KPIT Cummins Infosystems - Q4FY13 Result Review - Angel Broking

KPIT Cummins Infosystems (KPIT) reported its 4QFY2013 results which were broadly in-line with our estimates on the revenue front but ahead on the operating front. The dollar revenues came in at US$105.5mn, up 2% qoq. In INR terms, revenues came in at Rs. 569cr, up 1.2% qoq. EBITDA margin of the company expanded by 207bp qoq to 17.7%. For 4QFY2013, the company reported PAT of Rs. 51cr, down ~15% qoq, while on a yoy basis the PAT grew 51.5%.

KPIT's USD revenue for FY2013 grew by 33%, exceeding management gudance of 32% and much ahead of industry's FY2013 growth rate. For FY2014, management has cited guidance of 14–16%, which is encouraging. We maintain our buy rating on the stock. The stock is currently under review and will be releasing a detailed result update shortly.

Source : Equity Bulls

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