Shares of tech firm KPIT are up over 3% after the co. posted a consolidated net profit of Rs31cr for the June 2019 quarter on July 26 vs. Rs30.9cr qoq.
Its revenue from operations was at Rs505.7cr for Q1FY20 vs. Rs501.2cr.
The numbers are not comparable on year-on-year basis as last year, CK Birla Group-owned Birlasoft and KPIT Technologies announced that they will merge and then split into two publicly-traded companies to create two specialised IT players.
After the demerger, the engineering business was incorporated on January 8, 2018, and listed on the BSE and the NSE as KPIT Technologies in April 2019.
During the quarter, the company sold its existing hardware dominated business pertaining to ITS and AIS 140/VTS, to Minda Industries Ltd.
Also, during the quarter, the company paid $2.8mn (Rs19.5cr) to Birlasoft towards the settlement for Copart case.
Sparta (a 100% subsidiary of Birlasoft) paid the amount to reach an out-of-the court settlement with Copart and the pending case is now dismissed by the court.