Cyient announces strong FY24 performance, enhancing its position in digital engineering and technology solutions
Cyient, a global leader in Intelligent Engineering and Technology Solutions, recently unveiled its financial outcomes for the fourth quarter ending March 31, 2024, and for the fiscal year 2024, signaling strong performance and strategic advancements. The Hyderabad-based company announced a series of achievements that underscore its robust position in the market, driven by significant growth in areas such as aerospace, sustainability, and automotive sectors.
Financial and Operational Highlights:
– Q4 FY24: Cyient reported a marginal quarterly de-growth but a year-over-year revenue growth of 2.8%, with a notable profit after tax (PAT) increase of 9.1%.
– Annual FY24: The company achieved a revenue of INR 5,911 crores, marking a 16% growth year-over-year. The normalized earnings before interest and taxes (EBIT) grew by 36.8%, and PAT saw a significant rise of 31.6%.
Krishna Bodanapu, Executive Vice Chairman and Managing Director of Cyient, reflected on the year’s achievements, “This year has been very exciting and momentous for the Cyient Group in terms of delivering balanced performance around growth and profitability.” He highlighted the successful execution of key initiatives such as the divestiture of the DLM unit and margin expansion efforts.
The fiscal year also saw Cyient strengthening its partnerships and working on notable projects, including the development of Airbus’ Intelligent Core Management Platform and the detailed design for manufacturing of Deutsche Aircraft’s D328eco regional turboprop.
For FY24, Cyient’s Digital, Engineering, and Technology (DET) sector reported significant figures, with an EBIT of 16% for Q4 and a full-year revenue of $713.9 million, up 12.6% from the previous year. The company secured 9 large deals in Q4, with a total contract potential of approximately $200 million, contributing to a strong order intake of $902 million for the year, up 15% year-over-year.
Awards and Recognition:
– Cyient was named Tech Company of the Year at the India Digital Enabler Awards 2024.
– The Cyient Foundation received accolades at the Indian Social Impact Awards 2024, winning for its Girls Education Program Initiative and Best Skill Development Program Initiative.
Looking ahead, Cyient is poised for FY25 with a strong order book and plans to continue investing in intelligent engineering and technology solutions across various industries. Karthikeyan Natarajan, Executive Director and CEO of Cyient, expressed optimism about the company’s trajectory, “Our pipeline for the year appears strong. I am grateful to all our associates for their efforts in making this another strong fiscal year and to all our stakeholders for their continued trust in us.”
Cyient’s FY24 performance highlights its effective strategy in navigating market and geopolitical uncertainties, positioning it well for future growth. The company’s focus on enhancing its technology offerings and expanding its global footprint in strategic sectors like aerospace and automotive is expected to yield continued benefits.