APRIL 30, 2021

Result Update KPIT TECHNOLOGIES LTD

Stock Details PRICE RS.196 TARGET RS.208 ADD
Market cap (Rs Cr) : 5,273
52-wk Hi/Lo (Rs) : 209/39 In-line financial performance. Revenue in US$ terms grew by 6.8% qoq to
Face Value (Rs) : 10 US$ 7.45 cr vs our estimate of US$7.43 cr, led by growth in connected
3M Avg. daily volume (Cr) : 0.15
vehicles and autonomous driving. In constant currency (c/c), revenue grew
Shares o/s (Cr) : 27
by 5.1% qoq. Improvement in utilization, offshore revenues and revenue
Source: Moneycontrol, BSE
growth supported margin expansion which increased to 16.2% in Q4FY21,
Financial Summary better than our estimate. Net Profit grew by 11.9% qoq to Rs. 46.8 cr as
Y/E Mar (Rs cr) FY21 FY22E FY23E
against our expectation of Rs.46.2 cr. We expect KPIT to report an EPS of
Revenue 2,036 2,298 2,588
Rs.6.8/share in FY22E (earlier Rs.6.4) and an EPS of Rs.8.7/share in FY23E
Growth (%) (5.6) 12.9 12.6
EBITDA 307 372 435
(earlier Rs.7.8) led by growth in Passenger Cars, Commercial vehicles and
EBITDA margin (%) 15.1 16.2 16.8 New Mobility vertical. Also, rupee depreciation and margin improvement will
PAT 140 183 233 further support earnings growth. Its technology-led transformation gives
EPS 5.2 6.8 8.7 decent revenue visibility over the next 4-5 years. We recommend ADD rating
EPS Growth (%) (4.2) 30.5 27.3
on the stock with a revised price target of Rs.208 (earlier Rs.136). We value
BV (Rs/share) 44.6 49.4 55.6
the stock at a PE of 24x on FY23E earnings (earlier 18x) considering
Dividend/share (Rs) 1.5 2.0 2.5
ROE (%) 12.5 14.5 16.5 earnings growth at a CAGR of 28.7% during FY21-FY23E.
RoCE (%) 14.0 15.4 16.8
P/E (x) 37.6 28.8 22.6
Key Highlights
EV/EBITDA (x) 14.9 12.2 10.3
 Notably, the company has commissioned full-fledged execution on all large
P/BV (x) 4.4 4.0 3.5
engagements won earlier.
Source: Company, Kotak Securities - PCG
 The management has indicated that its technology-led transformation gives
Shareholding Pattern (%)
decent revenue visibility over the next 4-5 years.
(%) Mar-21 Dec-20 Sep-20
Promoters 40.1 42.4 42.4  The company has guided for delivering double digit growth in FY22E. It
FII 20.9 20.7 21.8 continue to focus on people development, operational efficiency and
DII 15.4 15.0 14.3 productivity improvement.
Others 23.5 21.9 21.5
Source: Moneycontrol, BSE  Dividend policy: KPIT has revised its dividend policy to improve its payout
ratio to 35% in the next 2-3 years. In FY21, dividend payout stood at 29.5%.
Price Performance (%)
(%) 1M 3M 6M  Despite rupee appreciation, operating margin improved led by better
KPIT 8.3 81.6 106.1 utilization, offshore revenues and revenue growth.
Nifty 0.1 14.6 27.7
 Despite higher forex conversion loss due to rupee appreciation, the bottom
Source: Moneycontrol, BSE
line grew by 11.9% sequentially and 25.9% yoy to Rs.46.8 cr.
Price chart (Rs)
 High cash conversion continues. Q4FY21 is the ninth consecutive quarter of
225 increase in net cash. Interestingly, DSO (Days sales outstanding) improved
175 to 54 days in Q4FY21 from 58 days in Q3FY21 and 72 days in Q2FY21.
125
75  Cash utilization: Net Cash stood at Rs. 822.4 cr at FY21 end as compared to
25 Rs. 629.5 cr last quarter. With strong balance sheet, it plans for few niche
(semi-conductor) acquisitions (we expect ~US$4 cr) and will also look at
increasing the payout to shareholders.
Source: Moneycontrol, BSE  KPIT is building a technology company that is reimagining the world of
mobility by building and integrating software platforms and solutions for a
cleaner, safer and smarter world.

