KPIT Technologies was beaten down to pulp after it posted a set of disappointing Q4FY15 numbers. An IT consulting and product engineering solutions and services provider, its consolidated net profit came in at Rs.50 crore, down 23% (QoQ). This fall would have been much higher but for the huge tax write back of Rs.36 crore. But for this, net profit would have been Rs.14 crore. Rupee revenue for the quarter was down 2% (QoQ) at Rs.763 crore.

The company had given a dollar revenue guidance for FY15 at $ 498 Million to $ 506 Million and it closed the year lower with $489 million. The overall impact of cross currency fluctuations was around $ 6 million. The company’s initial PAT guidance for the year was at Rs.294 crore, which was revised lower by 10% during the year, which comes to around Rs.265 crore. It closed the year with PAT of Rs.237 crore.

On a QoQ basis,Europe and APAC grew by 5.2% and 5.1% respectively while US declined by 7.3%. Amid verticals, it saw growth in Automotive & transportation which grew by 11% while there was decline in other verticals. Manufacturing declined by 1.9%, Energy & utilities declined by 20.9% and others declined by 21.5%. Its top client Cummins declined marginally by 0.9% while there was a growth of 1.8% and 2% in the Top 5 and Top 10 customers respectively. Cash Balance at end of FY15 stood at Rs.435 crore and total debt was Rs.503 crore.