Cyient reports 38% yoy higher profit at Rs131.7cr in Q3FY22; Stock trades flat

21 Jan 2022 , 10:52 AM

Cyient Limited, a global engineering, manufacturing, and digital technology solutions company, announced its financial results for the quarter ended December 31, 2021. During this period, the company reinforced its commitment to strengthening future-ready capabilities and steadily pivots toward being a consulting-led technology solutions partner for its customers.

The company reported a 38% yoy higher profit at Rs131.7cr in Q3FY22 against Rs95.4cr in Q3FY21. Revenue rose 13.3% yoy to Rs1,183.4cr from Rs1,044.3cr. Group EBIT margin of 13.9% leading to highest ever operating profit. Group Order Intake stood at Rs1.690cr, a growth of 15.9% yoy. Offshoring at 51.3%, highest in the last ten quarters.

Krishna Bodanapu, Managing Director and CEO, Cyient, said, “We have delivered another robust quarter on the back of strategic wins and partnerships. Most operating parameters are at historical highs, and we are confident we can build on this and continue to deliver accelerated performance.

Our focus continues to be a trusted tech solutions partner for our customers in their transformation journeys to address the megatrends of the next decade. Our investments in technology and automation have empowered our delivery and operations to deliver continued customer success amidst the challenges posed by yet another surge of COVID. I am grateful to our associates for their unwavering commitment in these challenging times.”

During this quarter, Cyient fortified its consulting-led tech solutions centric strategy with its foray into management consulting under the umbrella of - Cyient Consulting. With Cyient Consulting, the company will codesign bespoke, practical, performance based business transformation solutions for enterprises across industries to enable sustainable growth.

The global analyst community has recognized Cyient's focus on digital engineering and tech-led innovation. Cyient was recognized as an expansive-established player in the overall ER&D and IoT Services in the 2021 Zinnov Zones ratings. Cyient was also named as a Major Contender in the Everest Group PEAK Matrix for SG Engineering Services for its focused investments in partnerships and solutions that strengthen public and private SG core and access network. And the ISG Provider Lens Quadrant Study on Manufacturing Industry Services 2021 ranked Cyient as a leader in digital engineering for the US region.

At around 10.46 AM, Cyient Ltd was trading at Rs971.75 per share down by Rs4.45 or 0.46% from its previous closing of Rs976.20 per share on the BSE.