Cyient Limited on Thursday posted profit for the second quarter of FY24 at Rs 183.60 crore, up 132.1 per cent in comparison to Rs 79.10 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 1778.50 crore, up 27.4 per cent as against Rs 1396.20 crore during the second quarter of FY23. The company EBIT stood at Rs 260 crore.
While the company recorded a total income of Rs 1792.00 crore during the quarter ended September 2023, the expenses during the quarter in review was at Rs 1545.50 crore.
The Board of Directors of the company also declared an interim dividend of Rs 12 per equity share (i.e. 240 per cent) on par value of Rs – per share for the financial year 2023-2024. “This is to inform that 1 November 2023 is fixed as the record date for the above purpose and the dividend will be paid by 15 November 2023,” it said in a regulatory filing.
“Cyient Group witnessed positive Q2FY24 results, with quarterly Group revenue at $214.9Mn, growth of 22.3 per cent YoY in constant currency. Cyient’s Digital, Engineering and Technology (DET) business delivered revenue at $178.4 Mn, growth of 1.0 per cent QoQ and 17.1 per cent YoY in constant currency, driven by growth across the Transportation, Sustainability and Automotive BU’s. The normalized DET EBIT margin stood at 16.5 per cent, higher by 406 bps YoY,” said Krishna Bodanapu, Executive Vice Chairman and Managing Director.
“We witnessed robust performance in key verticals including Aerospace (+3.8 per cent cc QoQ), Sustainability (+4.9 per cent cc QoQ) and Automotive (+7.9 per cent cc QoQ). We will continue to build on this foundation in H2 FY24 while remaining vigilant to deal with macro uncertainty,” said Prabhakar Atla, President & CFO.
“We won 5 large deals in DET with a total contract potential of $51.4 Mn in this quarter. The DET order intake stood at $183.9 Mn, up by 40.0 per cent YoY. Our pipeline for the year looks robust. Our focus remains on strengthening and building technology solutions across key megatrends. We expect DET revenue growth to be in the range of 15- 20 per cent YoY in constant currency terms and to be at the lower end of this range. Margin trajectory remains robust,” Krishna Bodanapu added.