KPIT Q1 profit hit by global auto headwinds; bets on new mobility, deeptech
KPIT Technologies reported a 32% year-on-year decline in net profit to ₹117 crore for Q1, primarily due to spending cuts by major automotive clients in Germany and Japan. Despite an 8.9% increase in revenue to ₹1,675 crore, the company's profitability was impacted by cost-cutting measures among global original equipment manufacturers (OEMs). CEO Kishor Patil indicated that while two key customers paused engineering spending, these were temporary and growth is anticipated to resume in the fourth quarter.