KPIT Cummins Q4 net up 70%, to hire 1000

By agencies   |   Thursday, 28 April 2005, 07:00 Hrs
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PUNE: KPIT Cummins Infosystems Ltd has registered a 70 percent jump in net profits at 64 million for the fourth quarter ended March 31, 2005 compared with 37 million during the corresponding quarter in the previous year. Sales have gone up by 42 percent at 533 million for the current quarter against 374 million for the corresponding quarter last year. The net profit at the end of March 31, 2005 grew by 77 percent at 223 million compared with 126 million in 2004. Sales for the year also grew by 57 percent at 1.94 billion as against 1.24 billion.

The Pune based firm is all set to recruit 1,000 professionals during the current year with an emphasis on foreign interns. The company, which currently has more than 1,500 professionals, would be touching 2,500 by the end of the current fiscal, Girish Wardadkar, President and Executive Director, KPIT Cummins said here.

He said out of the total of 1,000 professionals, 80 percent of the intake would go into the sectors of manufacturing and ATS (advanced technology solutions) and of this 30 percent would be fresher.

The company has set up a 300-seat Bangalore center to house the VLSI and other ATS practices. The center which is on a leased premises would be operational by May end. Wardadkar said to diversify the people's pool in the company, it would be recruiting interns from Korea, South Africa and plans are also on to recruit from Germany and Japan. It was estimating to recruit close to 70 foreign interns who would be working along with the development team in Pune.

Currently, there are no foreign interns in the development team though it has close to 20 professionals in the sales and accounting departments who are housed at their respective locations. Girish said work on the Phase II of the new techno campus at Hinjewadi of KPIT would begin by mid-2005 and is likely to be completed by March 2006.

Commenting on the mergers and acquisition front, he said the company would be looking at companies that have their niche areas the ATS while pointing out that their core verticals of manufacturing and BFSI would not lag behind. The company would be looking at any acquisition, which would have a revenue turnover ranging between $5 million and $30 million. KPIT has already two acquisitions-Cummins Infosystems and Panex Consulting

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