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KPIT says revenue clarity visible in medium term, will hire 1,000 freshers in FY22

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Auto industry-focussed technology firm is confident about the revenue trajectory in the medium term and will be hiring up to 1,000 freshers in FY22, a top official has said.

The Pune-based company said the demand environment is very positive over the next four to five years, and exuded confidence of it being in an advantageous position to benefit from the same, its co-founder, managing director and chief executive Kishor Patil told.

“We are engaging in the long term, strategic, next-generation programmes with clients which gives us revenue visibility for the next two-three-four years,” he said.

Auto original equipment manufacturers globally are continuing with their investments in electrification, connected systems and autonomous vehicles, which require help from tech companies, Patil said, adding that autonomous is last among the priorities.

Patil said the quality of the revenue has also changed for the company to make it more profit accretive, which has led it to upwardly change its operating profit margin guidance to 16.5-17 per cent for FY22, as against 16-17 per cent earlier.

The company reported an increase in its total revenue to Rs 577.3 crore in the June quarter, up from the year-ago period’s Rs 495.2 crore, while the net profit stood at Rs 60.2 crore as against Rs 24.2 crore a year ago.

Patil said it has reported an operating profit margin of 17.3 per cent against 13.4 per cent in the year-ago period, which is a good start for the fiscal and led it to narrow the margin band with an upward bias.

“We will be hiring 800-1,000 freshers to help the business growth,” Patil said, adding that all the freshers will be absorbed by the second quarter.

When asked about lateral hires, he said such employees will be hired through the year as per the business requirements. He added that the company will be a net hirer in FY22.

The overall headcount increased to 6,564 as of June 2021, as against 6,366 in March, but is still lower than the 6,806 in June 2020.

Patil said the company will follow the hybrid work model once things ease on the pandemic front, but added that he expects a greater number of staff members to come into offices from the March 2022 quarter onwards.

The company scrip was trading 2.38 per cent down at Rs 286.90 apiece at 1347 hrs on BSE, as against a 0.32 per cent correction on the benchmark.

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