Hyderabad, India, October 13, 2022: Cyient, a leading consulting-led, industry-centric Technology Solutions company, announced its financial results for Q2 FY23. Cyient's second-quarter growth was primarily driven by strong momentum in services and increased margins across different businesses.
FINANCIAL HIGHLIGHTS FOR THE QUARTER:
Group revenue at INR 1396.2 crores with QoQ growth of 11.7% and YoY growth of 25.6%
Group CC Revenue Growth at 10.0% QoQ and 20.4% YoY
Normalised* Group EBIT at INR 166.1 crores with a margin of 11.9%
Normalised* PAT at INR 110.3 crores, de-growth of 5.0% QoQ
Group Order Intake grew by 58.6% YoY
Offshoring at 48%
*Normalised EBIT and PAT exclude the impact of exceptional items and one-off M&A expenses
Commenting on the Q2 results, Krishna Bodanapu, Managing Director and CEO, Cyient, said, " We continue to witness strong momentum across the business, driven by key wins, robust Order Intake, and pipeline. We are confident about delivering positive results through the year, driven by growth in key accounts and a strong order pipeline. We continue strengthening our technology offerings, focusing on building technology solutions across key megatrends impacting industries like Automotive, Medical, Communications, Semiconductors, etc."
During the quarter, Cyient closed the acquisitions we announced at the start of the year, strengthening its sustainable engineering capabilities. The impact of these acquisitions is expected to be more visible in the year's second half.
Preparing for future growth, Cyient recently launched a commissioned research report with the Everest Group titled "Mirror into the Megatrends: Technology-Driven Disruptions that will Define the Decade." The megatrends are global, technology-driven disruptions that will shape investments, opportunities, and lifestyles over the next decade.
Mr. Bodanapu added, "With E R&D spending estimated to exceed US$ 1.7 Trillion by 2025, organizations worldwide are already leveraging their assets to prepare for the future. The research report we released highlights the Megatrends that will see definitive technology disruption by 2030. This is part of Cyient's push to ensure that our customers receive the best in technology innovation to ensure that their businesses are sustainable and future-proof."
Cyient (Estd: 1991, NSE: CYIENT) is a leading 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 Follow news about the company at @Cyient