Recently, the software company KPIT Technologies focused on automotive and mobility, revised its constant currency revenue growth outlook for the current fiscal year. Notably, the software firm saw a positive momentum which was unprecedented and better than last year. The unexpected growth was witnessed despite macroeconomic uncertainties due to its critical offerings to the industry and niche positioning. KPIT Technologies revised its CC revenue growth outlook for the current fiscal year to more than 37 percent which was significantly up from last year’s growth, of 27-30 percent. In the following sections, we have done an in-depth analysis of KPIT Technologies’s financial report. You should stick with this page and go through this article till the end. Scroll down.
The chief financial officer of KPIT Technologies said because of KPIT Technologies’s critical offerings to the industry and niche positioning the company received positive momentum and better-than-expected growth. For FY24, the company’s constant currency revenue growth outlook grew more than 37 percent. KPIT Technologies is the leading auto manufacturer in the world. It is currently striving to create new opportunities by changing the business models of the Original Equipment Manufacturers. Shift to the next section and read more details.
Priya Hardikar who is the chief financial officer of KPIT Technologies said, “Clients are now looking at [changing their own] business model. For example, there can be a feature where you can heat the car during winter. You can subscribe to that other feature with the Original car manufacturer. So they are looking at developing revenues beyond the initial car sale and generating revenues directly from the consumer, over the whole lifecycle of a car. That’s a big business model change for OEMs,” Continue reading this article and learn more.
KPIT CFO further added that the new trend needs the deployment of artificial intelligence and cloud computing at a large scale. Hardikar told a media agency, “As we move along, all our customers are looking at communication systems [not only inside the car] but also concentrating on communication outside the car. The entire software-designed vehicle architecture will involve both of these aspects. We are also now creating a practice which will help in communication outside the car,” KPIT reported new deals worth $156 million in the second quarter of FY24, down from $190 million reported in Q1. In recent quarters, the company has revealed large engagements with automakers such as Renault and Honda.