IT Consulting & Software company Cyient announced Q3FY24 results: Financial Performance: - Cyient DET Revenue was reported at Rs 1,491 crore, marking a quarterly (QoQ) growth of 1% and a yearly (YoY) growth of 8.1%. - The company's DET Consolidated Services and Engineering Parts Business observed a DET Normalized EBIT of Rs 239 crore, with a stated margin of 16%. - Cyient DET Normalized PAT reached Rs 173 crore, indicating a YoY growth of 11.5%. - DET CC Revenue Growth was at 1.1% QoQ and 5.4 % YoY. - Order Intake for DET increased by 21.9% YoY. Business Growth and Projections: - Overall group revenue was USD 218.8 million, showing a 10.1% increase YoY in constant currency. - DET business revenue touched USD 179.2 million, reflecting a steady growth of 1.1% QoQ and 5.4% YoY in constant currency. - The company anticipates DET revenue growth to be within the range of 13-13.5% YoY in constant currency terms. Operational Highlights and Strategic Initiatives: - Aerospace and Sustainability business segments led the DET division with more than 20% YoY growth. - Cyient won eight large DET deals with a total contract value of USD 136.8 million for the quarter. - The CyientiflQ Experience Center was inaugurated at the Hyderabad Campus during the quarter. - The Global Hackathon, CyientiflQ Innovation League, saw participation from over 5,500 innovators across 76 countries. Recognition and Partnerships: - Cyient received a Supplier Technology & Innovation Award and Productivity Savings and Cost Avoidance from Pratt & Whitney. - The NASSCOM Spotlight Awards recognized Cyient for innovative contributions to sustainability. - Analysts and advisors recognized Cyient as a leader in 17 different segments, highlighting awards in Aerospace, Sustainability, Communications, and more. Commenting on the results, Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient, said, “Cyient Group witnessed positive Q3FY24 results, with quarterly Group revenue at USD 218.8 million, growth of 10.1% YoY in constant currency. Cyient’s Digital, Engineering, and Technology (DET) business delivered revenue of USD 179.2 million, a growth of 1.1% QoQ and 5.4% YoY in constant currency. The normalized DET EBIT margin stood at 16.0%, up 205 bps YoY. Cyient DET's business focus remains on strengthening and building Intelligent Engineering and Technology solutions across key megatrends. We expect DET revenue growth to be in the range of 13–13.5% YoY in constant currency terms, slightly lower than our earlier guided range. Margin trajectory remains robust." Karthikeyan Natarajan, Executive Director and CEO, Cyient, said, “The robust growth of Cyient's DET business for this quarter was led by Aerospace and Sustainability business segments. We won eight large deals in DET with a total contract potential of USD 136.8 million in this quarter. The Cyient DET order intake stood at USD 297.3 million, up by 21.9% YoY. Our pipeline for the year looks robust. We continue to deliver Intelligent Engineering and Technology solutions for a digital, autonomous, and sustainable future for our customers. AI and Data will play a critical accelerator in this journey. I want to thank all our associates for their contributions in delivering yet another robust quarter and to our customers for their unwavering trust in us.” Result PDF