Sumit Pokharna
[email protected]
+91 22 6218 6438

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APRIL 30, 2021

Quarterly Result Update

KPIT Technologies Ltd. (Rs, Cr) Q4FY21 Q3FY21 Q4FY20 YoY (%) QoQ (%)
KPIT reported revenue at US$7.45 Revenue (US$ Cr) 7.4 7.0 7.7 (3.1) 6.8
cr (in-line with our estimate of US$ INR/US$ 73 74 72 0.4 (2.2)
7.43 cr). Revenue 540 517 556 (2.9) 4.5
Incr/(Decr) in stock - - (1)
Total Expenditure 453 434 480 (5.7) 4.2
Q4FY21 reported revenue at US$ EBIDTA 88 83 75 16.5 5.6
7.448 cr, a Constant Currency Depreciation 31 34 29 5.2 (8.5)
growth of 5.1% qoq. EBIT 57 49 46 23.8 15.2
Other income 6 7 12 (49.2) (5.8)
Interest-net 4 4 4 (11.7) (0.4)
Net Cash as at the quarter end PBT 59 52 54 9.9 13.7
stood at Rs.822.4 cr as compared Extra ordinary Exp/(Inc) - (2) 6
to Rs. 629.5 cr last quarter. Tax 12 11 9 30.5 10.1
PAT 47 43 38 23.5 9.5
Less: Minority Interest 0 1 1 (69.7) (75.7)
Net Profit growth of 11.9% Adj PAT (post MI) 47 42 37 25.9 11.9
sequentially. Reported EPS (Rs) 1.7 1.6 1.4 25.8 11.9
Source: Company

Margin details (%)

Particulars Q4FY21 Q3FY21 Q4FY20 YoY (bps) QoQ (bps)
EBITDA Margin 16.2 16.0 13.5 270 17
EBIT Margin 10.5 9.5 8.2 226 98
Adj PAT Margin 8.7 8.1 6.7 198 58
Other Income/PBT 10.7 12.9 23.1 (1,245) -222
Tax/PBT (%) 20.2 20.2 19.4 88 10
Source: Company

Segment Revenue (Rs. Cr)

Particulars Q4FY21 Q3FY21 Q4FY20 YoY (bps) QoQ (bps)
Americas 228 212 221 3.1 7.4
Europe 223 239 246 (9.7) (6.7)
Rest of the World 235 216 243 (3.4) 8.8
Total 685 666 710 (3.6) 2.8
Less: Inter-Seg revenue 145 149 154 (6.1) (3.0)
Total 540 517 556 (2.9) 4.5
Source: Company

Focus Areas
 Revenue growth guidance: The company indicated that the revenue growth
momentum will continue and is expected to be broad based across
practices and clients in FY22E. The company have a healthy order book and
decent medium-term visibility, giving confidence of double-digit growth in
FY22.
 Margin guidance: KPIT management expects wage hikes, impact of new
wage bill, fresher additions, higher operating costs & frontend investments
in FY22E. Offshoring, productivity improvement, employee pyramid and
fixed cost leverage will help it neutralize & better cost increases. The
company expects FY22 EBITDA to be in the 16%-17% range.
 Platforms and Practices: The company plans to invest in the right practices
and new technologies relevant to its strategic clients to further differentiate
KPIT as a Software Integration Partner.

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APRIL 30, 2021

 Zero Defect Delivery: Its processes are aligned to ensure first time right
delivery to its clients. Focus on Engineering Productivity improvement.
 Best place to grow: Attrition rate was low in FY21. However, the same is
expected to go up in H1FY22 and stabilize in H2FY22. The company
continues to invest in net talent creation, individual career development, top
talent retention & overall employee well being.
 T25 Clients: The company will continue to deepen its client engagements
and improve on the overall client engagement framework. Currently, it has
21 strategic clients and plans to increase to 25. Currently, ~85% is repeat
business for the company.

