On a consolidated basis, the IT company's net profit rose 8.66% to Rs 131.80 crore on 6.46% increase in revenue from operations to Rs 1,183.40 crore in Q3 December 2021 over Q2 September 2021.
During the quarter, group revenue rose 13.3% and net profit rose 38% year-on-year (YoY) in Q3 December 2021. EBIT margin stood at 13.9%; higher by 272 bps YoY and lower by 14 bps QoQ.In dollar terms, Group revenue stood at $157.9 million; growth of 11.7% YoY and 5.2% QoQ (5.9% in constant currency).
Group order intake stood at Rs 1690 crore, a YoY growth of 15.9%. Offshoring stood at 51.3%, highest in the last ten quarters.
Cash and cash equivalents, including long-term treasury investments, at healthy level of Rs 1476.8 crore.
In its outlook, Cyient said that it will grow double digit in FY22 in Services in USD. Design-led manufacturing (DLM) growth will be impacted due to supply side challenges. It expects the full year margins to improve by ~350 bps leading to best in class earnings growth for the full year. It maintained that our FY22 ETR will be around 25%.
Cyient executive director and CFO Ajay Aggarwal said the company has an excellent pipeline of acquisitions and the same will further support its earnings growth in coming years. "We will remain focussed on profitable growth with leading industry earnings growth and cash focus. This will also maximise the record returns for our shareholders for the year and coming years," he added.
"We delivered an excellent Q3 performance in line with our expectations. Our revenue for the quarter stood at USD 157.9 million, a growth of 11.7 per cent year-on-year (12.1 per cent constant currency) and 5.2 per cent quarter-on-quarter (5.9 per cent cc). Services business grew...driven by growth in the semiconductor, mining and natural resources, medical technology and healthcare sectors," Cyient managing director and CEO Krishna Bodanapu said.
He added that the growth in the quarter was backed by strong performance across key accounts and key strategic wins.
"We will continue to double down our focus on building our technology-led capabilities and make investments in key technology areas. Our outlook for Q4 and the year remains very positive due to the growth opportunity in various sectors...We also expect to deliver best-in-class earnings growth for the year," he said.
Cyient is a global engineering and technology solutions company.
Shares of Cyient were down 0.45% at Rs 971.80 on the BSE.
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