KPIT Technologies Shares up 6% as Profit Jumped 39% YoY, Announces Rs 2.65 Dividend

KPIT Technologies shares rose 6% today after the software giant announced a 39% increase in net profit Q4FY23.

KPIT Technologies shares rose more than 6% today and were trading around 52-week highs after the software giant announced a 39% increase in net profit in the quarter that ended March 31, 2023, from the same quarter last year. The company also authorised a final dividend.

The Board of Directors of KPIT Technologies proposed a final dividend of Rs 2.65 per equity share of Rs 10 each (26.5%) for FY 2022-23, subject to approval by members at the next Annual General Meeting. The record date to pay the final dividend will be set later and reported separately to the stock markets.

KPIT Technologies has paid an equity dividend of Rs 3.30 per share over the last 12 months, with a dividend yield of 0.38%.

The IT business posted a consolidated net profit of Rs 111.6 crore in the March 2023 quarter (Q4 FY23), up 38.60% from Rs 80.5 crore in the previous year’s corresponding period. The company’s operating income was Rs 1017.36 crore in Q4 FY23, up 56.09 per cent year on year (YoY) from Rs 651.76 crore in Q4 FY22.

Revenue increased 39% year on year to Rs 3365 crore in FY23, from Rs 2432.38 crore the previous year. In FY23, net profit increased by 40% to Rs 386.86 crore, up from Rs 276.24 crore in FY22.

EBITDA (earnings before interest, tax, depreciation, and amortisation) increased to Rs 194.25 crore in the most recent quarter, up from Rs169.86 crore in the December 2022 quarter.

KPIT Technologies Ltd shares finished 6.1% higher at Rs 904 per share. Today, the stock reached a high of Rs 910.95 and a low of Rs 855. This year, the stock has climbed roughly 30%. The company’s market capitalisation was Rs 24,497 crore.

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