KPIT Cummins 4Q FY 2013

7/30/2019 KPIT Cummins 4Q FY 2013

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Please refer to important disclosures at the end of this report 1

(` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)Net revenue 570 563 1.2 480 18.7EBITDA 101 88 14.6 76 32.9

EBITDA margin (%) 17.7 15.7 208bp 15.8 190bp

PAT 51 60 (14.6) 34 52.0Source: Company, Angel Research

For 4QFY2013, KPIT Cummins Infosystems (KPIT) reported broadly in-line

numbers on the revenue front but ahead on the operating front. The EBITDAmargin came in at 17.7%, up 208bp qoq, and above our estimate of 15.8%. For

FY2014, the company guided for a revenue band of US$465m-475m, implying a

growth of 13.3%-15.7% yoy, which is encouraging. We continue to remainpositive on the stock and maintain Buy rating on it.Quarterly highlights: For 4QFY2013, KPIT reported a revenue of US$105.5mn,up 2.0% qoq. In INR terms, the revenue came in at `570cr, up 1.2% qoq. The

EBITDA and EBIT margins increased by 208bp and 205bp qoq to 17.7% and

15.6%, respectively. The EBITDA margin expansion was a function of the companys

business mix, ie a higher growth in auto & engineering (+9.1% qoq), where EBITDA

margin is upwards of 20%, while SAP declined (-5.0% qoq), where full year (FY2013)

margin was 5%. The PAT came in at `51cr, down 14.6% qoq, below our estimate of

`54cr, despite significant margin beat, on account of forex loss of ~`12cr.

Outlook and valuation: KPITs USD revenue for FY2013 grew by 33%, exceedingthe Managements guidance of 32% and much ahead of industrys FY2013

growth rate. For FY2014, the company guided for a revenue band of US$465mn-

475mn, implying a growth of 13.3%-15.7% yoy, which is encouraging and higher

than Nasscoms industry growth estimate of 12-14%. The company expects

EBITDA margin in FY2014 to expand ~50bp yoy to 16.8%. PAT guidance range

for FY2014 stands at `231-239cr, implying a growth of 16%-20%. The company

is growing ahead of other peer companies in terms of revenue; on the

operational front, the companys performance has been improving since the last

four quarters. Over FY2013-15E, we expect the company to post USD and INR

revenue CAGR of 12.8% and 12.2%, respectively. PAT is expected to post a CAGR

of 13.3% over FY2013-15E. We value the company at 10x FY2015E EPS, whichgives us a target price of `135. We maintain Buy rating on the stock.Key financials (Consolidated)Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015ENet sales 1,007 1,500 2,239 2,513 2,819% chg 37.6 49.0 49.2 12.3 12.1

Net profit 95 135 200 231 257% chg 10.6 42.5 48.2 15.5 11.2

EBITDA margin (%) 15.1 14.5 16.3 16.1 15.5

EPS (`) 5.7 8.0 10.6 12.6 14.0P/E (x) 18.5 13.1 10.0 8.4 7.5

P/BV (x) 1.4 2.6 1.8 1.5 1.2RoE (%) 15.7 19.0 19.0 17.9 16.6

RoCE (%) 15.5 17.3 20.2 19.5 18.2

EV/Sales (x) 1.8 1.3 0.9 0.7 0.5

EV/EBITDA (x) 11.6 9.0 5.5 4.4 3.5

Source: Company, Angel Research

BUYCMP `105

Target Price `135

Investment Period 12 Months

Stock Info

Sector

Net debt (`cr) (75)

Bloomberg Code KPIT@IN

Shareholding Pattern (%)

Promoters 24.3

MF / Banks / Indian Fls 11.8

FII / NRIs / OCBs 30.8Indian Public / Others 33.1

Abs. (%) 3m 1yr 3yr

Sensex (0.2) 14.1 12.4

KPIT Cummins (5.0) 2.9 74.1

19,736

5,999

KPIT.BO

142/92

149,410

Face Value (`)

IT

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

1,885

0.7

2

BSE Sensex

Nifty

Reuters Code

Ankita Somani022-3935 7800 Ext: 6819

[email protected]

