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Dolat Capital Report
KPIT Technologies Ltd. reported revenue growth of 5.1% QoQ in constant currency terms (our estimate: 4.2%), led by passenger vehicles segment in Europe and Asia.
Operating profit margin stood at 16.7%, up 12 bps QoQ (our estimate: 16.7%), supported by healthy operating efficiency.
For FY2025E, the company has guided for revenue (organic) growth of 18- 22% and expects an Ebitda margin of 20.5%+, post ESOP cost of Rs 1 billion.
We believe KPIT has a strong growth trajectory for coming years given-
its consistent performance,
benign client commentary, and
continued investments for improving moat places.
Ex-of ESOP charges we keep our earnings estimate largely unchanged and retain ‘Accumulate' rating on discounted cash flow based target price of Rs 1,640 (implies ~two times on PEG basis).
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