Cyient aims to double earnings by2020

The company is actively investing in emerging technologies such as Internet of Things, analytics and additive manufacturing

Global technology firm Cyient is targeting to double its revenues by 2020 from the current earnings at Rs 30,957 crore in FY 2015-16, B V R Mohan Reddy, the founder and executive chairman of the company said after announcing 'Cyient 3.0' to tap the growing market opportunities in the areas of engineering design, manufacturing and after market services. 

He said, "Over the last 25 years, Cyient has been developing innovative solutions for thegrowth of engineering services across the globe. The company has registered aprofit of Rs 3,262 crore and market capital of Rs 47,997 crore by the end of last fiscal. With Cyient 3.0, we are adopting design-build-maintain strategy to drive the next phase of growth." 

 

Krishna Bodanapu, MD and CEO of Cyient said the company is actively investing in emerging technologies such as Internet of Things (IoT), analytics and additive manufacturing. There are significant opportunities in design-build-maintain services. 

Cyient has spent Rs 500 crore for acquiring five companies including Rangsons and InvatiInsights during the last three years. It is planning to invest another Rs 500 crore on acquisitions in the next few years. It will continue to make strategicinvestments in emerging technologies, Bodanapu informed. 

Cyient has invested in two medical technology startups offering innovative solutions forcardiac monitoring and diagnostics focusing on affordable healthcare in India. The company has established design centres in Czech Republic and Poland. It has also redoubled its focus on defence electronics and offset opportunities by establishing its subsidiary in Israel. 

Speaking about the future plans, he said, "Currently, Cyient is working on a deal pipeline of Rs. 6,700 crore. We are trying to make use of the unutilised capacity by focusing more on our manufacturing entities in Bengaluru and Mysuru.In the next few years, 90% of our work force at all global locations will be of local origin."

At present, 18% of Cyient employees are foreign nationals. The company has a around 13,123 employees in 38 international locations across 21 countries. Out of this, approximately 3,000 are outside India. It will witness growth in headcount in the next few years but it will be a non-linear growth, Bodanapu added.