Technology solutions provider Cyient has reported a marginal growth in net profit in the first quarter ended June 30, 2022. The net profit increased to ₹116 crore in the quarter as against ₹115 crore in the same quarter last year, showing a growth of 0.9 per cent.
The company reported revenues of ₹1,250 crore in the quarter as against ₹1,058 crore in the corresponding quarter last year, showing a growth of 18 per cent.
“We will grow in the range of 13-15 per cent in the financial year 2022-23 in constant currency for the group. We will add further 6-7 per cent to the revenues from our acquisitions made during the quarter,” the company said in a statement.
During the quarter, Cyient acquired Citec, Celfinet and Grit Consulting. “We expect the full year margins to be in the range of 13-14 per cent,” it said.
“Our performance this quarter has been strong with our revenue growing at over 18 per cent year on year. We won six large deals with a total contract potential of about $424 million in the quarter,” Cyient Managing Director and Chief Executive Officer Krishna Bodanapu, has said in a statement.
“The Citec acquisition is the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date. The acquisition supports Cyient in enhancing its position as a plant and product engineering leader, strengthening its presence in Europe,” he said.
Published on
July 22, 2022
