US, A&E and SAP
business. Onsite volumes grew 2.6% QoQ while offshore grew 6.2%
QoQ leading to overall volume growth of 5.5% QoQ
• EBITDA margins improved 128 bps QoQ to 13.3% (14.5% estimate)
led by healthy growth and improvement in SAP margins. Reported
PAT of | 70.6 crore was above our | 64.1 crore estimate, led by
lower tax expense

LINK
http://content.icicidirect.com/mailimages/IDirect_KPIT_Q2FY15.pdf