Cyient Q2 Results FY2023, Revenue up by 25.6%

On 13th October 2022, Cyient announced its quarterly results for the second quarter of FY2023.

Q2FY23 Performance updates:

- The revenue stood at Rs. 1396.2 crores with QoQ growth of 11.7% and YoY growth of 25.6% 
- The constant currency revenue growth was reported at 10.0% QoQ and 20.4% YoY  
- EBIT stood at Rs. 166.1 crores with a margin of 11.9% 
- The PAT was reported at Rs. 110.3 crores, with a drop of 5.0% QoQ 
- The Group Order Intake grew by 58.6% YoY 

Geographical Highlights:

- The American market reported a revenue mix of 50.4% in Q2FY23.
-The European, Middle East and African market reported a revenue mix at 26%
- The Asian Pacific markets posted a revenue mix at 23.6%

Across Verticals:

- The revenue mix from the Aerospace vertical stood at 27.3%
- For the Rail transport vertical, the revenue mix was reported at 6.5%
- Communications vertical revenue mix stood at 23.3% 
- Mining revenue mix was at 2.3% in Q2FY23
- Energy segment revenue mix for Q2FY23 was at 6.3%
- The Utilities segment revenue mix stood at 4.8%
- Consulting vertical revenue mix stood at 1.1% for Q2FY23.

Other Highlights:

- During the quarter, Cyient closed the acquisitions we announced at the start of the year, strengthening its sustainable engineering capabilities. The impact of these acquisitions is expected to be more visible in the year's second half.
- Preparing for future growth, Cyient recently launched a commissioned research report with the Everest Group titled "Mirror into the Megatrends: Technology-Driven Disruptions that will Define the Decade.” The megatrends are global, technology-driven disruptions that will shape investments, opportunities, and lifestyles over the next decade. 

Commenting on the results, Krishna Bodanapu, Managing Director and CEO, Cyient, said, " We continue to witness strong momentum across the business, driven by key wins, robust Order Intake, and pipeline. We are confident about delivering positive results through the year, driven by growth in key accounts and a strong order pipeline. We continue strengthening our technology offerings, focusing on building technology solutions across key megatrends impacting industries like Automotive, Medical, Communications, Semiconductors, etc. With E R&D spending estimated to exceed US$ 1.7 Trillion by 2025, organizations worldwide are already leveraging their assets to prepare for the future. The research report we released highlights the Megatrends that will see definitive technology disruption by 2030. This is part of Cyient's push to ensure that our customers receive the best in technology innovation to ensure that their businesses are sustainable and futureproof."

On Friday, the share price of Cyient Ltd dropped by 0.85%