Cigniti Technologies Q2FY21 results

Consolidated Revenue Rs. 221.20 crores and Net Profit Rs. 25.22 Cr

Standalone Revenue Rs. 74.74 crores and Net Profit Rs. 16.54 Cr

Consolidated Financial Performance for Q2FY21 v/s Q2FY20 (Corresponding Year)   ·         Revenue of Rs. 221.20 crore v/s. Rs. 214.60 crore [á 3.1%] ·         EBITDA of Rs. 44.21 crore v/s. Rs. 36.87 crore ·         PAT of Rs. 25.22 crore v/s. Rs. 35.72 crore ·         PAT is after onetime tax adjustment of Rs 8.95 crores on account of tax assessment for earlier years of US subsidiary Cigniti Technologies Inc.; Net profit before taxes for earlier years stood at Rs 34.17 crores.   Consolidated Financial Performance for Q2FY21 v/s Q1FY21 (Corresponding Quarter)   ·         Revenue of Rs. 221.20 crore v/s. Rs. 218.40 crore [á1.3%] ·         EBITDA of Rs. 44.21 crore v/s. Rs. 36.06 crore ·         PAT of Rs. 25.22 crore v/s. Rs. 29.11 crore ·         PAT is after onetime tax adjustment of Rs 8.95 crores on account of tax assessment for earlier years of US subsidiary Cigniti Technologies Inc.; Net profit before taxes for earlier years stood at 34.17 crores as against Net Profit of Rs 29.11 crore in Q1FY21 up by 17%

 

Consolidated Financial Performance for H1FY21 v/s H1FY20 (Corresponding Year)   ·         Revenue of Rs. 439.60 crore v/s. Rs. 422.18 crore [á 4.1%] ·         EBITDA of Rs. 80.27 crore v/s. Rs. 68.52 crore ·         PAT of Rs. 54.32 crore v/s. Rs. 64.22 crore ·         PAT is after onetime tax adjustment of Rs 8.95 crores on account of tax assessment for earlier years of US subsidiary Cigniti Technologies Inc.; Net profit before taxes for earlier years stood at 63.28 crores.

Mumbai, November 5, 2020: Cigniti Technologies Limited, a global leader in independent quality engineering and software testing services, announced the consolidated financial results for the quarter ended September 30, 2020.

In Q2FY21, Company has made tax provision amounting Rs 8.95 crore on account of tax assessment for earlier years for Cigniti Technologies Inc., USA, wholly owned subsidiary of the Company. Net profit before Taxes for earlier years stood at 34.17 crores as against Net Profit of Rs 29.11 crore in Q1FY21 up by 17%

The company’s reported Net Profit for Q2FY21 stood at Rs 25.22 crore as against Net Profit of Rs 29.11 crore in Q1FY21.

The Company’s Consolidated Revenue from operations for the quarter under consideration stood at Rs 221.20 crore as against Rs 218.40 crore in Q1FY21.

EBIDTA for the September quarter was at Rs 44.21 crore and EBIDTA margin stood at 20.0%.

Management Commentary

Commenting on the results Mr. C V Subramanyam, Chairman & MD said, “I am happy to announce we were able to deliver a good performance in our second quarter and maintain the momentum of growth. As a company we are focused on implementing strategies to increase the revenue from existing customers, acquire new customers, extend our footprint in other geographies. I would like to extend my gratitude to our dedicated employees, clients and customers for their constant support.”

Highlights for the quarter ended September 30, 2020

·         Revenue from top 5 clients contributed approximately 20.5% of the Revenue

·         BFSI, Retail & e-Commerce and Travel & Transport sectors contributed the most to the revenue for Q2FY21

·         Revenue split geographically: North America & Canada – 90%, UK & Europe – 6%, Rest of the World 4%

About Cigniti Technologies Limited

Cigniti Technologies Limited (www.cigniti.com), Global Leaders in Independent Software Testing and Quality Engineering Services, is headquartered at Hyderabad, India. Cigniti’s 2500+ employees are spread across US, UK, India, Australia, and Canada. Cigniti is the world’s first Independent Software Testing Services Company to be appraised at CMMI-SVC v1.3, Maturity Level 5, and is also ISO 9001:2008 & ISO 27001:2013 certified. Cigniti’s test offerings include Quality Engineering, Advisory & Transformation, Digital Assurance, and Quality Assurance.