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Monday, March 27, 2023

KPIT Tech gains 7 percent on alliance with Honda

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The share price of KPIT Technologies gained 7 percent on Wednesday after the company announced partnership with Honda to accelerate Honda’s software-defined mobility journey.

KPIT Tech provides software solutions to the automotive and mobility industry. According to the company the partnership in the mid to long term will expand to over 2,000 software and vehicle system professionals from KPIT across the globe to power Honda’s SDM roadmap until the year 2030 and beyond.

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This partnership will utilize Honda’s next-generation software architecture and control-safety technology, along with KPIT’s deep domain and software expertise in areas such as autonomous driving, vehicle electrification, in-vehicle infotainment systems, and platform software.

Honda has been a partner with KPIT for the last eight years.

In Q3FY23, KPIT Technologies reported a 49 percent increase in total income to Rs 938 crore, up from Rs 754 crore in the September 2022 quarter. Net profit also rose 44 percent to Rs 100 crore, compared to Rs 70 crore in Q3FY22, with net profit for the September quarter at Rs 83 crore.

KPIT’s share price has seen a significant increase of 47 percent in the past year and 39 percent in the past six months. As of 12:58 p.m., the scrip was trading 5.66 percent higher at Rs 822.60, while the benchmark Nifty was up 0.15 percent at 17,068.25 points.

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