Cyient DET has announced that its net profit in the quarter ended September 30, 2023 increased by 71 per cent to ₹173 crore against ₹101 crore reported during the same quarter last year.
The technology company registered a revenue of ₹1,476 crore in the quarter against ₹1,207 crore, showing a growth of 22 per cent over the same quarter last year
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The board of directors of the company declared an interim dividend of ₹12 per an equity share on the share value of ₹5 for the financial year 2023-2024.
“We won five large deals in DET with a total contract potential of $51.4 million in this quarter. We expect DET revenue growth to be in the range of 15-20 per cent year-on-year in constant currency terms and to be at the lower end of this range. Margin trajectory remains robust,” Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient, said.
“The growth was fuelled by distinctive progress in the transportation, sustainability, and automotive segments. We continue to apply digital technologies like robotics, AI, cloud, and data to help our customers build intelligent products and platforms,” Karthik Natarajan, Executive Director and CEO, Cyient, said.
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In the second quarter, the company collaborated with Microsoft to establish the ‘EnGeneer’ Centre of Excellence (CoE), which will enhance engineering lifecycle agility by developing platforms and tools that empower engineers with automation and assistance, boosting productivity and quality through Generative AI.
Meanwhile, the company made an announcement related to a memorandum of understanding with the Centre of Excellence in Maritime and Shipbuilding (CEMS) to collaborate on skill enhancement training for the student community.
Published on October 21, 2023