Key Engagements - T25 Engagements, broad based across geographies

 A leading Asian Car Manufacturer selected KPIT for a couple of programs in
the Connected domain.
 A leading Asian Car Manufacturer selected KPIT for multiple programs in
the Autonomous Driving domain.
 A leading European Commercial Vehicle Manufacturer selected KPIT for a
program in the Vehicle Diagnostics area.
 A leading American Car Manufacturer selected KPIT for a program in the
Autonomous Driving area.
 A leading American Tier I selected KPIT for a program in the Powertrain
domain. (Source: Company)

Recommend ADD
The company has highlighted that the pipeline is the highest as of now. Auto
industry IT spend is expected to grow by 10-12% which will benefit KPIT also.
We expect KPIT to report an EPS of Rs.6.8/share in FY22E (earlier Rs.6.4) and
an EPS of Rs.8.7/share in FY23E (earlier Rs.7.8) led by growth in Passenger
Cars, Commercial vehicles and New Mobility vertical. Also, rupee depreciation
and margin improvement will further support earnings growth. Its technology-
led transformation gives decent revenue visibility over the next 4-5 years. We
recommend ADD rating on the stock with a revised price target of Rs.208 (earlier
Rs.136). We value the stock at a PE of 24x on FY23E earnings (earlier 18x)
considering earnings growth at a CAGR of 28.7% during FY21-FY23E.

Company Background
KPIT is a global technology company with software solutions that will help
mobility leapfrog towards autonomous, clean, smart and connected future. With
6000+ Automobelievers across the globe, specializing in embedded software, AI
& Digital solutions, KPIT enables customers accelerate implementation of next
generation mobility technologies. With development centers in Europe, USA,
Japan, China, Thailand and India - KPIT works with leaders in mobility and is
present where the ecosystem is transforming.
In KPIT two major corporate action took place - merger and demerger
transaction with Birlasoft, effective from Jan 2019. The transaction resulted in
two publicly-traded specialized technology companies – KPIT Technologies -
focused on automotive engineering and mobility solutions; and Birlasoft –
focused on IT services.
KPIT is managed by Mr. Ravi Pandit who is the Chairman and by Mr. Kishor Patil
who is the CEO & MD.

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APRIL 30, 2021

Financials: Consolidated
Profit and Loss Statement (Rs cr) Balance sheet (Rs cr)
(Year-end Mar) FY20 FY21 FY22E FY23E (Year-end Mar) FY20 FY21 FY22E FY23E
Revenues 2,156 2,036 2,298 2,588 Cash and cash equivalents 381 701 715 771
% change YoY 236.2 (5.6) 12.9 12.6 Accounts receivable 510 378 441 532
EBITDA 295 307 372 435 Inventories 12 - - -
% change YoY 222.2 4.0 21.2 16.8 Loans and Adv & Others 145 119 119 119
Other Income 13 21 24 29 Current assets 1,048 1,198 1,275 1,422
Depreciation 108 133 151 162 Misc exp. - - - -
EBIT 200 195 245 302 LT investments 17 127 127 127
% change YoY 170.4 (2.8) 25.6 23.2 Net fixed assets 532 589 635 685
Net interest 20 17 10 3 Total assets 1,596 1,914 2,037 2,234
Profit before tax 181 178 235 299
% change YoY 168.8 (1.7) 32.2 27.1
Tax 34 36 50 64 Payables 116 172 165 169
as % of PBT 18.7 20.4 21.5 0.2 Others 390 515 506 518
Profit after tax 147 141 184 234 Current liabilities 506 687 671 686
Minority interest 0 1 1 1 Provisions 59 70 80 95
Share of profit of associates
Net income 147 140 183 233 LT debt 20 2 - -
% change YoY 170.5 (4.2) 30.5 27.3 Min. int and def tax liabilities (35) (45) (44) (43)
Shares outstanding (Cr) 27 27 27 27 Equity 269 269 269 269
EPS (reported) (Rs) 5.5 5.2 6.8 8.7 Reserves 778 930 1,061 1,228
CEPS (Rs) 9.5 10.2 12.5 14.7 Total liabilities 1,596 1,914 2,037 2,234
DPS (Rs) 1.0 1.5 2.0 2.5 BVPS (Rs) 39 45 49 56
Source: Company, Kotak Securities – Private Client Group Source: Company, Kotak Securities – Private Client Group

Cash flow Statement (Rs cr) Ratio Analysis

(Year-end Mar) FY20 FY21 FY22E FY23E (Year-end Mar) FY20 FY21 FY22E FY23E
EBIT 200 195 245 302 EBITDA margin (%) 13.7 15.1 16.2 16.8
Depreciation 108 133 151 162 EBIT margin (%) 9.3 9.6 10.6 11.7
Change in working capital 335 352 (79) (75) Net profit margin (%) 6.8 6.9 8.0 9.0
Chgs in other net current assets - - - -
Operating cash flow 643 680 317 389 Receivables (days) 86 68 70 75
Interest (20) (17) (10) (3) Inventory (days) 2 - - -
Tax (34) (36) (50) (64) Sales/gross assets(x) 1.9 1.8 1.8 1.8
Cash flow from operations 590 627 257 322 Interest coverage (x) 9.5 10.1 22.1 90.9
Capex (219) (191) (197) (212)
(Inc)/dec in investments 7 (110) - - Debt/equity ratio(x) 0.0 0.0 - -
Cash flow from investments (213) (301) (197) (212)
Others (27) 59 - - ROE (%) 14.6 12.5 14.5 16.5
Increase/(decrease) in debt (171) (17) (2) - ROCE (%) 15.0 14.0 15.4 16.8
Proceeds from share premium - - - -
Dividends (18) (48) (43) (53) EV/ Sales (x) 2.3 2.2 2.0 1.7
Cash flow from financing (216) (6) (46) (53) EV/EBITDA (x) 16.6 14.9 12.2 10.3
Opening cash 221 381 701 715 Price to earnings (x) 36.0 37.6 28.8 22.6
Closing cash 381 701 715 771 Price to book value (x) 5.0 4.4 4.0 3.5
Source: Company, Kotak Securities – Private Client Group Source: Company, Kotak Securities – Private Client Group

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APRIL 30, 2021

RATING SCALE (PRIVATE CLIENT GROUP)

Definitions of ratings
BUY – We expect the stock to deliver more than 15% returns over the next 12 months
ADD – We expect the stock to deliver 5% - 15% returns over the next 12 months
REDUCE – We expect the stock to deliver -5% - +5% returns over the next 12 months
SELL – We expect the stock to deliver < -5% returns over the next 12 months
NR – Not Rated. Kotak Securities is not assigning any rating or price target to the stock.
The report has been prepared for information purposes only.
SUBSCRIBE – We advise investor to subscribe to the IPO.
RS – Rating Suspended. Kotak Securities has suspended the investment rating and price target
for this stock, either because there is not a sufficient fundamental basis for determining, or
there are legal, regulatory or policy constraints around publishing, an investment rating or
target. The previous investment rating and price target, if any, are no longer in effect for this
stock and should not be relied upon.
NA – Not Available or Not Applicable. The information is not available for display or is not
applicable
NM – Not Meaningful. The information is not meaningful and is therefore excluded.
NOTE – Our target prices are with a 12-month perspective. Returns stated in the rating scale are our
internal benchmark.
FUNDAMENTAL RESEARCH TEAM (PRIVATE CLIENT GROUP)
Rusmik Oza Arun Agarwal Amit Agarwal, CFA Priyesh Babariya
Head of Research Auto & Auto Ancillary Transportation, Paints, FMCG Research Associate
[email protected] [email protected] [email protected] [email protected]
+91 22 6218 6441 +91 22 6218 6443 +91 22 6218 6439 +91 22 6218 6433

Jatin Damania Purvi Shah K. Kathirvelu

Metals & Mining, Midcap Pharmaceuticals Support Executive
[email protected] [email protected] [email protected]
+91 22 6218 6440 +91 22 6218 6432 +91 22 6218 6427

Sumit Pokharna Pankaj Kumar

Oil and Gas, Information Tech Midcap
[email protected] [email protected]
+91 22 6218 6438 +91 22 6218 6434

TECHNICAL RESEARCH TEAM (PRIVATE CLIENT GROUP)

Shrikant Chouhan Amol Athawale Sayed Haider
[email protected] [email protected] Research Associate
+91 22 6218 5408 +91 20 6620 3350 [email protected]
+91 22 62185498

DERIVATIVES RESEARCH TEAM (PRIVATE CLIENT GROUP)

Sahaj Agrawal Prashanth Lalu Prasenjit Biswas, CMT, CFTe
[email protected] [email protected] [email protected]
+91 79 6607 2231 +91 22 6218 5497 +91 33 6615 6273

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APRIL 30, 2021

Disclosure/Disclaimer (Private Client Group)

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