{"id":109979,"date":"2023-07-28T11:58:57","date_gmt":"2023-07-28T11:58:57","guid":{"rendered":"https:\/\/coforge.site\/cigniti_new\/?p=109979"},"modified":"2023-07-28T11:58:57","modified_gmt":"2023-07-28T11:58:57","slug":"cigniti-technologies-reports-the-financial-results-for-q1fy24","status":"publish","type":"post","link":"https:\/\/coforge.site\/cigniti_new\/cigniti-technologies-reports-the-financial-results-for-q1fy24\/","title":{"rendered":"Cigniti Technologies reports the financial results for Q1FY24"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]Consolidated Revenue Rs. 439.53 crores and Net Profit Rs. 44.56 Cr<br \/>\nStandalone Revenue Rs. 190.30 crores and Net Profit Rs. 27.16 Cr<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Consolidated Financial Performance for Q1YF24 v\/s Q1FY23 (Corresponding Year)<\/strong><\/span><\/p>\n<ul style=\"list-style-type: inherit; padding-left: 40px;\">\n<li>Revenue of <strong>Rs. 439.53<\/strong> crore v\/s. <strong>Rs. 377.97<\/strong> crore [<strong>16.3%<\/strong>]<\/li>\n<li>Reported EBITDA of <strong>Rs. 62.07<\/strong> crore v\/s. <strong>Rs. 44.55<\/strong> crore [<strong>39.3%<\/strong>]<\/li>\n<li>PAT of <strong>Rs. 44.56<\/strong> crore v\/s. <strong>Rs. 31.00<\/strong> crore [<strong>43.7%<\/strong>]<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>Consolidated Financial Performance for Q1FY24 v\/s Q4FY23 (Sequential Quarter)<\/strong><\/span><\/p>\n<ul style=\"list-style-type: inherit; padding-left: 40px;\">\n<li>Revenue of <strong>Rs. 439.53<\/strong> crore v\/s. <strong>Rs. 424.97<\/strong> crore [<strong>3.4%<\/strong>]<\/li>\n<li>EBITDA reported of <strong>Rs. 62.07<\/strong> crore v\/s. <strong>Rs. 68.37<\/strong> crore [<strong>-9.2%<\/strong>]<\/li>\n<li>PAT of <strong>Rs. 44.56<\/strong> crore v\/s. <strong>Rs. 49.24<\/strong> crore [<strong>-9.5%<\/strong>]<\/li>\n<\/ul>\n<p><strong>Hyderabad, 28<sup>th<\/sup> July 2023:<\/strong> Cigniti Technologies Limited, the world\u2019s leading AI &amp; IP-led Digital Assurance and Digital Engineering services company,\u202fannounced the consolidated financial results for the quarter ended June 30, 2023.<\/p>\n<p>For the quarter under consideration, the company&#8217;s consolidated revenue from operations stood at Rs. <strong>439.53<\/strong> crore as against Rs. 424.97 crore in Q4FY23.<\/p>\n<p>EBITDA margin for the June quarter is at <strong>14.1%<\/strong> and stood at Rs. <strong>62.07<\/strong> crore as against Rs. 68.37 crore in Q4FY23.<\/p>\n<p>The company\u2019s reported Net Profit for Q1FY24 stood at Rs.<strong>44.56<\/strong> crore as against Rs. 49.24 crore in Q4FY23.<\/p>\n<p>Commenting on the results,\u202f<strong>Mr. Srikanth Chakkilam, Chief Executive Officer<\/strong>,\u202fsaid,\u202f&#8221;We have achieved a reasonable performance in Q1FY24 given the headwinds in the economy. We continue to observe the environment cautiously and work towards achieving sustainable growth in the coming quarters.<\/p>\n<p>During the quarter, the Company has made inroads into the digital engineering space with its top 50 clients. The company is confident that its relentless focus on delivering high-quality solutions to its clients, along with innovative service offerings, shall result in enhanced performance.&#8221;<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Highlights for the quarter ended June 30, 2023:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: inherit; padding-left: 40px;\">\n<li>Revenue from the top 5 clients contributed approximately 23.12% of the Revenue.<\/li>\n<li>BFSI, Retail &amp; e-commerce and Travel &amp; Transport sectors contributed in a major way to the revenue for Q1\u2019FY24<\/li>\n<li>Revenue splits geographically: North America &amp; Canada \u2013 83.06%, UK &amp; Europe \u2013 9%, Rest of the World \u2013 7.94%.<\/li>\n<\/ul>\n<p>Furthermore, we take immense pride in the recent acknowledgments we have received.<\/p>\n<ul style=\"list-style-type: inherit; padding-left: 40px;\">\n<li>Nelson Hall\u2019s NEAT report &#8220;Quality Engineering 2023&#8221; has recognized us as a Leader in Overall Quality Engineering, AI-based Analytics and Automation, Application Security Testing, Cloud Migration, and RPA.<\/li>\n<li>The leading analyst firm also acknowledged Cigniti as an Innovator in UX Testing and a Major Player in ERP and COTS Testing. These accolades reflect our continued focus on innovation and the pursuit of excellence.<\/li>\n<li>Additionally, ISG recognized Cigniti as a Product Challenger and Contender in the US and Europe Regions in the ISG Provider Lens\u2122 Digital Engineering Services 2023 study.\u201d<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>About Cigniti Technologies Limited:<\/strong><\/span><br \/>\nCigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the world\u2019s leading AI &amp; IP-led Digital Assurance and Digital Engineering services company. Headquartered in Hyderabad, India, Cigniti\u2019s 4200+ employees help Fortune 500 and Global 2000 enterprises across 25 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP and platform-led innovation with expertise across multiple verticals and domains. To learn more, visit\u202f<a href=\"https:\/\/coforge.site\/cigniti_new\/\" target=\"_blank\" rel=\"noopener\">www.cigniti.com<\/a>.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&#8221;.vc_custom_1690544978675{margin-bottom: 0px !important;border-bottom-width: 0px !important;}&#8221;]<strong><span style=\"text-decoration: underline;\">For further information, please contact:<\/span> <\/strong>[\/vc_column_text][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]<strong>Gaurangi Veshvikar<br \/>\n<\/strong>Adfactors PR<br \/>\nMob: +91 9321923248<br \/>\nEmail: <a href=\"mailto:gaurangi.veshvikar@adfactorspr.com \">gaurangi.veshvikar@adfactorspr.com <\/a>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]<strong>Midhun Pingili<br \/>\n<\/strong>Cigniti Technologies<br \/>\nMob: +91 8886093093<br \/>\nEmail: <a href=\"mailto:midhun.pingili@cigniti.com\">midhun.pingili@cigniti.com<\/a>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Consolidated Revenue Rs. 439.53 crores and Net Profit Rs. 44.56 Cr Standalone Revenue Rs. 190.30 crores and Net Profit Rs. 27.16 Cr Consolidated Financial Performance for Q1YF24 v\/s Q1FY23 (Corresponding Year) Revenue of Rs. 439.53 crore v\/s. Rs. 377.97 crore [16.3%] Reported EBITDA of Rs. 62.07 crore v\/s. Rs. 44.55 crore [39.3%] PAT of Rs. [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-109979","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"featured_image_src":{"landsacpe":false,"list":false,"medium":false,"full":false},"_links":{"self":[{"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/posts\/109979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/comments?post=109979"}],"version-history":[{"count":0,"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/posts\/109979\/revisions"}],"wp:attachment":[{"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/media?parent=109979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/categories?post=109979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coforge.site\/cigniti_new\/wp-json\/wp\/v2\/tags?post=109979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}