Buy / Sell KPIT Tech share
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Goldman Sachs has maintained its buy rating on the stock with a price target of Rs 930.
The ability to win entire vehicle platform projects compared with single programs earlier hints at the company’s ability in supporting deeper client relationships and criticality, said Goldman Sachs.
It said that a $100 million annual revenue run rate per customer looks possible for KPIT Technologies in the foreseeable future. Currently, KPIT Tech is estimated to post revenue of $430 million from 60 customers in 2022-23.
Goldman Sachs also highlighted that KPIT Tech may benefit from the fact that OEMs (original equipment manufacturers) at present are prioritizing EV (electric vehicle) and autonomous vehicle research and development (R&D) to reduce risk of carbon emission violation penalties.
Consequently, a longer duration of demand visibility compared with general IT services points to a sustainable period of high organic growth for KPIT Technologies, according to Goldman Sachs.
The brokerage house also pointed out that the company’s lateral hiring efforts are focused on senior architect level, which is a positive sign and should augur well for the stock.