By Aditya Raghunath
Investing.com -- KPIT Technologies Ltd (NS: KPIE ), a mid-cap IT-company, has more than doubled investor wealth in 2021. The stock closed at Rs 310.5 on August 6, up 116% from its closing price of Rs 142 on December 31, 2020.
The company reported a 15.15% increase in revenue for Q1 FY22 to Rs 567.38 crore compared to the corresponding quarter last fiscal. Profit after tax came at Rs 60.24 crore, up 148.74% since Q1 FY21.
After a terrible period in 2020 where the company was forced to implement a 10-15% wage cut and had to put in a hiring freeze, things have started to improve now. A Moneycontrol report said, “KPIT Tech is expanding its employee stock options pool (ESOP), rolling out double-digit hikes and is planning to hire aggressively for FY22 as it sees strong demand.”
Sachin Tikekar, President, KPIT Technologies,told Moneycontrol, “Two years ago, we had rolled it [employee stock options] out to a few hundred people and now we want to extend this to a few more this year,”
A month back Choice Broking had given a target of Rs 250 for the stock but the company has comfortably gone past it.
Technical experts say that the momentum could take the stock to Rs 380 levels.
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