KPIT Technologies

Last updated

KPIT Technologies
FormerlyKPIT Cummins Infosystems Ltd
Company type Public
NSE:  KPITTECH
BSE:  542651
Industry Automotive
Founders
Headquarters Pune, Maharashtra, India
Area served
Worldwide
Key people
Services Product engineering
Embedded software
RevenueIncrease2.svg₹4,871 crore (US$610 million) (FY24) [3]
Increase2.svg₹991 crore (US$120 million) (FY24) [3]
Increase2.svg₹598 crore (US$75 million) (FY24) [3]
Number of employees
12,727 (December 2023) [4]
Website www.kpit.com

KPIT Technologies Limited is an Indian multinational corporation which provides engineering research and development (ER&D) services to automotive companies. Popularly known as KPIT, the company is headquartered in Pune and has development centers in Europe, USA, Japan, and China, apart from India. [5] [6]

KPIT has filed 58 patents, [7] published some research papers, and has won several awards for innovation. [8] [9]

History

KPIT was co-founded in 1990 by Ravi Pandit and Kishor Patil, as KPIT Infosystems. Both of them are chartered accountants by profession, and they were partners in an accountancy firm, Kirtane & Pandit Chartered Accountants (KPCA). [10] [11] The company made its initial public offer (IPO) in 1999, which was 50 times oversubscribed. [12] [13]

In 2002, Cummins Infotech, the IT department of Cummins merged with KPIT, and the name of the company became KPIT Cummins Infosystems Ltd. [14]

KPIT Cummins Infosystems changed its name to "KPIT Technologies Limited" in September 2013. This was in line with Cummins' decision to reduce its shareholding in KPIT, to focus on its core business of engine and generator manufacturing. [15]

In January 2018, Birlasoft, an IT company, and KPIT announced that they will merge and immediately split into two new companies. [16] In April 2018, this deal was approved by the Competition Commission of India. [17] After the corporate spin-off of the new company, an IT company and an automotive company would be formed. The IT company would work under the name of Birlasoft, and the automotive company will work under the name of KPIT Technologies. According to the original plan, the shareholders of Birlasoft would receive 22 shares of the combined company for every 9 shares they hold in Birlasoft, and the shareholders of KPIT Technologies would receive 1 share of the new company working under the name of KPIT Technologies, for every share they hold in KPIT Technologies. [16] In an interview, Ravi Pandit, co-founder, chairman, and CEO of KPIT Technologies, commented upon this deal, "Segregating business IT and automotive tech businesses will provide sharper focus on each business." [18] On 22 April 2019, KPIT Technologies Limited got listed on BSE and NSE. The transaction resulted in two publicly traded specialized technology companies – KPIT Technologies and Birlasoft. [19]

On 6 June 2019, KPIT launched its new corporate logo. [20] [21]

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References

  1. ↑ "We see budgets happening in the area of digital technologies: Ravi Pandit, KPIT Technologies". The Economic Times. 27 April 2017. Retrieved 11 September 2017.
  2. ↑ "Kishor Patil, CEO of KPIT Technologies". CIO100, CIO from IDG. 17 August 2017. Retrieved 11 September 2017.
  3. 1 2 3 "Audited Standalone Financial Results and Consolidated Financial Results for the quarter and year ended March 31, 2024" (PDF). BSE. Retrieved 29 April 2024.
  4. ↑ "KPIT Technologies profit surges 50%, revenue 37% in Q3". Moneycontrol.com. 30 January 2024. Retrieved 10 March 2024.
  5. ↑ "Contact Us". KPIT Technologies. Retrieved 29 April 2019.
  6. ↑ "KPIT Q3FY20 Profit grows 19.3% sequentially". KPIT Technologies. 29 January 2020. Retrieved 29 January 2020.
  7. ↑ "Kishor Patil, CEO of KPIT Technologies". ComputerWorld India. Retrieved 9 October 2017.
  8. ↑ "Awards and Recognition". KPIT Technologies. Retrieved 9 October 2017.
  9. ↑ "2016-1017 Annual Report | Technology Innovation at the Confluence of Engineering & Digital" (PDF). KPIT Technologies. p. 14. Retrieved 9 October 2017.
  10. ↑ "Sitting Pretty". Outlook Business. 12 October 2013. Archived from the original on 14 July 2014.
  11. ↑ "As the Auto Industry Shifts Gears, KPIT Cummins Finds Room for Growth". Knowledge@Wharton. 8 October 2009. Retrieved 21 March 2016.
  12. ↑ "Investors log on to KPIT Systems, IPO oversubscribed 50 times". The Indian Express. 23 February 1999. Retrieved 21 March 2016.
  13. ↑ "KPIT Technologies Listing Information". The Economic Times. Retrieved 8 January 2019.
  14. ↑ "Cummins Infotech merges with KPIT Infosys". The Economic Times. 8 May 2002. Retrieved 21 March 2016.
  15. ↑ "KPIT adopts new brand & visual identity". Moneycontrol.com. 10 September 2013. Retrieved 21 March 2016.
  16. 1 2 "KPIT Technologies: KPIT, Birlasoft to merge and split into two publicly-traded companies". The Economic Times. 30 January 2018. Retrieved 16 May 2019.
  17. ↑ "CCI approves KPIT-Birlasoft deal". Moneycontrol.com. 9 April 2018. Retrieved 8 January 2019.
  18. ↑ "Why KPIT and Birlasoft are merging to create 2 separate companies". The Economic Times. 30 January 2018. Retrieved 8 January 2019.
  19. ↑ "KPIT Technologies gets listed on BSE and NSE". Economic Times. 22 April 2019. Retrieved 29 June 2019.
  20. ↑ "KPIT unveils its New Visual Brand Identity". Business Standard. 6 June 2019. Retrieved 9 June 2019.
  21. ↑ "KPIT Technologies shares gain 5% as Goldman Sachs retains 'buy' after acquisition". Moneycontrol.com.
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