Author - anand

06 Feb

Cigniti Technologies reports the financial results for Q3FY24

Consolidated Revenue Rs. 468.02 crores and Net Profit Rs.48.04 Cr
Standalone Revenue Rs. 202.86 crores and Net Profit Rs. 29.50 Cr

Consolidated Financial Performance for Q3YF24 v/s Q3FY23 (Corresponding Year)

  • Revenue of 468.02 crore v/s. Rs. 427.99 crore [9.4%]
  • Reported EBITDA of 64.57 crore v/s. Rs. 64.02 crore [0.9%]
  • PAT of 48.04 crore v/s. Rs. 46.55 crore [3.2%]

Consolidated Financial Performance for Q3FY24 v/s Q2FY24 (Sequential Quarter)

  • Revenue of 468.02 crore v/s. Rs. 451.83 crore [3.6%]
  • EBITDA reported of 64.57 crore v/s. Rs. 64.83 crore [-0.4%]
  • PAT of 48.04 crore v/s. Rs. 45.86 crore [4.8%]

Consolidated Financial Performance for 9M FY24 v/s 9M FY23 (Corresponding Quarter)

  • Revenue of 1,359.37 crore v/s. Rs. 1,222.61 crore [11.2%]
  • EBITDA reported of 191.46 crore v/s. Rs. 169.33 crore [13.1%]
  • PAT of 138.46 crore v/s. Rs. 119.08 crore [16.3%]

Hyderabad, February 6th, 2024: Cigniti Technologies Limited, world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, announced the consolidated financial results for the quarter ended December 31, 2023.

For the quarter under consideration, the company's consolidated revenue from operations stood at Rs. 468.02 crore as against Rs. 451.83 crore in Q2FY24.

EBIDTA margin for the quarter ending on December 31, 2023 stood at Rs. 64.57 crore as against Rs. 64.83 crore in Q2FY24.

Profit After Tax incurred by the company for the quarter ending on December 31, 2023 stood at Rs. 48.04 crore as against Rs. 45.86 crore in Q2FY24.

Commenting on the results, Mr. Srikanth Chakkilam, Chief Executive Officer, "Closing the third quarter of FY24 on a strong note, Cigniti Technologies has showcased resilience and growth amidst industry challenges. Our sequential revenue growth underscores the efficacy of our robust business practices and the steadfast execution of our strategies. The company won six new clients, made significant progress in generating opportunities for Digital Engineering services in existing accounts, and our pipeline for the rest of the year also looks robust.”

Highlights for the quarter ended December 31, 2023:

  • Revenue from the top 5 clients contributed approximately 27.31% of the Revenue.
  • BFSI, Retail & e-commerce and Travel, Transport & Hospitality sectors contributed in a major way to the revenue for Q3FY24.
  • Revenue splits geographically: North America & Canada – 83.35%, UK & Europe – 8.41%, Rest of the World – 8.24%.

About Cigniti Technologies Limited:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. Headquartered in Hyderabad, India, Cigniti’s 4100+ employees help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains.

To learn more, visit www.cigniti.com.

For media inquiries, please contact:
Midhun Pingili, AVP – Marketing | +91 8886093093 | Midhun.pingili@cigniti.com

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03 Nov

Cigniti Technologies reports the financial results for Q2FY24

Consolidated Revenue Rs. 451.83 crores and Net Profit Rs.45.86 Cr
Standalone Revenue Rs. 195.91 crores and Net Profit Rs. 29.29 Cr

Consolidated Financial Performance for Q2YF24 v/s Q2FY23 (Corresponding Year)

  • Revenue of Rs. 451.83 crore v/s. Rs. 416.65 crore [8.4%]
  • Reported EBITDA of Rs. 64.83 crore v/s. Rs. 60.76 crore [6.7%]
  • PAT of Rs. 45.86 crore v/s. Rs. 41.53 crore [10.4%]

Consolidated Financial Performance for Q2FY24 v/s Q1FY24 (Sequential Quarter)

