Cyient group has posted a net profit of ₹177 crore in the first quarter ended June 30, 2023, showing a growth of 56.3 per cent year on year.
It registered a revenue of ₹1,687 crore in the quarter, showing a growth of 34 per cent year on year, primarily driven by wins in the Aerospace, Automotive, and Energy verticals.
Cyient DET (Digital Engineering and Technology solutions) reported a net profit of ₹170 crore, showing a growth of 56.3 per cent, on a revenue of ₹1,455 crore, which is 37.2 per cent year on year.
“The normalised group EBIT (Earnings before interest and taxes) margins at 14.7 per cent is higher by 322 basis points year on year. We won six large deals in DET with a total contract potential of $48.8 million in this quarter. The order intake stood at $193.2 million, up 32.5 per cent year on year,” Krishna Bodanapu, Executive Vice-Chairman and Managing Director of Cyient, said.
“Our pipeline for the year looks robust. We continue to strengthen our technology offerings and remain focused on building solutions across key megatrends,” he said.
Karthikeyan Natarajan, Executive Director and CEO of Cyient, said that the financial year started off with a great start with year-on-growth of 37.2 per cent in the first quarter.
In this quarter, Cyient also completed its brand integration of Citec across its global offices.
The group listed Cyient DLM on the Bombay Stock Exchange early this month.