Cyient Q4 Results | Net profit surges 28.5% over third quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IT solutions provider Cyient Ltd on Thursday (April 25) reported a 28.5% quarter-on-quarter increase in net profit at ₹196.9 crore for the fourth quarter that ended March 31, 2024.

In the December quarter, Cyient posted a net profit of ₹153.2 crore, the company said in a regulatory filing. The company’s revenue from operations increased 2.2% to ₹1860.8 crore in the March quarter against ₹1,821.4 crore in the third quarter.

At the operating level, EBIT (earnings before interest and taxes) rose 3.1% to ₹268.1 crore in the fourth quarter compared to ₹260 crore in the third quarter of this fiscal. EBIT margin stood at 16.9% in the reporting quarter against 21.5% in the previous quarter.

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For FY24, Cyient Group delivered $863 million in revenue with a year-on-year growth of 15.6%, EBIT of 14.5%, profit after tax (PAT) of ₹735 crore (a 30% jump over FY23) and free cash flow (FCF) of ₹648 crore, up 32.6%.

Cyient Digital, engineering and technology segment

Cyient’s digital, engineering and technology (DET) segment delivered $179.3 million at an EBIT of 16% for Q4 of FY24. The company closed nine large deals with a total contract potential of $200 million this quarter, taking its order intake for the quarter to $228 million.

For FY24, Cyient DET revenue grew to $713.9 million, up 12.6% year-on-year while EBIT climbed 16.1%. PAT for the year was ₹689 crore, up 31.6%, while FCF was ₹754 crore, a jump of 71.4%.

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Karthikeyan Natarajan, Executive Director and CEO of Cyient, said, “In light of the current macroeconomic conditions, our company has performed admirably well. The growth was led by aerospace, sustainability and automotive sectors and we see communications and semiconductor business bouncing back to growth in FY25.”

The results came after the close of the market hours. Shares of Cyient Ltd ended at ₹1,916, up by ₹23.95, or 1.27%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow