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Friday, October 16, 2009

Kpit Cummins Infosystems Ltd:Buy/hold or sell?growth prospects and outlook

Scripscan:Kpit Cummins Infosystems Ltd
cmp:70
Code:532400

Story:The company does not serve GM as a client and has not been affected by bankruptcies in the automotive sector.The company’s revenues for 2008-09 grew by 36 per cent to Rs 793 crore over the previous fiscal, while net profit grew by 28 per cent to Rs 66 crore.This growth has been led by growth in the auto-electronics segment (which is provision of automotive embedded software), which has grown by over 64 per cent in 2008-09 in a year where auto majors have gone bankrupt. This has been made possible by the fact that car manufacturers around the world areincreasingly ‘electronics’ for more comfort features and design and also for new concepts such as electric cars and fuel efficient cars.Studies by Strategy Analytics Automotive Electronics expects electronics to account for 35 per cent of the total cost of a car by 2010.This creates a strong business case for software companies such as KPIT to provide services that can enable seamless integration.The manufacturing business IT segment has also grown by over 27.8 per cent, driven by enterprise solutions implementations.In both these segments the company has won new clients. Overall the number of $1 million clients has increased over the past year from 23 to 28 as of March 2009.Investors with a two-year horizon can buy the shares of KPIT Cummins Infosystems (KPIT), given the company’s cost cutting moves and measures to better realisations by working on key operating metrics.This apart, improvement in outsourcing figures in verticals such as manufacturing and auto-electronics spends increasing among car manufacturers around the world indicate reasonable prospects for IT companies such as KPIT over the next couple of years.At Rs 70, the share trades at five-six times its likely 2010-11 per share earnings, which is a discount to mid-tier IT companies such as Hexaware and Geometric.KPIT has remained focused on the manufacturing vertical (to include manufacturing business, IT and auto-electronics contributing to over 80 per cent of its revenues) and to a lesser extent on semiconductor solutions and the BFSI verticals.

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