Cigniti Technologies reports the financial results for Q2FY24

Mumbai, November 04, 2023: Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, announced the consolidated financial results for the quarter ended September 30, 2023.

For the quarter under consideration, the company’s consolidated revenue from operations stood at Rs. 451.83 crore as against Rs. 439.53 crore in Q1FY24.

EBIDTA margin for the quarter ending on September 30, 2023 stood at Rs. 64.83 crore as against Rs. 62.07 crore in Q1FY24.

Profit After Tax incurred by the company for the quarter ending on September 30, 2023, stood at Rs. 45.85 crore as against Rs. 44.56 crore in Q1FY24.

Commenting on the results, Mr. Srikanth Chakkilam, Chief Executive Officer, said, “We are pleased to see our revenue grow sequentially amid current market conditions, owing to our robust business practices and diligent execution. While we acknowledge the challenges faced by the overall industry in this quarter, we remain optimistic about Cigniti’s future prospects based on our offerings and thought leadership.

“We remain committed to swiftly adjusting to market changes with a strong emphasis on delivering optimal results for our stakeholders. Looking ahead, we anticipate a potential for margin enhancements through the second half of FY24.”, he added.

Highlights for the quarter ended September 30, 2023:

· Revenue from the top 5 clients contributed approximately 24.60% of the Revenue.

· BFSI, Retail & e-commerce, and Travel & Transport sectors contributed in a major way to the revenue for Q2’FY24

· Revenue splits geographically: North America & Canada – 83.21%, UK & Europe – 8.45%, Rest of the World – 8.33%.

· The Board recommended an interim dividend of Rs 3 per share.

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