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Centrum Broking Report
KPIT Technologies Ltd.'s Q1 FY21 results were in-line with our estimates on U.S. dollar revenues and profit after tax. Ebit margin delivered a beat.
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Management guided for stabilisation in business in Q2 FY21 and acceleration in growth in H2 FY21 led by large deal wins. Post Q1 FY21, we model KPIT Technologies U.S. dollar revenue growth/(decline) at (12)/13% for FY21/FY22E (versus (11.9)/12.3% modelled earlier).
Hence, KPIT Technologies U.S. dollar revenue decline would be at 12% YoY for FY21 which is almost similar to LT Technologies Service Ltd. (We model LTTS U.S. dollar revenue drop at 9% for FY21).
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