Cyient reports strong Q3 FY24 results: Aerospace and sustainability sectors lead growth
Cyient, a global leader in Intelligent Engineering and Technology Solutions, today unveiled its financial achievements for the quarter ending December 31, 2023, showcasing notable growth across its operations. The company’s Digital, Engineering, and Technology (DET) sector, particularly in aerospace and sustainability, led this quarter’s impressive performance.
Financial Highlights for Q3 FY24:
Cyient DET reported revenue of INR 1,491 crores, marking a quarter-on-quarter growth of 1% and a year-on-year increase of 8.1%. The constant currency (CC) revenue growth stood at 1.1% QoQ and 5.4% YoY. Furthermore, the normalized EBIT for Cyient DET reached INR 239 crores, with a 16% margin, and the normalized PAT escalated to INR 173 crores, experiencing an 11.5% YoY growth. Notably, the Cyient DET Order Intake surged by 21.9% YoY, illustrating the company’s expanding market reach and client trust.
Krishna Bodanapu, Executive Vice Chairman and Managing Director of Cyient, highlighted the quarter’s achievements, stating, “Cyient Group witnessed positive Q3 FY24 results, with quarterly Group revenue at $218.8 million, a growth of 10.1% YoY in constant currency. The DET business, in particular, showed a robust margin trajectory and is expected to see revenue growth in the range of 13–13.5% YoY in constant currency terms.”
Cyient Achieves Over 20% Year-on-Year Growth in Q3 FY24 in Key Segments, Announces Q3 Financials
The aerospace and sustainability business segments were pivotal in Cyient’s DET business growth, as noted by Karthikeyan Natarajan, Executive Director and CEO of Cyient. The company secured eight large deals in DET, totaling a contract potential of $136.8 million for the quarter. The DET order intake stood at $297.3 million, up by 21.9%^ YoY, underpinning Cyient’s strategic focus on delivering solutions for a digital, autonomous, and sustainable future.
Cyient’s Commitment to Innovation and Sustainability:
Cyient’s quarter was marked by several initiatives and recognitions that underscore its commitment to innovation and sustainability. The inauguration of the CyientifIQ Experience Center at its Hyderabad Campus showcased over 50+ intelligent engineering and technology solutions. Additionally, the CyientifIQ Innovation League brought together over 5,500 innovators from 76 countries, focusing on digital enterprise design, intelligent products, and sustainability solutions.
The company was recognized with the Supplier Technology & Innovation Award by Pratt & Whitney and received accolades at the 2nd Edition of the NASSCOM Spotlight Awards for its sustainability efforts. Furthermore, Cyient’s partnership with One Tree Planted for the reforestation of Mount Everest in Nepal highlights its dedication to environmental conservation.
Cyient’s Q3 FY24 financial results reflect its strategic focus on aerospace and sustainability segments, driving substantial growth and setting a benchmark in the industry. The company’s continued investment in intelligent engineering and technology solutions, along with its commitment to innovation and sustainability, positions Cyient as a leader in addressing global challenges and delivering value to customers and stakeholders alike.