However, revenue from operations rose 2.41% quarter on quarter (QoQ) to Rs 1,821.4 crore in Q3 FY24.

On year on year (YoY) basis, the company's consolidated net profit declined 5.64% while revenue increased by 12.56% in Q3 FY24.

Consolidated PBT before exceptional items stood at Rs 250 crore in Q3 FY24, registering a growth of 1.42% QoQ and 16.5% YoY. The company's US subsidiary has incurred legal costs on the antitrust lawsuit of Rs 50.3 crore and Rs 67.6 crore for the quarter and half year ended 30 September 2023 respectively.

The IT firm's normalised PAT grew 1.42% QoQ & 14.07% YoY to Rs 185.7 crore in quarter ended December 2023. Sequentially, normalised EBITDA rose marginally to Rs 326.1 crore in Q3 FY23, however on YoY basis it grew 17.09%. Normalised EBITDA margin stood at 17.9% in Q3 FY24 from 18.3% in Q2 FY24 and 17.2% in Q3 FY23.

The company’s Digital, Engineering, and Technology (DET) business delivered revenue at Rs 149.1 crore, recording a growth of 1.1% QoQ and 8.1% YoY.

During the quarter, Cyient DET order intake grew by 21.9% YoY.

Krishna Bodanapu, executive vice chairman and managing director, Cyient, said, “Cyient Group witnessed positive Q3 FY24 results, with quarterly Group revenue at $218.8 million, growth of 10.1% YoY in constant currency. Cyient’s Digital, Engineering, and Technology (DET) business delivered revenue of $179.2 million, growth of 1.1% QoQ and 5.4% YoY in constant currency. The normalized DET EBIT margin stood at 16%, up 205 bps YoY.

We expect DET revenue growth to be in the range of 13–13.5% YoY in constant currency terms, slightly lower than our earlier guided range. Margin trajectory remains robust."

Karthikeyan Natarajan, executive director and CEO, Cyient, said, “The robust growth of Cyient's DET business for this quarter was led by Aerospace and Sustainability business segments. We won eight large deals in DET with a total contract potential of $136.8 million in this quarter. The Cyient DET order intake stood at $297.3 million, up by 21.9% YoY.

Our pipeline for the year looks robust. We continue to deliver Intelligent Engineering and Technology solutions for a digital, autonomous, and sustainable future for our customers. AI and Data will play a critical accelerator in this journey. I want to thank all our associates for their contributions in delivering yet another robust quarter and to our customers for their unwavering trust in us.”

Cyient is a consulting-led, industry-centric, global technology solutions company. It currently operates through eight strategic business units: aerospace & defense; transportation; industrial, energy, and natural resources; semiconductor, internet of things and analytics; medical and healthcare; utilities & geospatial; communications and design-led manufacturing (Cyient DLM).