New Delhi: IT company Cyient on Thursday posted 38 per cent jump in consolidated net profit at Rs 131.7 crore for December 2021 quarter on the back of strong performance across key accounts. The company had logged a net profit of Rs 95.4 crore in the year-ago period, Cyient said in a regulatory filing.
Revenue from operations increased 13.3 per cent to Rs 1,183.4 crore during the quarter under review as compared to Rs 1,044.3 crore in the same period last fiscal year, it added.
“We delivered an excellent Q3 performance in line with our expectations. Our revenue for the quarter stood at USD 157.9 million, a growth of 11.7 per cent year-on-year (12.1 per cent constant currency) and 5.2 per cent quarter-on-quarter (5.9 per cent cc). Services business grew…driven by growth in the semiconductor, mining and natural resources, medical technology and healthcare sectors,” Cyient Managing Director and CEO Krishna Bodanapu said.
He added that the growth in the quarter was backed by strong performance across key accounts and key strategic wins.
Key accounts witnessed double-digit growth, while the order intake grew 16 per cent year-on-year (at Rs 1,690 crore) with multiple large deal wins and 18 new logo additions.
“We will continue to double down our focus on building our technology-led capabilities and make investments in key technology areas. Our outlook for Q4 and the year remains very positive due to the growth opportunity in various sectors…We also expect to deliver best-in-class earnings growth for the year,”he said.
Cyient Executive Director and CFO Ajay Aggarwal said the company has an excellent pipeline of acquisitions and the same will further support its earnings growth in coming years.
“We will remain focussed on profitable growth with leading industry earnings growth and cash focus. This will also maximise the record returns for our shareholders for the year and coming years,” he added.
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, it said.
The company said it will grow double digit in FY22 in services in dollar terms, while its DLM (design led manufacturing) segment growth will be impacted due to supply side challenges.
“We expect the full year margins to improve by about 350 bps leading to best in class earnings growth for the full year,” it added.
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