Conference Call with Cyient Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
IT Consulting & Software Company Cyient announced Q1FY24 results: Cyient Digital, Engineering, and Technology (DET) Revenue at Rs 1,455 crore, with QoQ growth of 0.4% and YoY growth of 37.2% Cyient DET CC Revenue growth at 0.3% QoQ and 30.6% YoY Cyient DET Normalized EBIT at Rs 234 crore, with a margin of 16.1% Cyient DET Normalized PAT at Rs 170 crore, with QoQ growth of 6 % and YoY growth of 56.3% Cyient Group Revenue stands at Rs 1,687 crore with a YoY growth of 34.9% Cyient Group Normalized EBIT at Rs 248 crore with a margin of 14.7% Commenting on the results, Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient, said, “Cyient witnessed positive Q1FY24 results, with quarterly group revenue at USD 205.3 million, growth of 28.6% YoY in constant currency. The normalized Group EBIT margins at 14.7% is higher by 322 bps YoY. We won 6 large deals in DET with a total contract potential of USD 48.8 million in this quarter. The order intake stood at USD 193.2 million, up 32.5% YoY. Our pipeline for the year looks robust. We continue to strengthen our technology offerings and remain focused on building solutions across key megatrends.” Karthikeyan Natarajan, Executive Director and CEO, Cyient, said, “FY24 has kicked off to a great start with a YoY growth of 37.2% in Q1, primarily driven by wins in the Aerospace, Automotive, and Energy verticals. We also saw a steady increase in our profits, with a growth of 56.3% YoY, led by technology adoption across the operations. We continue to see our customers invest heavily in digital and technology solutions to run smarter operations, build intelligent products and platforms for autonomous systems, and enable sustainability goals through technology solutions.” Result PDF