KPIT reports 26% rise in quarterly profit

IT company KPIT Cummins on Thursday reported a 26 per cent increase in its net profit at Rs 46.12 crore for the quarter ended 30 September  2012.The company had reported a net profit of Rs 36.47 crore for the corresponding period last fiscal.Revenue for the company rose 74.51 per cent to Rs 567.20 crore for Q2 of FY13 as compared to Rs 325.01 crore for the same period last year.’During this quarter we saw significant growth coming from the APAC (Asia-Pacific) region and we expect the geography to continue a healthy growth through H2,’ KPIT Cummins chairman and group CEO Ravi Pandit said in a statement.’The global economic uncertainties have continued, resulting in delayed business decision making. However, we believe our sharp focus and investments in select verticals should keep us in good stead to achieve our annual guidance,’ Pandit added.The company said it sees good traction in US while in APAC region there are better growth opportunities for its automotive and SAP offerings.