Cyient releases financial results for the 2nd quarter of the Financial Year 2023-24

Cyient, a global Digital, Engineering, and Technology Solutions company, announced its financial results for the quarter ending September 30, 2023.

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In Q2, Cyient collaborated with Microsoft to establish the ‘EnGeneer’ Center of Excellence (CoE). The EnGeneer CoE will enhance engineering lifecycle agility by developing platforms and tools that empower engineers with automation and assistance, ultimately boosting productivity and quality through Generative AI.

Cyient launched its Global Innovation Hackathon in the presence of legendary cricketer Kapil Dev and 30+ Senior executives from leading GCCs in India. The ongoing hackathon has over 5,500 global participants competing to develop innovative solutions to Design Digital Enterprises, Build Intelligent Products and Platforms, and Solve Sustainability Challenges.

Q2 also saw Cyient receiving multiple recognitions across industries from leading Analysts. The Everest Group ranked us 31 among the Engineering Services Top 50 Providers and named us a Major Contender in the 2023 Everest Peak Matrix – ACES. We were also recognized as a Major Contender in the 2023 Everest Peak Matrix – Digital Twins.

The ISG Provider Lens Oil and Gas in Energy Transition Services in Europe ranked Cyient as a Rising Star. Cyient also received the Premier Award from Raytheon Technologies for Exemplary Performance for its excellence in Cost Competitiveness, Technology & Innovation.

Financial Highlights for Q2 FY24:

  • Cyient DET* Revenue at INR 1,476 crores, with QoQ growth of 1.5% and YoY growth of 22.3 %
  • Cyient DET* CC Revenue Growth at 1% QoQ and 17.1% YoY
  • Cyient DET* Normalised EBIT of INR 244 crores, with a margin of 16.5%
  • Cyient DET* Normalised PAT at INR 172.8 crores, with QoQ growth of 1.5% and YoY growth of 70.8% (Reported PAT growth of 139.8% YoY)
  • Cyient DET* Order Intake grew by 40% YoY

Commenting on the results, Mr. Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient, said,”Cyient Group witnessed positive Q2 FY24 results, with quarterly Group revenue at $214.9 million, a growth of 22.3% YoY in constant currency.

Cyient’s DET business delivered revenue of $178.4 million, a growth of 17.1% YoY in constant currency driven by growth across Transportation, Sustainability, and Automotive businesses. The normalized DET EBIT margin stood at 16.5%, higher by 406 bps YoY. We won 5 large deals in DET with a total contract potential of $51.4 million in this quarter. We expect DET revenue growth to be in the range of 15 – 20% YoY in constant currency terms and to be at the lower end of this range. Margin trajectory remains robust.”

Mr. Karthik Natarajan, Executive Director and CEO, Cyient, stated, “Q2 of FY24 of Cyient’s DET business has seen a robust YoY Revenue growth of 22.3%, and a reported PAT growth of 139.8% YoY, fueled by distinctive progress in the Transportation, Sustainability, and Automotive segments. We continue to apply digital technologies like Robotics, AI, Cloud, and Data to help our customers build intelligent products and platforms. We have seen significant adoption of Autonomous systems across industries. Our industry-leading Sustainability solutions for Carbon Capture and Alternative Fuels are getting globally recognized. I want to thank all our associates for their valuable efforts and our customers for their trust toward our continued success.”

Source: Cyient- Press Release | Image Credit (representational): Cyient