Wednesday, March 29, 2023

Cigniti Technologies Limited, world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, announced the consolidated financial results for the quarter ended December 31st, 2022.

The company’s reported Net Profit for Q3FY23 stood at Rs 46.6 crore as against Net Profit of Rs. 41.5 crore in Q2FY23.

The Company’s Consolidated Revenue from operations for the quarter under consideration increased by 2.7% to Rs. 428.0 crore as against Rs. 416.7 crore in Q2FY23.

EBIDTA margin for the December quarter was at Rs 15.0% and EBIDTA stood at 64.0 crore, up by 5.4% compared to Q2FY23.

Management Commentary

Commenting on the results, Mr. C V Subramanyam, Chairman & MD, said, “We have sustained our growth momentum and delivered a robust performance in the quarter in spite of the challenging business environment. While we are cautious about the economic outlook, we are very confident that we will continue this momentum in the coming quarters. The increased dependency on digital as a business driver for global companies is more critical than ever before. It certainly augurs well for us, and we believe we will be able to add continued value for our client’s growing digital assurance and digital engineering needs”

Highlights for the quarter ended December 31, 2022

·         Revenue from the top 5 clients contributed approximately 24.4% of the Revenue

·         BFSI, Retail & e-commerce and Travel & Transport sectors contributed the most to the revenue for Q3FY23

·         Revenue split geographically: North America & Canada – 84.6%, UK & Europe – 7.2%, Rest of the World – 8.2%.