Press Release
Oct 24, 2024 6:05:08 PM
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Hyderabad, October 24, 2024: Cyient, a global Intelligent Engineering services company, announced its financial results for the quarter ending September 30, 2024.
Financial Highlights for Q2 FY25:
*Cyient DET (Digital, Engineering, and Technology) segment.
Commenting on the results, Krishna Bodanapu, Executive Vice Chairman and Managing Director, said, “Cyient Group witnessed positive Q2 FY25 results, with quarterly Group Revenue at US$ 220.7 Mn, growth of 2.6% YoY in constant currency.
At a strategic level, we are making strong and continued progress towards unlocking the potential of our Semiconductor business. The partial divestment of our stake in Cyient DLM gives us the flexibility to use the proceeds towards fulfilling our capital requirements across organic and inorganic initiatives in our recently launched Semiconductor business to drive accelerated growth.
We have reached an agreement to acquire 27.3% stake in Azimuth AI, a fabless custom ASIC company known for its expertise in Energy and Industrial applications with focus across global markets including India. This investment aligns strongly with our strategic growth objectives for the Semiconductor business.
In-line with building further on our expertise in Energy Business we have expanded in the Middle East market and have reached an agreement to acquire Abu Dhabi & Gulf Computer Est. (ADGCE), an Abu Dhabi-based technology consulting and digital services provider primarily catering to the Energy sector.”
Karthikeyan Natarajan, Executive Director and Chief Executive Officer, Cyient, said, “Cyient’s Digital, Engineering and Technology (DET) business delivered revenue at US$ 173 Mn, growth of 1.3% QoQ and degrowth of 3.3% YoY in constant currency. DET EBIT margin stood at 14.2%, expansion of 75 bps QoQ. This was driven by solid growth in Aerospace, Connectivity and New Growth Areas. We continue to progressively improve our performance in the subsequent quarters and deliver a strong H2 FY25.
We are witnessing strong momentum in New Growth Areas. Our top 10 accounts have shown significant growth, underscoring the success of our focused strategy. Our strategic investments in AI solutions and platforms are helping us win new deals and also drive transformation for our customers.”
Cyient has been recognized among the global Top 10 pure-play engineering services providers in Everest Group's Engineering Services Top 50 ranking. The company maintains leadership across key sectors, including ER&D, digital engineering, aerospace, semiconductors, telecommunications, medical devices, industrial, and Industry 4.0. in Zinnov Zones rankings. Cyient has also been recognized as a Product Challenger in Gen AI globally by ISG.
About Cyient:
Cyient (Estd: 1991, NSE: CYIENT) delivers Intelligent Engineering solutions for digital, autonomous, and sustainable future for over 300 global customers, including 30% of the top 100 global innovators. As a company, Cyient is committed to designing a culturally inclusive, socially responsible, and environmentally sustainable tomorrow together with our stakeholders.
For more information, please visit www.cyient.com
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Phalguna Hari Jandhyala Cyient Phalguna.Harijandhyala@cyient.com |
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