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Business News/ Companies / News/  Cyient garners over 97% sequential growth in Q3 PAT to 156 cr, shares rally
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Cyient garners over 97% sequential growth in Q3 PAT to ₹156 cr, shares rally

For the nine months of FY23, the company's consolidated profitability was at ₹351.2 crore compared to ₹368.1 crore in the corresponding period of the previous year.

Earlier this week, the company announced that its subsidiary Cyient DLM has filed its draft red herring prospectus with Sebi. Premium
Earlier this week, the company announced that its subsidiary Cyient DLM has filed its draft red herring prospectus with Sebi.

Hyderabad-based technology firm, Cyient beats estimates across all parameters for the quarter ending December 31, 2022 (Q3FY23) period. On a quarter-on-quarter basis, the company registered a strong growth of 97.2% during Q3FY23 with profitability coming at 156 crore. Cyient posted a net profit of 79.1 crore in September 2022 quarter.

Cyient posted a growth of 18.4% compared to a profit of 131.8 crore recorded in the December 2021 quarter.

Furthermore, Cyient posted a consolidated revenue from operations of 1,618.2 crore in Q3FY23, registering a growth of 36.7% from 1,183.4 crore in Q3FY22. The company's revenue was at 1,396.2 crore in Q2FY23.

On segment-wise performance, Cyient's revenue in the services business recorded strong growth of 42.6% yoy to 1,379.8 crore in Q3FY23 on a consolidated basis versus 967.4 crore in Q3FY22. Sequentially, the services business revenue rose by 14.3%.

Meanwhile, on a consolidated basis, the company's design-led manufacturing (DLM) also picked up to 238.4 crore in Q3FY23 versus 216.1 crore in Q3FY22 and 189.6 crore in Q2FY23.

Among key highlights, Cyient mentioned that Group revenue was highest ever at 1,618 crore, while group constant currency revenue growth was at 13.4% QoQ and 28.6% YoY. Also, the company's services order intake jumped by 83% sequentially, while offshoring recorded a growth of 46.2%.

Krishna Bodanapu, the Managing Director and CEO, of 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."

On a standalone basis, Cyient's net profit was at 111.3 crore in Q3FY23 versus 106.3 crore in Q3FY22. Consolidated revenue from operations came in at 605.3 crore in Q3FY23 compared to 455.9 crore in Q3FY22.

For the nine months of FY23, the company's consolidated profitability was at 351.2 crore compared to 368.1 crore in the corresponding period of the previous year. Consolidated revenue stood at 4,264.5 crore in 9MFY23 as against 3,353.2 crore in 9MFY22.

Bodanapu added, "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".

On BSE, Cyient shares are trading near the day's high at 884.85 apiece up by 36.95 or 4.36%. The company had touched an intraday high of 888.95 apiece.

The company's market cap is around 9,779.25 crore at the current trading price.

Earlier this week, the company announced that its subsidiary Cyient DLM has filed its draft red herring prospectus with Sebi to launch its initial public offering (IPO) for listing on BSE and NSE.

For the IPO, the company's subsidiary proposes a fresh issue of 740 crore. Also, Cyient DLM in consultation with the book-running lead managers may consider a further issue of equity shares for an amount aggregating up to 148 crore at its discretion as may be permitted under the applicable laws.

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Published: 12 Jan 2023, 03:35 PM IST
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