KPIT Tech says worst is over after 21% fall in Q1 net profit Rs 24.22 crore

The 21 per cent decline in net profit to Rs 24.22 crore in the June 2020 quarter was on the expected lines as clients cut back on spends during the coronavirus pandemic and the “worst is over for the company”, small-sized tech player KPIT Technologies said on Tuesday.

The Pune-headquartered company’s co-founder and chief executive, Kishor Patil, said the ongoing September quarter will be “flattish” and things will improve from the December 2020 quarter onward both from the revenue and profitability perspectives.

“The worst is over for us. There was a fall in revenue that affected the profits. We have signed two large deals in the past four months and I am confident of the future,” Patil told PTI.