Trigyn Technologies posts sharp revenue drop for half-year ending September 2024

Trigyn Technologies Limited, a seasoned player in the global IT sector, announced a marked decline in its financial performance for the half-year ending September 30, 2024. The Mumbai-headquartered company reported consolidated revenues of ₹31,612.02 lakhs, sharply down from ₹45,073.82 lakhs in the corresponding period of 2023. The tech firm’s earnings after tax for the same period witnessed an even more dramatic fall, plunging from ₹2,295.22 lakhs in 2023 to just ₹797.68 lakhs—a drop of nearly 65%.

In its quarterly breakdown, the results were equally sobering. For the quarter ending September 30, 2024, Trigyn recorded consolidated revenues of ₹20,780.57 lakhs, a decrease from ₹24,293.26 lakhs in the previous quarter (June 2024). Similarly, its earnings after tax slipped to ₹36.30 lakhs from ₹761.38 lakhs, underlining the company’s struggles in a competitive global market.

Standalone Results Reflect Stagnation Amid Losses

On a standalone basis, Trigyn’s financials continued to struggle. Revenues for the half-year period stood at ₹7,090.82 lakhs, reflecting a slight improvement from ₹6,427.45 lakhs in the previous year. However, despite this modest growth, the company posted a half-year loss of ₹757.66 lakhs, a significant increase from ₹283.37 lakhs in the comparable period of 2023. The quarter ending September 2024 brought revenues of ₹3,423.35 lakhs, down from the previous quarter’s ₹3,667.47 lakhs, with the period ending in a loss of ₹386.21 lakhs, a small rise from the previous quarter’s loss of ₹371.45 lakhs.

Diverse Global Presence Yet Under Pressure

Trigyn Technologies, founded in 1986, is a multinational IT company with a substantial footprint across 25 countries. It serves major Fortune 500 companies, intergovernmental organizations, and multiple US state governments. Despite its strong industry partnerships with global giants like Microsoft, IBM, AWS, SAP, and Oracle, Trigyn is navigating challenges typical of the tech sector, including economic volatility and fluctuating demand. The company’s areas of expertise range from smart utilities and surveillance to security and IoT solutions, making it a versatile player in the technology space.

Expert Insight on Market Challenges

Analysts attribute Trigyn’s financial struggle to several factors, including intensified competition and a volatile global economy. Industry experts suggest that companies like Trigyn, which heavily rely on contracts with governmental organizations and large corporations, face increasing cost pressures and prolonged sales cycles. While its certifications—ISO 9001:2015, ISO 27001:2013, ISO 2000:2018, and CMMI V2.0 Dev ML5—demonstrate a strong commitment to quality and security, the company must adapt swiftly to retain its competitive edge.

Future Uncertainty Looms

Trigyn’s future remains uncertain amid these financial challenges. As an industry leader, Trigyn’s strategic choices over the next quarters will be critical in defining its financial health. The company’s forward-looking statements indicate an awareness of risks, citing general economic conditions, exchange rate fluctuations, competitive pricing pressures, and regulatory changes as potential obstacles.