Cyient Reports Strong Q3 Results with Double Digit Growth Across All Parameters: PAT up 23.6% YoY
Hyderabad: Cyient, a consulting-led, industry-centric Technology Solutions company, announced its financial results for Q3 FY 23.The company has delivered strong results, with new growth sectors and transportation as frontrunners.
FINANCIAL HIGHLIGHTS FOR THE QUARTER:
• Group Revenue - Highest ever at INR 1,618 crores with QoQ growth of 15.9% and YoY growth of 36.7%
• Group CC Revenue Growth at 13.4% QoQ and 28.6% YoY
• Normalised Group EBIT*– Highest ever at INR 209 crores with a margin of 12.9%
• Normalised PAT*- Highest ever at INR 163 crores, 47.5% QoQ,and 23.6% YoY
• Services Order Intake grew by 83% QoQ
• Offshoring at 46.2%
*EBIT & PAT are normalised for one-offs and exceptional items
Krishna Bodanapu, Managing Director and CEO, Cyient, said, "We have delivered a strong Q3 with industry-leading growth and earnings, which are up 35% QoQ. The key accounts grew by 22% YoY, and we have added two Fortune 500 companies to our customer list. Our focus on the five growth pillars has contributed to over 40% of our services pipeline. 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 strategic acquisitions in 2022. The addition of Citec enhances Cyient's Plant and Product Engineering capabilities, emphasising 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.
