KPIT Technologies aims to double its share of wallet by delivering enhanced value to clients and unlocking growth opportunities, the company's Chief Executive Officer Kishor Patil told NDTV Profit.
Share of wallet is a measure of how much money a customer spends on a company's products or services compared to how much they spend on similar products from other companies.
“The kind of offerings we bring in are absolutely relevant to the client at that point in time. We bring in the offerings which are relevant to the plan for the next year,” he said.
Therefore, if the company delivers better value to its clients and presents a strong proposition, the share of wallet could more than double, the top executive explained.
“Our share of wallet can be more than double over the period. I'm not saying, in a year or two. What actually means, is that if we come up with a better proposition as we deliver a better value to the client, there is an opportunity for us to grow,” he said.
KPIT Technologies posted robust December quarter results, with net profit rising 20% year-on-year to Rs 187 crore and revenue increasing 14% YoY to Rs 1,478 crore.
Commenting on the company's growth propositions in a lean market period, Patil highlighted the importance of client relationships.
“When we decided to focus on automotive and mobility, we thought that in the automotive world, there are a few factors. One factor is if we become the true leader in terms of value to the client and the relationship, then we will grow when they are growing the revenues,” he said.
“They are increasing their spending. If they are not increasing their spending or cutting on that, we'll get a higher share if we bring a better value to the client,” the CEO added.
Patil also claimed that original equipment manufacturers are now spending more on new technology compared to conventional parts, which could be beneficial for KPIT Technologies.
“We understand markets are not really the best. It's a bit of a lean period. But we believe there are opportunities,” he added.
Shares of KPIT Technologies ended Thursday's trade 4.67% higher at Rs 1,434 a piece on the NSE, compared to a 0.37% rise in the benchmark Nifty 50.
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