Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: 5184, Dolatganj Bajar, Ankit Hospital, Dahod (Gujarat) - 389151 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

KPIT Tech: Strong Q3Y25 Despite Challenging Environment

KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning

KPIT Technologies Ltd. - Robust Execution; Resilient Outlook to Support Growth

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kpit-technologies-ltd" target="_blank" data-smartkarma-citation="entities:35189:1" rel="noopener">KPIT Technologies ("KPIT")</a> reported a decent Q2FY25 with revenue growth of 20.1% YoY in constant currency (CC) terms. Growth came largely from Asia - Japan, Korea and India.</li>
<li>EBITDA margin has been steady at 20.5%+ and grew 27.7% YoY. This is despite the salary increments and one-time ESOP costs, which impacted the margin adversely by about 270bp.</li>
<li>KPIT has guided that FY25 revenue growth could be at the lower end of the guidance, however, profit margin is projected to be on the higher side led by offshoring.</li>
</ul>



KPIT Technologies ("KPIT") reported a decent Q2FY25 with revenue growth of 20.1% YoY in constant currency (CC) terms. Growth came largely from Asia - Japan, Korea and India.
EBITDA margin has been steady at 20.5%+ and grew 27.7% YoY. This is despite the salary increments and one-time ESOP costs, which impacted the margin adversely by about 270bp.
KPIT has guided that FY25 revenue growth could be at the lower end of the guidance, however, profit margin is projected to be on the higher side led by offshoring.


KPIT Tech: Steady Q2FY25 Although Near-Term Outlook Is Uncertain