Cyient expects strong growth from key verticals in FY221 min read . Updated: 28 May 2021, 11:52 AM IST
- During FY21, Cyient benefitted from the accelerated deployment of 5G networks, which represents about 10% of the total revenues
“Next year, we expect growth to come from verticals like rail transportation, communications, semiconductor, and mining. The aerospace industry is on a recovery path and we expect it will gain momentum next year," Krishna Bodanapu, managing director & chief executive officer, Cyient said in a letter to shareholders in the annual report 2020-21.
“Our DLM (design-led manufacturing) business is also poised for robust growth…DLM’s performance validates our strategy of investing in this area to offer a distinctive design and manufacturing value proposition to our customer," Bodanapu said.
During FY21, Cyient benefitted from the accelerated deployment of 5G networks, which represents about 10% of the total revenues. The rail transportation business grew on the back of recovery in key accounts and ramp-up of new engagements.
“Overall, this sector is seeing increased infrastructure projects that are creating demand across the engineering segment," Bodanapu said.
In line with Cyient’s mergers and acquisitions (M&A) strategy, it acquired Integrated Global Partners (IGP), a specialist Australian consulting firm, to expand its offerings for the local and regional resources sector. Mining remains a focus industry and Australia presents a strategic growth region.
“M&A is a key element of our growth strategy and we will continue to leverage the cash available in the business to focus on strategic and tactical acquisitions," Bodanapu said.
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