Cigniti Tech net profit down 11% in Q2
Cigniti Technologies Ltd, a global leader in independent quality engineering and software testing services, registered 11 per cent drop in net profit at Rs 22.17 crore in the second quarter of financial year 2021-22 against Rs 25.22 crore in the corresponding quarter previous fiscal.
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Hyderabad: Cigniti Technologies Ltd, a global leader in independent quality engineering and software testing services, registered 11 per cent drop in net profit at Rs 22.17 crore in the second quarter of financial year 2021-22 against Rs 25.22 crore in the corresponding quarter previous fiscal. Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased 28 per cent to Rs 31.92 crore in Q2 of FY 2022 from Rs 44.21 crore in same quarter last year.
C V Subramanyam, Chairman and MD said, "we are glad to deliver another quarter of robust numbers and we endeavor to achieve sustainable profitability through new offerings and solutions. I would like to extend my gratitude to the dedicated employees and to our clients for their constant support. The company is confident of growing at an augmented rate in the coming years."
However, the company's consolidated revenue from operations for the quarter under consideration grew by 39.2 per cent to Rs 307.90 crore as against Rs. 221.20 crore in a year-ago period. During the current quarter and six-month period ended September 2021, it has written off export incentives amounting to Rs 9.74 crore pertaining to FY 2020.