KPIT CumminsPerformance Highlights

4QFY2013 Result Update | IT

May 2, 2013


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KPIT Cummins Infosystems| 4QFY2013 Result Update

May 2, 2013 2

Exhibit 1:4QFY2013 performance (Consolidated)

Y/E March (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) FY2013 FY2012 % chg (yoy)Net revenue 570 563 1.2 480 18.7 2,239 1,500 49.2Cost of revenue 373 371 0.5 319 16.9 1,464 993 47.4Gross profit 197 193 2.4 161 22.2 775 507 52.9

SGA expenses 96 104 (7.8) 85 12.7 410 288 42.0

EBITDA 101 88 14.6 76 32.9 365 218 67.4Depreciation 12 12 2.5 10 18.6 47 44 4.8

EBIT 89 76 16.4 66 35.1 318 174 83.4

Interest expense 4 4 2.3 4 8.9 15 8 97.0

Other income (9) 8 (11) (17) 13

Exceptional item - (9) 10 (1) 10

PBT 76 71 8.0 61 25.5 285 189 50.9

Income tax 21 18 13.2 15 38.0 77 44 75.3

PAT 56 52 6.2 46 21.4 208 145 43.6

Minority interest 4 2 2 9 3 173.7

Share in profit of ass. - - 0 (1) 3

Adj. PAT 51 60 (14.6) 34 52.0 200 135 48.2EPS 2.6 2.7 (3.0) 2.4 6.6 10.6 8.0 31.5

EBITDA margin (%) 17.7 15.7 208bp 15.8 190bp 16.3 14.5 177bp

EBIT margin (%) 15.6 13.6 205bp 13.7 190bp 14.2 11.6 265bp

PAT margin (%) 9.1 10.5 (137)bp 7.2 193bp 9.0 8.9 8bp


Exhibit 2:Actual vs Angel estimates

(` cr) Estimate Actual Var. (% )Net revenue 569 570 0.1

EBITDA margin (%) 15.8 17.7 189bp

PAT 54 51 (5.2)


Robust operational performance

For 4QFY2013, KPIT reported revenues of US$105.5mn, up 2.0% qoq. Onsite

revenues grew slightly by 0.3% qoq to US$457mn while offshore revenues grew by

4.0% qoq to US$49mn during the quarter. The growth was impacted by an ~12%

qoq decline in the revenues from its largest client - Cummins. In INR terms, the

revenue came in at `570cr, up 1.2% qoq.


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May 2, 2013 3

Exhibit 3:Trend in revenue growth (qoq)


KPITs revenue performance came on the back of a decent growth in its major

strategic business units (SBUs).

IES SBU posts modest growth: The integrated enterprise solutions (IES) SBU(contributed 49.0% to revenue) reported a modest growth of 2.5% qoq in USD

revenue, aided by a 9.3% qoq growth in revenue from Systime. Revenues of IES

SBU were impacted due to softness in revenues from the Cummins account. The

Management indicated that due to the current macro environment, Cummins as

an entity has been experiencing volatile business conditions and expects softness in

business from Cummins in the first half of CY2013 and pick-up in the businessmomentum from the second half of the year.

For the year FY2013, IES SBU led the growth with a 75.3% yoy growth in INR

revenues. The company is witnessing increasing traction for Oracles and JD

Edwards offerings in the US market, driven by clients focus on leveraging and

optimizing disparate systems within the enterprise. In emerging markets, the

company is getting spends from clients preference towards evaluating and

adopting cloud, analytics, mobility and social media solutions. The Management

indicated that a major upgrade rolled out in JD Edwards in 3QFY2013 has seen

good demand traction, with clients going for either new implementations or

technology upgrades.

Auto and engineering SBU emerges as the companys primary growth driver: Theauto and engineering SBU (contributed 25.0% to revenue) emerged as the primary

growth driver of the company and posted a 9.1% qoq growth in USD revenue, with

revenue coming in at US$26.4mn. In this SBU, demand for practices such as

power train, infotainment, mechanical engineering & design services, in-vehicle

networks and hybrid technologies was spread across geographies.

