CYIENT LIMITED Jan 12, 2023 12:04:27 PM
Hyderabad, India, January 12, 2023: Cyient, a consulting-led, industry-centric Technology Solutions company, announced its financial results for Q3 FY23. The company has delivered strong results across all sectors, with new growth areas and Transportation as frontrunners.
FINANCIAL HIGHLIGHTS FOR THE QUARTER:
- Group revenue at INR 1,618 crores with QoQ growth of 15.9% and highest ever YoY growth of 36.7%
- Group CC Revenue Growth at 13.4% QoQ and 28.6% YoY
- Group EBIT* - Highest ever at INR 209 crores with a margin of 12.9%
- PAT* at INR 163 crores, 47.6% QoQ - highest in last 15 quarters, and 23.6% YoY
- Services Order Intake grew by 83% QoQ
- Offshoring at 46.2%
*EBIT & PAT are normalized for one-offs and exceptional items
Commenting on the Q3 results, Krishna Bodanapu, Managing Director and CEO, Cyient, said, "We have delivered a strong Q3 with industry-leading growth and earnings up 35% QoQ. Our focus on the five growth pillars has contributed to over 40% of our services pipeline. The key accounts grew by 22% YoY, and we have added two Fortune 500 companies to our customer list. It is also encouraging to be continually positioned in the leader's quadrant by analyst groups such as Zinnov, ISG, and Everest across capabilities in multiple industries. This progress strengthens the conviction that our strategy and investments continue to contribute to the company's growth trajectory. As we enter 2023, I want to thank everyone at Cyient for a great quarter and look forward to a stronger Q4".
Cyient strengthened its sustainable engineering, communications, energy, and mining capabilities with tactical acquisitions in 2022. The addition of Citec enhances Cyient's Plant and Product Engineering capabilities, emphasizing clean energy solutions. Sustainable Technology is at the forefront of every solution as the company delivers multiple breakthrough projects for its global customers. The acquisition of Grit Consulting allows rapid expansion and deepening of Cyient's footprint in mining and energy by leveraging customer, geographic, and talent synergies. With the acquisition of Celfinet, Cyient strengthens its Wireless Engineering practice to support Communication Service Providers (CSPs) and Enterprises in deploying their pervasive connectivity networks at scale.
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About Cyient
Cyient (Estd: 1991, NSE: CYIENT) is a consulting-led, industry-centric Global Technology Solutions company. We enable our customers to apply technology imaginatively across their value chain to solve problems that matter. We are committed to designing tomorrow with our stakeholders and being a culturally inclusive, socially responsible, and environmentally sustainable organization.
For more information, please visit www.cyient.com
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Cyient Limited published this content on 12 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2023 06:49:00 UTC.
