Q2FY24 Quarterly Result Announced for Cyient Ltd.
IT Consulting & Software company Cyient announced Q2FY24 results: Revenue at Rs 1,476 crore, with QoQ growth of 1.5% and YoY growth of 22.3 % CC Revenue Growth at 1% QoQ and 17.1% YoY Normalized EBIT of Rs 244 crore, with a margin of 16.5% Normalized PAT at Rs 172.8 crore, with QoQ growth of 1.5% and YoY growth of 70.8% (Reported PAT growth of 139.8% YoY) Order Intake grew by 40% YoY Commenting on the results, Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient, said, "Cyient Group witnessed positive Q2FY24 results, with quarterly Group revenue at USD 214.9 million, a growth of 22.3% YoY in constant currency. Cyient’s DET business delivered revenue of USD 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 USD 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.” Karthik Natarajan, Executive Director and CEO, Cyient, stated, "Q2FY24 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." Result PDF19-10-2023