SAP SBU muted: The SAP SBU (contributed 26.0% to revenues) registered a 5.0%qoq decline in its revenue. The Management indicated that good momentum is

seen across practices such as mobility, analytics, customer relationship

management (CRM) and success factors, especially in geographies like APAC,

India and China. KPITs Management also indicated that the company has a

strong order pipeline in this SBU for solutions from utilities as well as auto industry

verticals. This SBU saw a revenue decline for the third consecutive quarter and it

may still be in the next quarter.

95.4

98.1

103.4 103.5105.5

29.9

2.85.5

0.0 2.00

5

10

15

20

25

30

35

80

85

90

95

100

105

110

4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

(%)

(US$mn)

Revenue (US$ mn) qoq growth (%)


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May 2, 2013 4

Exhibit 4:Revenue growth (SBU wise)

SBU % of revenue % growth (qoq) % growth (yoy)Integrated enterprise solutions 49.0 2.5 27.2

Auto and engineering 25.0 9.1 20.7SAP 26.0 (5.0) (11.1)


The companys anchor vertical, automotive and transportation (contributed 38.5%

to revenue) registered a revenue decline of 2.7% qoq, mainly due to weakness in

business from the Cummins account. The company is witnessing modest traction in

this vertical as automobile companies try to improve efficiency, safety and comfort

and adhere to regulatory standards. Also, increased demand is being witnessed

from auto majors, as to remain competitive, the companies are trying to

maintain/reduce costs and still bring in high-end technology features in their

vehicles. Smaller vehicles, especially in India and China, are among the drivers of

the building deal pipeline for this vertical. The Management indicated that more

traction is expected in the alternative fuel vehicle market, mainly hybrids, as

consumers show more inclination towards fuel-efficient vehicles.

The manufacturing industry vertical emerged as the primary growth driver for the

company with revenues growing by 6.1% qoq. In this industry vertical, the

company is witnessing demand traction from thrust in operational efficiency

through productivity improvement, quality management and cost reduction by

automation of human tasks. Another important focus area for manufacturers

around the globe is reduction in time to market.

Exhibit 5:Revenue growth (Vertical wise)

Service verticals % of revenue % growth (qoq) % growth (yoy)Automotive and transportation 38.5 (2.7) 14.7

Manufacturing 35.4 6.1 11.8

Energy and utilities 13.5 (3.3) 29.1

Others 12.7 12.7 (14.3)


Geography wise, revenue from US grew by 4.2% qoq, with growth opportunities in

the space of JDE and SAP offerings mainly across manufacturing and utilitiesvertical. Revenue from Europe declined by 16.9% qoq, primarily impacted by the

Euro-zone conditions, with Germany, an important automotive market, not

showing any major turnaround unless the macro improves. The Management

indicated that APAC presents the highest growth opportunity in the coming years in

engineering and business IT related services.

Exhibit 6:Revenue growth (Geography wise)

Geography % of revenue % growth (qoq) % growth (yoy)U.S. 76.3 4.2 15.2

Europe 11.3 (16.9) (12.8)

Rest of the World 12.3 10.7 10.9



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May 2, 2013 5

Hiring and utilization

During the quarter, KPITs total employee base witnessed a net addition of 35

employees, taking its total employee base to 8,321. Onsite as well as offshore

utilization increased by 147bp and 121bp qoq to 94.3% and 74.1%, respectively

during the quarter.

Exhibit 7:Employee addition

Particulars 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13Net addition

Development 893 147 229 169 32

Sales and support 119 7 9 6 3

Total 1,012 154 238 175 35Total employees

Development 7,071 7,218 7,447 7,616 7,648Sales and support 648 655 664 670 673

Total 7,719 7,873 8,111 8,286 8,321Source: Company, Angel Research

Exhibit 8:Trend in utilization


Margins enhance

On the operational front, KPITs EBITDA and EBIT margins increased by 208bp

and 205bp qoq to 17.7% and 15.6%, respectively. EBITDA margin expansion was

a function of business mix, ie a higher growth in auto & engineering (+9.1% qoq),

where EBITDA margin is upwards of 20%, while SAP declined (-5.0% qoq), where

full year (FY2013) margin was 5%.