  • Revenue of Rs. 451.83 crore v/s. Rs. 439.53 crore [2.8%]
  • EBITDA reported of Rs. 64.83 crore v/s. Rs. 62.07 crore [4.4%]
  • PAT of Rs. 45.86 crore v/s. Rs. 44.56 crore [2.9%]

Consolidated Financial Performance for H1FY24 v/s H1FY23 (Corresponding Quarter)

  • Revenue of Rs.891.36 crore v/s. Rs. 794.63 crore [12.2%]
  • EBITDA reported of Rs. 126.90 crore v/s. Rs. 105.31 crore [20.5%]
  • PAT of Rs. 90.42 crore v/s. Rs. 72.53 crore [24.7%]

Hyderabad, November 03rd, 2023: Cigniti Technologies Limited, 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.

EBITDA 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.

About Cigniti Technologies Limited:

Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. Headquartered in Hyderabad, India, Cigniti’s 4100+ employees help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains.

To learn more, visit www.cigniti.com.

For media inquiries, please contact:
Midhun Pingili, AVP – Marketing | +91 8886093093 | Midhun.pingili@cigniti.com

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26 Oct

Cigniti Wins ISG Case Study Standout Award for its AI/ML Solution in the Education Industry

26th October, Hyderabad, India: Cigniti Technologies, the world's leading AI & IP-led Digital Assurance and Digital Engineering services company, is honored to receive the ISG Case Study Standout Award in the Education category for its AI/ML decision-making predictive model work for Adelphoi, a leading non-profit organization based in the US.

ISG Case Study Standouts—an evolution of the ISG Digital Case Study Awards program—recognize the best-in-class work of service providers in collaboration with enterprise clients. Companies worldwide submitted their case studies, which underwent validation by the client organization and ISG digital researchers, resulting in a selection based on a comprehensive analysis of the real-world effects of digital transformation on the client's business and the distinctiveness of the provider's solutions.

Adelphoi is a non-profit organization that provides outcome-based solutions for neglected, delinquent, abused, and other at-risk children and their families, combining treatment and mental health services. Cigniti's case study recognition for Adelphoi is for its AI/ML decision-making predictive model that leveraged historical data to recommend the most suitable treatment program for each child, enhancing overall care and minimizing the percentage of 'return to care.'

"The accelerated adoption of digital technologies and business models was strongly evident in the case studies we received this year," said Paul Reynolds, ISG partner and chief research officer. "The Cigniti Technologies case study with Adelphoi is a standout example of how AI/ML can be a differentiator to accelerate product development and attain first-mover advantage in a new and unexplored market."

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05 Oct

Cigniti Achieves TISAX Label 2 Certification with Maturity Level 3 in the Automotive Industry

London, 5th October: Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering Services company, has achieved the Trusted Information Security Assessment Exchange (TISAX) Label 2 Certification with Maturity Level 3 for its Digital Assurance and Quality Engineering Services in the India and Europe regions in the Automotive Industry.

TISAX is an association of leading German automakers and their top suppliers, aiming to safeguard intellectual property, ensure security, and uphold privacy regulations throughout the automotive supply chain. ENX, a renowned German association, issues this globally recognized certification.

Srikanth Chakkilam, CEO and Director, Cigniti Technologies Inc stated “ The automotive industry is one of the most targeted sectors for cyberattacks, with an average of 270 attacks per organization per day in 2022 according to recent reports. In light of these risks, it is more important than ever for automotive suppliers to implement robust cybersecurity measures. This recognition underscores our commitment to delivering the highest standards of quality and security in our Digital Assurance and Quality Engineering services to our global clients. At Cigniti, we remain committed to delivering excellence, and together with our clients, we will continue to drive innovation and secure success in an increasingly interconnected world.”

