KPIT Cummins Infosystems Ltd, a product engineering and IT consulting firm, on Tuesday reported more than double increase in its net profit.
Its net profit stood at Rs 51.28 crore, up by 113 per cent as compared to 24.1 crore last year for the first quarter ended on June 30, 2012.
The revenue also witnessed an marginal increase of 88 per cent at Rs 538.26 crore as compared to Rs 295 crore last year.
Commenting on the performance of Q1 FY13, Kishor Patil, managing director & CEO, KPIT Cummins said, “We expect growth to be evenly spread during this year. SYSTIME integration has progressed as planned and we have seen sizable Q-o-Q increase in revenues.
We are confident of our growth in the mid-term and are making investments globally in strengthening our customer partnership organization and have continued to hire employees in line with our initial plans. Higher Rupee depreciation has helped us offset our increased wage costs and maintain higher than expected profits during this quarter”.