Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

Equity Bottom-Up

<ul>
<li>KPIT reported a strong Q4FY24 led by 5.1% QoQ revenue growth in constant currency (CC) terms. EBITDA margin came in better than expected at 20.7%.</li>
<li>Overall, in line with our projection, KPIT even beat its upgraded guidance by posting YoY revenue growth of 39%+ in CC terms vs 37%+ guided.</li>
<li>KPIT has guided for a strong FY25 with revenue guidance of 18-22% in CC terms and EBITDA margin of 20.5%+.</li>
</ul>


KPIT reported a strong Q4FY24 led by 5.1% QoQ revenue growth in constant currency (CC) terms. EBITDA margin came in better than expected at 20.7%.
Overall, in line with our projection, KPIT even beat its upgraded guidance by posting YoY revenue growth of 39%+ in CC terms vs 37%+ guided.
KPIT has guided for a strong FY25 with revenue guidance of 18-22% in CC terms and EBITDA margin of 20.5%+.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>KPIT Technologies Ltd. (KPIT) reported revenue of Rs 1,318 Cr in Q4FY24, up 4.8% QoQ and 30% YoY (in CC terms) which stood above our expectations.</li><li>The company’s operating profit stood at Rs 220 Cr, reporting an encouraging growth of 6% on a QoQ basis.</li><li>This was also above our expectations. The company’s operating margins expanded 10bps to 20.7%, supported by strong volume growth and a favourable currency mix. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KPIT Technologies Ltd. (KPIT) reported revenue of Rs 1,318 Cr in Q4FY24, up 4.8% QoQ and 30% YoY (in CC terms) which stood above our expectations.The company’s operating profit stood at Rs 220 Cr, reporting an encouraging growth of 6% on a QoQ basis.This was also above our expectations. The company’s operating margins expanded 10bps to 20.7%, supported by strong volume growth and a favourable currency mix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KPIT Technologies Ltd - Robust Execution; Resilient Outlook to Support Growth

<ul>
<li>KPIT raised its full-year FY24 revenue growth guidance to 37%+ from 27-30% earlier, led by a strong Q2FY24 performance. EBITDA margin guidance has been also raised to 20%+ from 19-20%.</li>
<li>Despite wage hike impact of 250bp, EBITDA margin came in at 20%, at the upper end of the 19-20% FY24 guidance. Operating leverage and realization improvement helped offset the impact.</li>
<li>With the strong Q2 performance, we are upgrading our FY24 PAT estimate to INR 580cr+ vs INR 550cr+ earlier and FY25 PAT of INR 730cr+ vs INR 700cr+ earlier.</li>
</ul>


KPIT raised its full-year FY24 revenue growth guidance to 37%+ from 27-30% earlier, led by a strong Q2FY24 performance. EBITDA margin guidance has been also raised to 20%+ from 19-20%.
Despite wage hike impact of 250bp, EBITDA margin came in at 20%, at the upper end of the 19-20% FY24 guidance. Operating leverage and realization improvement helped offset the impact.
With the strong Q2 performance, we are upgrading our FY24 PAT estimate to INR 580cr+ vs INR 550cr+ earlier and FY25 PAT of INR 730cr+ vs INR 700cr+ earlier.


<ul>
<li>Despite upping the FY24 guidance in the prior quarter (Q2FY24), KPIT is confident of beating even the raised guidance, led by strong Q3FY24 performance and an upbeat outlook.</li>
<li>Despite accelerated revenue in H1FY24 from the Honda engagement, Q3FY24 saw robust revenue growth of 4.3% QoQ in CC terms. EBITDA margin expanded to 20.6% vs 20% QoQ. </li>
<li>KPIT's new venture, Qorix, is coming along well and could prove to be transformative. This could enable KPIT to become a product company, alongside being a high-growth service company.</li>
</ul>


Despite upping the FY24 guidance in the prior quarter (Q2FY24), KPIT is confident of beating even the raised guidance, led by strong Q3FY24 performance and an upbeat outlook.
Despite accelerated revenue in H1FY24 from the Honda engagement, Q3FY24 saw robust revenue growth of 4.3% QoQ in CC terms. EBITDA margin expanded to 20.6% vs 20% QoQ. 
KPIT's new venture, Qorix, is coming along well and could prove to be transformative. This could enable KPIT to become a product company, alongside being a high-growth service company.


KPIT: On Track to Beat the FY24 Raised Guidance

<ul><li>KPIT Technologies Ltd. (KPIT) reported revenue of Rs 1,199 Cr in Q2FY24, up 9.3% QoQ and 8.4% QoQ (in CC terms) which stood above our expectations.</li><li>The company’s operating profit stood at Rs 192 Cr, reporting an encouraging growth of 10% on a QoQ basis.</li><li>This was also above our expectations. The company’s operating margins remained flat at 20% despite of wage hike in this quarter, which is commendable. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KPIT Technologies Ltd. (KPIT) reported revenue of Rs 1,199 Cr in Q2FY24, up 9.3% QoQ and 8.4% QoQ (in CC terms) which stood above our expectations.The company’s operating profit stood at Rs 192 Cr, reporting an encouraging growth of 10% on a QoQ basis.This was also above our expectations. The company’s operating margins remained flat at 20% despite of wage hike in this quarter, which is commendable. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KPIT Technologies Ltd. - Robust Execution; Resilient Outlook to Support Growth

India

KPIT Technologies Limited operates as a technology company. The Company specializes in embedded software, artificial intelligence, and digital solutions. KPIT Technologies serves automobile industry worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KPIT Technologies (KPITTECH IN)

KPIT: Stellar Growth Continues

KPIT continues to post stellar growth on the back of robust demand environment led by big shift in technology upgradation in the automotive...

Ankit Agrawal, CFA

KPIT Technologies Ltd - Robust Execution; Resilient Outlook to Support Growth

KPIT Technologies Ltd. (KPIT) reported revenue of Rs 1,318 Cr in Q4FY24, up 4.8% QoQ and 30% YoY (in CC terms) which stood above our expectations.

Axis Direct

KPIT: Raises Its Full-Year FY24 Guidance

Post the strong Q2FY24 performance, KPIT has upgraded its FY24 revenue growth guidance to 37%+ YoY vs 27-30% earlier. EBITDA margin guidance has...

Ankit Agrawal, CFA

KPIT: On Track to Beat the FY24 Raised Guidance

KPIT reported a strong Q3FY24 and is on track to beat even its upgraded FY24 guidance. Its new initiative, Qorix, is progressing well and holds...

Ankit Agrawal, CFA

KPIT Technologies Ltd. - Robust Execution; Resilient Outlook to Support Growth

KPIT Technologies Ltd. (KPIT) reported revenue of Rs 1,199 Cr in Q2FY24, up 9.3% QoQ and 8.4% QoQ (in CC terms) which stood above our expectations.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)