Commenting on the achievement, Cigniti’s Chief Delivery Officer, Raghu Krovvidy stated "As the automotive industry races towards a future defined by innovation and digital transformation, cybersecurity stands as the cornerstone of trust and reliability. The mandate for TISAX certification echoes the industry's commitment to safeguarding critical data and ensuring the resilience of our interconnected ecosystem. Cigniti’s achievement of the esteemed TISAX Label 2 Certification with Maturity Level 3 is a testament to our unwavering dedication to security excellence. This milestone propels us into the role of a trusted partner for manufacturers, OEMs, and global automotive clients, empowering them to accelerate their digital journeys with confidence and assurance."

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28 Jun

ISG Recognizes Cigniti as “Product Challengers” and “Contenders” in the US and Europe Regions in the ISG Provider Lens™ Digital Engineering Services 2023 Study

Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, is delighted to announce its recognition as Product Challengers and Contenders in the ISG Provider Lens™ Digital Engineering Services 2023 Study. This recognition is a testament to Cigniti's commitment to delivering innovative and transformative digital engineering solutions to its clients across the US and Europe regions.

  • In the US region, Cigniti has been recognized as Product Challengers in Design & Development, Integrated Customer/User Engagement, Platform & Application Services, and Contenders in Intelligent Operations quadrants.
  • In the Europe region, Cigniti has been recognized as Contenders in Design & Development, Integrated Customer/User Engagement, Platform & Application Services, and Intelligent Operations quadrants.

Srikanth Chakkilam, Chief Executive Officer at Cigniti Technologies, commented, "We are honored to be recognized as Product Challengers and Contenders in the ISG Provider Lens™ Digital Engineering Services 2023 Study. This recognition is a firm step towards our journey of becoming a leading quality-first digital engineering services player and accomplish our stated objectives. This acknowledgment validates our dedication to innovation and our ability to deliver high-quality digital engineering solutions to our clients. It reinforces our position as a trusted partner for organizations seeking quality-led digital engineering services where that can truly accelerate digital transformation and deliver enhanced customer experiences."

Sairam Vedam, Chief Marketing Officer at Cigniti Technologies, added, "We are delighted to receive this recognition from ISG. Being acknowledged as Product Challengers and Contenders in multiple quadrants demonstrates our expertise across different aspects of digital engineering services. This surely elevates our positioning in achieving significant mindshare amongst our customers to become a trusted partner of digital-led business growth. As software sits at the center of every company’s digital charter, our resolve to offer a confluence of AI and IP-led Digital engineering services with an incredible ability to put quality at the digital core is further elevated. This recognition motivates us to have deeper conversations with our customers to understand and accelerate their digital journeys."

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23 Jun

Cigniti Technologies and Mahatma Gandhi Institute of Technology (MGIT) Collaborate to Bridge Industry-Academia Gap and Empower Future IT Professionals

Hyderabad, June 23rd, 2023: Cigniti Technologies, the world's leading AI and IP-led Digital Assurance and Digital Engineering services company, has entered into a Memorandum of Understanding (MoU) with Mahatma Gandhi Institute of Technology (MGIT), a prestigious Hyderabad-based educational institution, to launch an innovative training program aimed at bridging the gap between academia and industry.

This association between Cigniti and MGIT aims to equip students with practical skills and technical knowledge that align with the demands of the ever-evolving IT industry. Leveraging Cigniti's industry experience, a customized training program has been curated to empower students with the necessary tech and professional skills, enabling them to excel in their careers. The comprehensive training program will include a robust curriculum aligned with industry requirements, hands-on workshops, and practice labs. Additionally, this collaboration will open doors for real-time projects, guest lectures by subject matter experts (SMEs) from Cigniti, and potential internship opportunities, providing students with invaluable industry exposure.

"MGIT takes immense pride in announcing the signing of a Memorandum of Understanding (MoU) with Cigniti Technologies. This MoU signifies a strong bond between MGIT & Cigniti Technologies, built on shared values and a common vision to empower students and foster excellence. Through this collaboration, we aim to bridge the gap between academia and the industry, ensuring that our students are well-equipped to thrive in the ever-evolving world of technology." - Prof. G. Chandramohan Reddy, Principal, MGIT.

