The shares of this IT company gained up to 5 percent after the company introduced sodium-ion battery technology for Electric Vehicles.
KPIT is a multinational technology company that offers software solutions that will accelerate the transition of mobility into a clean, smart, autonomous, and connected future.
With a market capitalization of Rs 40,279.95 Crores. KPIT Technology Ltd, On Wednesday, at 12:33 pm, the shares were trading at Rs 1,468.00 a share, an increase of 2.55 percent from the previous closing price of Rs 1,432.75 apiece.
Here is the reason Why KPIT Technologies Ltd jumped 5% today.
● On Tuesday, KPIT Technologies presented its sodium-ion battery technology for EV vehicles, Sodium-ion batteries offer quick charging, stability in the face of temperature fluctuations, and protection from overheating or thermal runaway.
● KPIT Technologies Ltd’s revenues will come from the testing phase as well, but the core licensing fees that will accrue from the technology will start in a year.
● The implementation of sodium-ion batteries enables the electric vehicle to charge in less than half an hour for short trips, thus making it more cost-effective and also more remunerative for the driver as more trips can be undertaken on the same vehicle in a day.
● The company is in discussions with both current auto industry clients and those interested in other energy storage applications. The sodium-ion battery will be up to thirty percent less expensive than the current batteries.
● Only four companies worldwide have a proven technology solution for sodium-ion battery storage, including KPIT, which is the first in India to release the technology.
● The technology, which has been developed internally by collaborating with different company researchers over the last eight years, will undergo external testing and generate revenue after a year.
Looking into the company’s performance revenue increased by 60 percent from Rs 74 Crore in Q2FY23 to Rs 1,119 Crore in Q2FY24. During the same period, net profit increased by 67.8 percent from Rs 84 crore to Rs 141 crore.
KPIT Technology saw growth that was higher than the industry average, with a total operating revenue of Rs 33,650 million, indicating a steady currency growth rate of 37%.
Written By:- Abhishek Singh
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