94.5 94.7 94.592.8

94.3

74.6 74.1 74.772.9

74.1

60

65

70

75

8085

90

95

100


(%)

Onsite utilisation Offshore utilisation


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May 2, 2013 6

Exhibit 9:Margin profile


Client pyramid

KPIT added five new clients during 4QFY2013. The total active client base of the

company stands at 183 as against 178 in 3QFY2013. The USD revenue from

Cummins declined by 11.6% qoq to US$17.5mn. Cummins expects CY2013 to be

a similar year as C20Y12 and while the Management sees some growth

challenges in the first half, they remain cautiously optimistic for the second half

of the year. We expect revenue from the Cummins account to remain soft in

the near term. KPITs revenue from the top-10 clients excluding Cummins grew

by 7.1% qoq.

Exhibit 10:Client metrics

(% of revenue) 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13Top client-Cummins 19.5 20.6 19.7 19.1 16.6

Top-10 client billing 42.2 44.0 43.7 45.2 44.0

No. of customers added 4 3 4 2 5

No. of active customers 169 172 176 178 183

Customers with run rate >US$1mn 59 65 69 72 78


Outlook and valuation

KPITs USD revenue for FY2013 grew by 33%, exceeding the Managements

guidance of 32% and much ahead of the industrys FY2013 growth rate. For

FY2014, the company guided for a revenue band of US$465mn-475mn, implying

a growth of 13.3-15.7% yoy, which is encouraging and higher than Nasscoms

industry growth estimate of 12-14%. The company expects EBITDA margin in

FY2014 to expand ~50bp yoy to 16.8%. PAT guidance range for FY2014 stands

at `231-239cr, implying a growth of 16-20%. The lower PAT guidance is on

account of higher tax rate of 28.5% in FY2014 vs 26.8% in FY2013. The company

guided at adding ~1,000 people (net) to the team in FY2014. The company is

growing ahead of other peer companies in terms of revenue; and on the

operational front, the companys performance has been improving since the last

four quarters.

33.6 34.9 34.7 34.2 34.6

15.8 15.116.7 15.7

17.7

13.7 13.0 14.6 13.6

15.6

5

15

25

35

45


(%)

Gross margin EBITDA margin EBIT margin


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May 2, 2013 7

KPIT has reiterated its positive tone and does not witness any delay in decision

making. The company continues to expect strong traction in the auto &

engineering space, which grew at a CQGR of 4.8% in FY2013. Similarly, in IES

SBU, it continues to see strong traction for JDE upgrades, master datamanagement and BI. However, growth in SAP SBU is expected to remain muted

and may grow only in 2HFY2014. We expect USD revenue growth of 13.4% in

FY2014. Over FY2013-15E, we expect the company to post USD and INR revenue

CAGR of 12.8% and 12.2%, respectively. On the EBITDA margin front, we expect

margin to be at 16.1% and 15.5% for FY2014 and FY2015, respectively. PAT is

expected to post a CAGR of 13.3% over FY2013-15E. The stock is currently trading

at 8.4x FY2014E and 7.5x FY2015E EPS. We value the company at 10x FY2015E

EPS, which gives us a target price of `135. We maintain Buy rating on the stock.Exhibit 11:Key assumptions

FY2014 FY2015Revenue growth-USD terms (%) 13.4 12.1

USD-INR rate 54.0 54.0

Revenue growth-INR terms (%) 12.3 12.1

EBITDA margin (%) 16.1 15.5

Tax rate (%) 28.5 28.5

EPS growth (%) 19.1 11.2


Exhibit 12:One-year forward PE


0

20

40

60

80

100

120

140

160

180

Apr-06

O

ct-06

Apr-07

O

ct-07

Apr-08

O

ct-08

Apr-09

O

ct-09

Apr-10

O

ct-10

Apr-11

O

ct-11

Apr-12

O

ct-12

Apr-13

(`)