"Cigniti is happy to partner with MGIT to create a dynamic learning experience that combines academic knowledge and practical industry skills. Through this collaboration, we aim to nurture a well-prepared, skilled workforce to meet the industry's challenges. Cigniti brings its extensive expertise and industry insights to the table, leveraging its deep domain knowledge and global experience in technology through the C-ignite program. We believe this collaboration will bring immense value to Cigniti and MGIT."  - Veera Reddy Patlolla, Global Head of HR, Cigniti Technologies.

Along with Veera Reddy and Prof. Chandramohan Reddy, the signing ceremony was graced by the leadership team from both sides.

About Cigniti:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World's Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4200+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore.

To learn more, visit www.cigniti.com.

Contact
Midhun.pingili@cigniti.com  (+91 8886093093)

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02 May

Cigniti Technologies Reports the Financial Results for Q4FY23 and the Fiscal Year FY22-23

Consolidated Revenue Rs. 424.97 crores and Net Profit Rs. 49.24 Cr for Q4FY23.
The Board has Recommended a Dividend of Rs. 3 & an Additional Special Dividend of Rs. 2.50 on the Company's Successful Completion of 25 Years.

Consolidated Financial Performance for FY23 v/s FY22 (Corresponding Year)

  • Revenue of 1647.58 crore v/s. Rs. 1241.80 crore [32.7%]
  • Reported EBITDA of Rs 237.70 crore v/s. 129.28 crore [83.9%]
  • PAT of 168.32 crore v/s. Rs. 91.74 crore [83.5%]

Consolidated Financial Performance for Q4YF23 v/s Q4FY22 (Corresponding Year)

  • Revenue of 424.97 crore v/s. Rs. 344.08 crore [23.5%]
  • Reported EBITDA of 68.37 crore v/s. Rs. 32.61 crore [109.6%]
  • PAT of 49.24 crore v/s. Rs. 22.60 crore [117.9%]

Consolidated Financial Performance for Q4FY23 v/s Q3FY23 (Corresponding Quarter)

  • Revenue of 424.97 crore v/s. Rs. 427.99 crore
  • EBITDA reported of 68.37 crore v/s. Rs. 64.02 crore
  • PAT of 49.24 crore v/s. Rs. 46.55 crore

Hyderabad, May 02nd, 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, and the fiscal year ended March 31st, 2023.

The company’s reported Net Profit for Q4FY23 stood at Rs. 49.24 crore as against Net Profit of Rs. 46.55 crore in Q3FY23.

The Company’s Consolidated Revenue from operations for the quarter under consideration stood at Rs 424.97 crore as against Rs 427.99 crore in Q3FY23.

EBITDA margin for the March quarter was at 16.2% and EBITDA stood at 68.37 crores, up by 109.6% compared to Q4’FY22.

For the last fiscal year FY22-23, Cigniti Technologies reported total revenue of Rs. 1647.58 crore, a 32.7% increase over the previous fiscal year. Net profit for the year was Rs. 168.32 crore, representing a 83.5% increase over the previous year.

Commenting on the results, Mr. C V Subramanyam, Chairman & MD, said, " I am happy that we continued our strong performance in Q4 FY23 and the FY ending March 2023. We have grown by 32% in Revenue in comparison to the previous year and expanded in margins substantially. Consequently, the board has recommended a final dividend of Rs. 3 per share and a special dividend of Rs. 2.50 per share marking the milestone completion of 25 years by the company. Our endeavor to help clients with the digital landscape through a quality-first approach to digital transformation has put us in an enviable position in the Global Market. I am confident we will march ahead and reach newer heights in the years to come.”

Highlights for the quarter ended March 31, 2023

  • Revenue from the top 5 clients contributed approximately 22.8% of the Revenue
  • BFSI, Retail & e-commerce and Travel & Transport sectors contributed the most to the revenue for Q4’FY23
  • Revenue split geographically: North America & Canada – 82.6%, UK & Europe – 8.5%, Rest of the World - 8.9%.

