Cyient, a Hyderabad-based technology company, exceeds forecasts for Q3FY23. Q3FY23 saw 97.2% increase and 156 crore in profitability. Cyient earned 79.1 crore in September 2022.

Cyient’s December 2021 profit of 131.8 crore rose 18.4%.

Cyient’s Q3FY23 consolidated revenue from operations was 1,618.2 crore, up 36.7% from 1,183.4 crore. Q2FY23 revenue was 1,396.2 crore.

Cyient’s consolidated services business sales grew 42.6% yoy to 1,379.8 crore in Q3FY23 from 967.4 crore in Q3FY22. Services revenue climbed 14.3% sequentially. The company’s consolidated design-led manufacturing (DLM) rose to 238.4 crore in Q3FY23 from 216.1 crore in Q3FY22 and 189.6 crore in Q2FY23.

In Q3FY23, Cyient’s standalone net profit was 111.3 crore, up from 106.3 crore. In Q3FY23, operations revenue increased to 605.3 crore from 455.9 crore. The company’s consolidated profitability was 351.2 crore during the first nine months of FY23 compared to 368.1 crore the year before. In 9MFY23, revenue rose to 4,264.5 crore from 3,353.2 crore.

Cyient shares are up 4.36% to 884.85 on BSE. The intraday high was 888.95.

At current prices, the company’s market cap is roughly Rs 9,779.25 crore.

Cyient DLM submitted its draught red herring prospectus with Sebi to launch its IPO for listing on BSE and NSE earlier this week. The subsidiary plans a 740 crore IPO. Cyient DLM may also issue equity shares up to 148 crore in consultation with the book-running lead managers, if permitted by law.