Cyient announces robust Q2FY22 performance led by growth pillars including digital

Cyient also strengthened its IntelliCyient Suite of Digital solutions with the acquisition of WorkForce Delta to further its offerings in field services transformation.

Oct 18, 2021 10:10 IST India Infoline News Service

Cyient
Cyient, a global engineering, manufacturing, and digital technology solutions company, announced its financial results for the quarter ended September 30, 2021. The company's consolidated net profit rose 44.57% while revenue from operations surged 10.79% in Q2 September 2021 (Q2 FY22) over Q2 September 2020 (Q2 FY21).

The stock is currently trading at Rs1,180.55 up by Rs22.55 or 1.95% from its previous closing of Rs1,158 on the BSE. The scrip opened at Rs1,202 and has touched a high and low of Rs1,214 and Rs1,163.05 respectively.

Financial highlights for the quarter:
  • Group revenue at Rs1111.6cr with YoY growth at 10.8%
  • Group EBIT margin of 14% leading our highest ever operating profit
  • Q2 PAT at Rs121.3cr, YoY growth of 44.7%
  • Order intake grew 23% YoY
  • Offshoring at ~50%, highest in the last ten quarters
Krishna Bodanapu, Managing Director and CEO, Cyient, said, "Our performance this quarter has been very encouraging. Our strategic wins and recognitions by analysts and customers across industries and technologies reaffirm that Cyient continues to be a trusted and innovative partner of choice. The new global logos, the contribution of large deals, and the strong pipeline in place indicate that our growth pillars are delivering impact and will help accelerated growth in coming quarters."

Cyient was recognized as a Rising Star in Connected Mobility Consulting and Services in the ISG Provider Lens Internet of Things – Services and Solutions Quadrant Study (U.S. 2021.) Cyient has also been recognized by Amazon Web Services as a Select-Tier Consulting Partner in the AWS Partner Network (APN).

Cyient enhanced its additive manufacturing capabilities with our first metal additive manufacturing facility in Jupiter, Florida, following international support from SLM Solutions. Cyient also strengthened its IntelliCyient Suite of Digital solutions with the acquisition of WorkForce Delta to further its offerings in field services transformation.

The company has also expanded its digital solution portfolio for the aerospace industry with our global AS9145 Supplier PPAP4Aero platform offerings.

Cyient has also joined forces with leading industry forums like TM Forum to accelerate the technology-led transformation of networks.

Re-iterating its continuous commitment to foster an inclusive workplace culture and empowering associates, Cyient announced a 12-week gender-neutral parental leave policy across its offices globally for both birth and adoptive parents. Celebrating 30 Years of Excellence, the company also reinforced its commitment to its fundamentals of ValuesFIRST, where FIRST stands for Fairness, Integrity, Respect, Sincerity, and Transparency.

The company celebrated 30 years of Technology Excellence during this period and accomplished a strong pipeline indicative of accelerated growth in strategic areas, including Digital, Embedded Software, Geospatial, Consulting,  Semiconductor, and Network Transformation.

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