Cyient Declares Q2 FY24 Results with Robust YoY Revenue Growth of 22.3% and PAT growth of 70.8% YoY 

Hyderabad: Cyient, a global Digital, Engineering, and Technology Solutions company, announced its financial results for the quarter ending September 30, 2023. 

Financial Highlights for Q2 FY24 

Cyient DET* Revenue at INR 1,476 crores, with QoQ growth of 1.5% and YoY growth of  22.3 % 
Cyient DET* CC Revenue Growth at 1% QoQ and 17.1% YoY 
Cyient DET* Normalized EBIT of INR 244 crores, with a margin of 16.5% 
Cyient DET* Normalized PAT at INR 172.8 crores, with QoQ growth of 1.5% and YoY growth of  70.8% (Reported PAT growth of 139.8% YoY) 
Cyient DET* Order Intake  grew by 40% YoY   

 
*Cyient DET (Digital, Engineering, and Technology) refers to Cyient Consolidated Services and Engineering Parts Business. 

Commenting on the results, Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient, said,"Cyient Group witnessed positive Q2 FY24 results, with quarterly Group revenue at $214.9 million, a growth of 22.3% YoY in constant currency.  

Cyient’s DET business delivered revenue of $178.4 million, a growth of 17.1% YoY in constant currency driven by growth across Transportation, Sustainability, and Automotive businesses. The normalized DET EBIT margin stood at 16.5%, higher by 406 bps YoY. We won 5 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% YoY in constant currency terms and to be at the lower end of this range. Margin trajectory remains robust.” 

Karthik Natarajan, Executive Director and CEO, Cyient, stated, "Q2 of FY24 of Cyient’s DET business has seen a robust YoY Revenue growth of 22.3%, and a reported PAT growth of 139.8% YoY,  fueled 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. We have seen significant adoption of Autonomous systems across industries. Our industry-leading Sustainability solutions for Carbon Capture and Alternative Fuels are getting globally recognized. I want to thank all our associates for their valuable efforts and our customers for their trust toward our continued success."