Earnings | Cyient Ltd (NSE:CYIENT): Q3FY23 Results Out; Total Income rise 36% YoY

Cyient Ltd (NSE:CYIENT) is an Indian engineering and technology solutions company that provides services to industries like aerospace, defense, medical, telecommunications, transportation, and utilities.

Cyient Ltd, recently announced its Q3FY23 results. The group revenue for the quarter was reported as the highest ever at Rs 1,618 crore, with a quarter-on-quarter (QoQ) growth of 15.9% and a year-on-year (YoY) growth of 36.7%. The company also saw a growth in its group CC revenue at 13.4% QoQ and 28.6% YoY. Normalized group EBIT was reported as the highest ever at Rs 209 crore with a margin of 12.9%, indicating an improvement in the company’s profitability. The company also reported its highest-ever normalized PAT at Rs 163 crore, representing a QoQ growth of 47.5% and a YoY growth of 23.6%. In terms of services order intake, Cyient witnessed an 83% QoQ growth, which reflects the company’s increasing market share and customer trust. The offshoring rate for the quarter was 46.2%, indicating a continued focus on cost optimization.

Overall, Cyient’s Q3FY23 results reflect strong growth in revenue and profitability, driven by an increase in services order intake and offshoring. The company’s focus on cost optimization and improving operational efficiency is evident from the increase in normalized EBIT and normalized PAT. With the ongoing demand for IT consulting services, Cyient is well-positioned to capitalize on the opportunities in the market and continue its growth trajectory.

Krishna Bodanapu, Managing Director and CEO, Cyient, said, “We have delivered a strong Q3 with industry-leading growth and earnings, which are up 35% QoQ. The key accounts grew by 22% YoY, and we have added two Fortune 500 companies to our customer list. Our focus on the five growth pillars has contributed to over 40% of our services pipeline. It is also encouraging to be continually positioned in the leader’s quadrant by analyst groups such as Zinnov, ISG, and Everest across capabilities in multiple industries. This progress strengthens the conviction that our strategy and investments continue to contribute to the company’s growth trajectory. As we enter 2023, I want to thank everyone at Cyient for a great quarter and look forward to a stronger Q4.”