KPIT Technologies Limited is an Indian multinational corporation headquartered in Pune, Maharashtra, India. Popularly known as KPIT, it provides software to the automotive companies. KPIT has development centers in Europe, USA, Japan, China, Thailand, and India. The company had a sequential growth of 19.3% in Q3 FY2019-20. It had declared an interim dividend of Rs. 0.55 per share and reported revenue of USD 76.88 Million for the Q3 FY2019-20. KPIT has filed 58 patents, published some research papers, and has won few awards for innovation.
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 and Pandit Chartered Accountants. The company made its initial public offerin 1999, which was 50 times oversubscribed. In 2002, Cummins Infotech, the IT department of Cummins merged with KPIT, and the name of the company became KPIT Cummins Infosystems Ltd. 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. In January 2018, Birlasoft, an IT company, and KPIT announced that they will merge and immediately split into two new companies. In April 2018, this deal was approved by the Competition Commission of India. After the corporate spin-off of the new company, an IT company and an automotive company will be formed. The IT company will 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 will receive 22 shares of the combined company for every 9 shares they hold in Birlasoft, and the shareholders of KPIT Technologies will get 1 share of the new the new company working under the name of KPIT Technologies, for every share they hold in KPIT Technologies. 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." 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 - focused on automotive engineering and mobility solutions; and Birlasoft – focused on IT services. On 6 June 2019, KPIT launched its new corporate logo.
