Hyderabad, India, July 21, 2022: Cyient, a leading consulting-led, industry-centric Technology Solutions company, announced its financial results for Q1 FY23. The organization showed strategic growth during this time on the strength of co-innovation, sustainable solutions, and service quality.
Financial highlights for the quarter:
Commenting on the Q1 results, Krishna Bodanapu, Managing Director and CEO, Cyient, said, "Our performance this quarter has been strong with our revenue growing at over 18% YoY. Six large deals with a TCP of over US$ 424 million are a key indicator of our customers' trust in our digital and innovation capabilities. Our robust pipeline from high-performing sectors like Communications, Mining, Healthcare Technology, and Automotive, strategic investments, and acquisitions show that our growth pillars continue to reap benefits for the business."
During the quarter, Cyient enhanced its plant engineering, 5G, and consulting capabilities and announced the acquisition of Citec, Celfinet, and Grit Consulting. The Citec acquisition is the largest outbound acquisition by an Indian engineering services company and Cyient's largest acquisition to date. The acquisition supports Cyient in enhancing its position as a plant and product engineering leader, strengthening its presence in Europe. In addition, Celfinet's acquisition strengthens Cyient's Wireless Engineering practice to support Communication Service Providers (CSPs) and Enterprises in deploying their pervasive connectivity networks at scale. The acquisition of Grit Consulting empowers Cyient to accelerate its consulting capabilities, deepening its mining industry footprint by leveraging customer, geographic, and talent synergies. The Celfinet and Grit Consulting acquisitions have been closed.
Continuing its focus on innovative solutions, Cyient launched an AI-Powered Framework for Automated System and Software Testing (CyFAST) to provide a comprehensive environment for managing testing projects. Cyient partnered with IIT Hyderabad (IITH) and WiSig Network to enable volume production of India's first architected and designed chip - the Koala NB-IoT SoC (Narrowband-IoT System-on-Chip). On the community and sustainability front, we are proud to report that over 45% of the energy consumed at our largest campus in Hyderabad is solar and clean. We published our Sustainability Report 2022, highlightingCyient's focus and progress on becoming environmentally sustainable by applying the reduce-switch-innovate-offset mantra. This includes the launch of a Global CSR Policy and a Human Rights Policy.
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