Price 14x 11x 8x 5x 2x


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May 2, 2013 8

Exhibit 13:Recommendation summary

Company Reco. CMP Tgt. price Upside FY2015E FY2015E FY2012-15E FY2015E FY2015E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (x) RoE (%)

HCL Tech Buy 737 863 17.0 20.7 12.0 19.6 1.4 21.5Hexaware Buy 83 102 22.7 18.8 7.3 8.3 0.9 21.7

Infosys Accumulate 2,287 2,465 7.8 27.7 12.5 7.9 2.0 19.3

Infotech Entp. Neutral 178 185 4.2 17.7 8.1 14.7 0.5 13.7

KPIT Cummins Buy 105 135 28.1 15.5 7.5 20.3 0.5 16.6Mahindra Satyam Buy 111 143 29.2 19.1 9.3 2.3 0.9 20.1

MindTree Accumulate 825 920 11.5 19.2 8.9 19.8 0.8 18.9

Mphasis Accumulate 375 395 5.4 17.4 9.0 3.3 0.6 13.6

NIIT^ Buy 24 30 25.5 9.1 4.4 (7.1) 0.1 11.9

Persistent Accumulate 520 593 14.0 25.0 8.8 18.7 0.8 16.5

TCS Accumulate 1,429 1,585 10.9 27.9 16.2 17.4 3.1 27.9

Tech Mahindra Buy 963 1,230 27.7 18.1 8.4 10.7 1.4 19.1

Wipro Accumulate 352 385 9.2 20.6 12.4 7.9 1.4 18.4

Source: Company, Angel Research; Note: Valued on SOTP basis

Company Background

KPIT Cummins (KPIT), a mid-tier Indian IT company, specializes in the

manufacturing segment, with a focus on automotive and industrial solutions and

services. The company focuses on three areas of solutions enterprise services,

auto & engineering and SAP. KPIT has been growing strongly, both organically

and inorganically. The company has successfully acquired eight companies in nineyears, which scaled up KPIT's revenue many fold.


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May 2, 2013 9

Profit and Loss statement (Consolidated)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015ENet sales 1,007 1,500 2,239 2,513 2,819Cost of revenue 644 993 1,464 1,656 1,874% of net sales 64.0 66.2 65.4 65.9 66.5

Gross profit 363 507 775 857 944

% of net sales 36.0 33.8 34.6 34.1 33.5

S&M expenses 76 112 154 176 197

% of net sales 7.6 7.4 6.9 7.0 7.0

G&A expenses 134 177 256 276 310

% of net sales 13.3 11.8 11.4 11.0 11.0

EBITDA 152 218 365 405 437% of net sales 15.1 14.5 16.3 16.1 15.5

Depreciation 41 44 47 55 62

EBIT 111 174 318 349 375

Interest expense, net 3 8 15 18 20

Other income, net 3 13 (17) 9 22

Exceptional item - 10 (1) - -

Profit before tax 110 189 285 340 377

Provision for tax 15 44 77 97 107

% of PBT 14.0 23.1 26.9 28.5 28.5

PAT 95 145 208 243 269

Minority interest - 3 9 12 12

Share in profit of ass. - 3 (1) - -

Adj. PAT 95 135 200 231 257EPS (`) 5.7 8.0 10.6 12.6 14.0


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May 2, 2013 10

Balance sheet (Consolidated)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015ELiabilitiesShare capital 18 36 36 36 36

Application money 0 0 0 0 0

ESOP outstanding - - - - -

Preferential shares - - - - -

Reserves and surplus 585 677 1,021 1,257 1,519

Share premium - - - - -

Total shareholders funds 603 713 1,056 1,292 1,554Secured loans 12 82 146 146 146

Unsecured loans 82 140 175 155 155

Total debt 93 222 321 301 301Minority interest 1 33 27 27 27

Deferred tax liability, net 5 (3) - - -

Other liabilities 11 26 160 160 160

Long term provisions 5 10 14 14 14

Total liabilities 718 1,001 1,579 1,795 2,057AssetsGross block - fixed assets 327 399 474 574 674

