Cyient Ltd.
Q4FY23 Quarterly Result Announced for Cyient Ltd.
IT Consulting & Software company Cyient announced Q4FY23 results:
- Financial highlights for Q4FY23:
- Group revenue at $213.0 million; growth of 39.1% cc YoY (35.9% in US$) and 6.6% cc QoQ (8.1% in US$).
- Group revenue at Rs 17,514 million; growth of 48.3% YoY and 8.2% QoQ.
- Consolidated services revenue at $176.2 million; growth of 38.4% cc YoY (35.0% in US$) and 3.2% cc QoQ (4.9% in US$). Core services revenue growth is 12.0% cc YoY and 2.6% cc QoQ.
- Normalised group EBITDA margin at 18.4%; up by 118 bps QoQ and 30 bps YoY.
- Normalised group EBIT margin at 14.2%; up by 136 bps QoQ and down by 21 bps YoY.
- Normalised consolidated services EBIT margin at 15.1%; up by 117 bps QoQ and down by 27 bps YoY.
- Normalised free cash flow generation for the quarter at Rs 2,614 million, a conversion of 81.8% on normalised EBITDA(conversion of 148.6% on normalised PAT)
- Normalised PAT at Rs 1,760 mn for the quarter; growth of 14.1% YoY and 8.1% QoQ.
- Financial highlights for FY23:
- Group revenue at $746.3 million; growth of 26.9% cc YoY (22.7% in US$).
- Group revenue at Rs 60,159 million; growth of 32.7% YoY.
- Consolidated services revenue at $632.4 million; growth of 30.2% cc YoY (25.6% in US$).
- Core services revenue growth is 12.1% cc YoY.
- Normalised group EBITDA margin at 17.0%; down by 110 bps YoY.
- Normalised group EBIT margin at 12.8%; down by 113bps YoY.
- Normalised consolidated services EBIT margin at 13.7%; down by 160 bps YoY.
- Normalised free cash flow generation for the year at Rs 5,467 million, a conversion of 50.8% on normalised EBITDA (conversion of 96.7% on normalised PAT).
- Normalised PAT at Rs 5,651 million for the year; growth of 8.2% YoY.
- Highest ever total dividend of Rs 26 per share.
Commenting on the results, Krishna Bodanapu, Executive Vice-Chairman and Managing Director, said “Cyient witnessed positive Q4FY23 results, with the highest quarterly group revenue at $213.0 million, growth of 6.6% QoQ, and 39.1% YoY in constant currency. The services revenue was $176.2 million, a growth of 3.2% QoQ and 38.4% YoY in constant currency, driven by growth across the transportation, mobility and sustainability BUs. The normalized group EBIT margins, at 14.2%, is higher by 136 bps QoQ and lower by 21 bps YoY due to the amortisation costs of acquisitions. The normalised group EBITDA margin, at 18.4%, is higher by 118 bps QoQ and 30 bps YoY.
We continue to witness strong momentum across the business, driven by key wins, robust order intake, and a strong pipeline. We won 5 large deals in core services with a strong total contract potential of $185.1 million this quarter. We also witnessed significant growth across key accounts, with revenue from the top 30 accounts growing at 16.0% YoY in constant currency terms. We have a strong order intake at $212.7 million in Q4 FY23, which has contributed to the highest ever group order intake".
Result PDF