Cyient, a global Digital Engineering and Technology Solutions company, on Tuesday announced its financial results for Q1 FY24, the company announced through an exchange filing.
Financial Highlights for Q1FY24 (Consolidated)
Cyient DET Revenue at ₹1,455 crores, with QoQ growth of 0.4 percent and YoY growth of 37.2 percent. Cyient DET CC Revenue growth at 0.3 percent QoQ and 30.6 percent YoY. Cyient DET Normalized EBIT at ₹234 crores, with a margin of 16.1 percent.
Cyient DET Normalized PAT at ₹170 crores, with QoQ growth of 6 percent and YoY growth of 56.3 percent. Cyient Group Revenue stands at ₹1,687 crores with a YoY growth of 34.9 percent. Cyient Group Normalized EBIT at ₹248 crores with a margin of 14.7 percent.
“Cyient witnessed positive Q1 FY24 results, with quarterly group revenue at $205.3 million, growth of 28.6 percent YoY in constant currency. The normalized Group EBIT margins at 14.7 percent is higher by 322 bps YoY. We won 6 large deals in DET with a total contract potential of $48.8 million in this quarter. The order intake stood at $193.2 million, up 32.5 percent YoY. We continue to strengthen our technology offerings and remain focused on building solutions across key megatrends," said Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient.
Karthikeyan Natarajan, Executive Director and CEO, Cyient, said, “FY24 has kicked off to a great start with a YoY growth of 37.2 percent 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 percent YoY, led by technology adoption across the operations."
The shares of Cyient on Tuesday at 3:30pm IST were at ₹1,461, down by 1.44 percent.