Accumulated depreciation 169 213 260 315 377

Net block 158 185 214 258 296

Capital work-in-progress 3 3 193 193 193

Goodwill 130 362 442 442 442

Investments - 22 29 45 42Loans and advances 76 62 62 62 62

Current assetsSundry debtors 229 438 467 516 579

Cash and bank balance 208 147 192 416 644

Loans and advances 33 60 204 134 127

Other current assets 73 53 142 142 142

Less:- Current liabilitiesSundry creditors 94 176 190 209 236

Other liabilities 76 106 102 122 142

Provisions 20 49 74 83 93Net current assets 352 367 639 795 1,021Total assets 718 1,001 1,579 1,795 2,057


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May 2, 2013 11

Cash flow statement (Consolidated)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015EPretax profit from operations 108 169 303 331 355

Depreciation 41 44 47 55 62Pre tax cash from operations 149 214 350 387 417

Other income/prior period ad 3 13 (17) 9 22

Net cash from operations 151 226 333 396 439

Tax (15) (44) (77) (97) (107)

Cash profits 136 183 256 299 331(Inc)/dec in

Current assets (128) (217) (262) 21 (56)

Current liabilities 60 141 34 47 58

Net trade working capital (68) (75) (227) 68 2

Cash flow from operating activities 68 107 29 367 333(Inc)/dec in fixed assets (76) (72) (75) (100) (100)

(Inc)/dec in investments 75 (22) (7) (15) 2

Inc/(dec) in deferred tax liability 0 (8) 3 - -

(Inc)/dec in intangibles (35) (232) (80) - -

Inc/(dec) in minority interest 1 32 (6) - -

Inc/(dec) in other non-current assets (34) 34 (52) - -Cash flow from investing activities (68) (268) (217) (115) (98)Inc/(dec) in debt (18) 129 99 (20) -

Inc/(dec) in equity/premium 128 (22) 142 (0) -

Dividends (7) (7) (7) (7) (7)

Cash flow from financing activities 104 100 234 (27) (7)Cash generated/(utilized) 103 (61) 45 224 228

Cash at start of the year 105 208 147 192 416

Cash at end of the year 208 147 192 416 644


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May 2, 2013 12

Key ratios

Y/E March FY2011 FY2012 FY2013E FY2014E FY2015EValuation ratio (x)P/E (on FDEPS) 18.5 13.1 10.0 8.4 7.5P/CEPS 6.3 9.9 7.4 6.3 5.7

P/BVPS 1.4 2.6 1.8 1.5 1.2

Dividend yield (%) 0.8 0.8 0.8 0.8 0.8

EV/Sales 1.8 1.3 0.9 0.7 0.5

EV/EBITDA 11.6 9.0 5.5 4.4 3.5

EV/Total assets 2.5 2.0 1.3 1.0 0.7

Per share data (`)EPS 5.7 8.0 10.6 12.6 14.0

Cash EPS 16.7 10.6 14.2 16.7 18.5

Dividend 0.9 0.9 0.9 0.9 0.9

Book value 73.9 39.8 59.0 72.2 86.9

Dupont analysisTax retention ratio (PAT/PBT) 0.9 0.7 0.7 0.7 0.7

Cost of debt (PBT/EBIT) 1.0 1.1 0.9 1.0 1.0

EBIT margin (EBIT/Sales) 0.1 0.1 0.1 0.1 0.1

Asset turnover ratio (Sales/Assets) 1.4 1.5 1.4 1.4 1.4

Leverage ratio (Assets/Equity) 1.2 1.4 1.5 1.4 1.3

Operating ROE 15.7 19.0 19.0 17.9 16.6

Return ratios (%)RoCE (pre-tax) 15.5 17.3 20.2 19.5 18.2

Angel RoIC 29.2 35.3 33.7 37.3 38.6

RoE 15.7 19.0 19.0 17.9 16.6

Turnover ratios (x)Asset turnover (fixed assets) 1.6 1.7 1.7 1.5 1.5

Receivables days 67 81 74 75 75

Payable days 45 50 46 46 46


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M 2 2013 13

Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com

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Disclosure of Interest Statement KPIT Cummins

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

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Documents

KPIT Cummins 4Q FY 2013