KPIT Tech revenue rises 36.7% in FY23

Bengaluru: Pune-headquartered KPIT Technologies reported $418 million in revenue in the 2022-23 financial year, a 36.7% constant currency growth. The revenue in the fourth quarter was $123.8 million, an 8.5% sequential growth in constant currency.
KPIT is a software and product engineering services company, specialising in the automotive sector. The company has given revenue guidance of 27% to 30% in constant currency terms for FY24, and 19% to 20% guidance for operating margin.
The management said that since their deals are mostly long-term in nature and do not have a co-relation to vehicle sales, macroeconomic challenges in the US and Europe would not affect the company.
In fact, the company’s chief executive officer Kishore Patil said that the company expects more growth from Europe followed by Asia. Compared to FY22, Europe, as a geography grew 48.1% to reach $195.4 million in FY2023.