KPIT Technologies is trading sharply higher today, buoyed by an announcement from the company that it has completed agreement for a strategic partnership with MicroFuzzy, an Engineering Services Company headquartered in Germany, for a consideration of Euro 9.3 million.
At Rs 135, KPIT Technologies is currently up 2.3% from its previous closing price. The stock had hit a 52-week high of Rs 196.60 in the last week of September 2016.
KPIT Technologies alliance with MicroFuzzy will give it access to more than 150 specialised engineers. The German firm, with over 20 years of proven engineering expertise on Powertrain systems and Drivetrain Electronics, has core expertise in software development for E-Mobility, E/E Architecture, End to End Test and Validation solutions for powertrain components.
KPIT Chief Executive Officer and MD, Kishor Patil said that the company is excited with this partnership, as Powertrain is its largest practice within Automotive Engineering and E-Mobility is a big focus as well as a growth area.
KPIT hopes to enhance and bring in next generation offerings in the E-Mobility space and is confident that the partnership will strengthen its leadership position in the Automotive Engineering domain and bolster its presence in Germany.
KPIT Technologies Ltd reported consolidated net profit of Rs 56.18 crore for the quarter ended September 2016, as compared to Rs 73.8 crore in the year-ago quarter. Total income increased to Rs 835.91 crore in the September 2016 quarter, from Rs 820.83 crore in the year-ago period.
On standalone basis, KPIT Technologies posted a net profit of Rs 49.15 crore in the second quarter of this financial year, as compared to Rs 36.35 crore in the year-ago quarter on a 6% rise in total income.