Pune-based IT firm KPIT Cummins Infosystems on Monday reported an increase of 17.05 per cent in net profit for the three months ended March 31.

The mid-sized IT firm announced that its net profit increased to Rs 51.17 crore in the January to March quarter, as against Rs 43.72 crore during the corresponding period of previous year.

For the full financial year of 2012-13, KPIT Cummins' sales increased 49.2 per cent to Rs 2,238.63 crore, while net profit jumped 36.91 per cent to Rs 199 crore from the financial year of 2011-12.

Ravi Pandit, chairman & chief executive officer of the IT firm, said, "We met the revenue guidance given at the start of the year and have also achieved the upward revised profit guidance."

During the fourth quarter, the company added a total of five new clients, taking the number of active clients to 183.

For the current financial year, KPIT Cummins targets a growth of 16-20 per cent in net profit to Rs 238.8 crore. The company also announced its plans to add as many as 1000 people during the current financial year, as it keep on posting strong non-linear revenue growth.

By the financial year of 2017, the mid-sized IT firm aims to reach $1 billion in revenues.