Cyient Ltd Q1 Results FY2023, PAT at Rs. 116.1 crores

On 21st July 2022, Cyient, a leading consulting-led, industry-centric Technology Solutions company announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- Group revenue at Rs. 1250.1 crores with QoQ growth of 5.8% and YoY growth of 18.1% 

- Group EBIT at Rs. 143.5 crores with a margin of 11.5% 

- PAT at Rs. 116.1 crores, YoY growth of 0.9%

- Group and Services Order Intake grew by 18 % YoY

-  Largest ever TCP win achieved in Q1 with a total of 6 Large deals amounting to US$ 424.3 million 

- Constant Currency Revenue Growth at 4.4% QoQ and 15.8% YoY  

Business Highlights:

- During the quarter, Cyient enhanced its plant engineering, 5G, and consulting capabilities and announced the acquisition of Citec, Celfinet, and Grit Consulting. 

- The Citecacquisition is the largest outbound acquisition by an Indian engineering services company and Cyient's largest acquisition to date. The acquisition supports Cyient in enhancing its position as a plant and product engineering leader, strengthening its presence in Europe. In addition, Celfinet's acquisition strengthens Cyient's Wireless Engineering practice to support Communication Service Providers (CSPs) and Enterprises in deploying their pervasive connectivity networks at scale. The acquisition of Grit Consulting empowers Cyient to accelerate its consulting capabilities, deepening its mining industry footprint by leveraging customer, geographic, and talent synergies. The Celfinet and Grit Consulting acquisitions have been closed. 

- Cyient launched an AI-Powered Framework for Automated System and Software Testing (CyFAST) to provide a comprehensive environment for managing testing projects. 

- Cyient partnered with IIT Hyderabad (IITH) and WiSig Network to enable volume production of India's first architected and designed chip - the Koala NB-IoT SoC (Narrowband-IoT System-on-Chip).

Commenting on the Q1 results, Krishna Bodanapu, Managing Director and CEO, Cyient, said, "Our performance this quarter has been strong with our revenue growing at over 18% YoY. Six large deals with a TCP of over US$ 424 million are a key indicator of our customers' trust in our digital and innovation capabilities. Our robust pipeline from high-performing sectors like Communications, Mining, Healthcare Technology, and Automotive, strategic investments, and acquisitions show that our growth pillars continue to reap benefits for the business."