Cigniti Tech profit grows to `48 crore

Hyderabad: Cigniti Technologies Limited, world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, has reported a 3.2 per cent rise in consolidated profit after tax (PAT) at Rs 48.04 crore in October- December quarter (Q3) FY 2023-24 as against Rs 46.55 crore in same quarter last financial year.

The company's consolidated revenue from operations increased 9.4 per cent at Rs 468.02 crore in Q3 FY24 as against Rs. 427.99 crore in the corresponding quarter previous fiscal. Its EBIDTA (earnings before interest, taxes, depreciation, and amortisation) has marginally grown 0.9 per cent at Rs 64.57 crore in Q3FY24 over Rs 64.02 crore in same quarter a year ago.

Srikanth Chakkilam, Executive Director & CEO, said: "Amid industry challenges, our sequential revenue growth underscores the efficacy of our robust business practices and the steadfast execution of our strategies. The company won six new clients, made significant progress in generating opportunities for digital engineering services in existing accounts, and our pipeline for rest of the year also looks robust.”

During Q3FY24, the top five clients contributed approximately 27.31 per cent of the revenue. The BFSI, retail & e-commerce and travel, transport & hospitality sectors contributed in a major way to the revenue. North America & Canada contributed 83.35 per cent of the revenue, while UK & Europe has 8.41 per cent and rest of the world has 8.24 per cent.