About Cigniti Technologies Limited
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the world’s leading AI & IP-led Digital Assurance and Digital Engineering Services Company. Headquartered in Hyderabad, India, Cigniti’s 4100+ employees help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains.

To learn more, visit www.cigniti.com.

For further information, please contact:

Gaurangi Veshvikar
Adfactors PR
Mob: +91 9321923248
Email: gaurangi.veshvikar@adfactorspr.com

Midhun Pingili
Cigniti Technologies
Mob: +91 8886093093
Email: midhun.pingili@cigniti.com

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24 Mar

Cigniti Technologies provides critical medical equipment to the Gynaecology Facility at the Government MNJ Institute of Oncology, Regional Cancer, Hyderabad, India.

~ As part of its CSR efforts, Cigniti supported a gynecology facility with medical equipment at MNJ Institute of Oncology, Regional Cancer, Hyderabad, India ~

Hyderabad, India 24th March, 2023: As part of its CSR initiative, Project Cignificance, Cigniti Technologies, the world’s leading AI and IP-led Digital Assurance and Digital Engineering services company, extended its support to the Government MNJ Institute of Oncology, Regional Cancer in Hyderabad, India. Cigniti provided crucial healthcare and essential medical equipment for a gynecology unit supporting women cancer patients from marginalized communities.

Cigniti Technologies has always been at the forefront of supporting healthcare initiatives. This latest contribution reflects our commitment to support this facility with essential medical equipment like ICU beds, Ventilators, Multi-Channel Monitors, Infusion Pumps, Ultrasound Portable, Colposcope, air conditioners for the room, and many more. These equipment’s will enable them to offer more advanced care and medical attention to the patients.

The facility was inaugurated by Mr. Raghu Krovvidy, CDO at Cigniti Technologies in the presence of Mr. Sairam Vedam, CMO at Cigniti Technologies, and Mr. Midhun Pingili, Sr. Director of Marketing at Cigniti Technologies. Mr. Mayur Patnala, Founder and CEO of Nirmaan Organization, and Dr. Jayalatha, Director of MNJ Institute of Oncology and Regional Cancer Hospital, graced the occasion at the hospital.

By collaborating with Nirmaan Organization, Cigniti aims to reduce the stress on the existing public healthcare system caused by the increase in gynecology-related cases, such as delivery cases in Mother and Child hospitals and tertiary hospitals. This assistance will deliver better healthcare, minimize gynecology referrals to private/tertiary hospitals, and offer a green channel for women on a walk-in basis to decrease the waiting period. With this support, the facility will be able to provide medical attention to at least 1,000 marginalized patients annually.

About Cigniti Technologies Limited:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company. 4200+ Cignitians worldwide help Fortune 500 and Global 2000 enterprises across 24 countries accelerate their digital transformation journey through 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. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, the UK, the UAE, Australia, South Africa, the Czech Republic, and Singapore.
To learn more, visit www.cigniti.com.

Contact
Midhun.pingili@cigniti.com  (+91 8886093093)

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04 Mar

Cigniti Technologies Commemorates Women in Technology Ahead of International Women’s Day.

Cigniti is undertaking multiple initiatives, including women in tech roundtable, herDIGITALstory, and enabling essential healthcare facilities.

Cigniti has organized dedicated programs for women in tech, along with diversity and inclusion (D&I), aspirant professionals from rural areas, and disadvantaged women in need of basic healthcare facilities.

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20 Oct

Cigniti Technologies Q2FY23 Revenue

Consolidated Revenue Rs. 416.65 crores and Net Profit Rs. 41.53 Cr
Standalone Revenue Rs. 172.64 crores and Net Profit Rs. 26.09 Cr

Consolidated Financial Performance for Q2YF23 v/s Q2FY22 (Corresponding Year)

  • Revenue of 416.65 crore v/s. Rs. 307.90 crore [35%]
  • Reported EBITDA of 60.76 crore v/s. Rs. 31.92 crore [90%]
  • PAT of 41.53 crore v/s. Rs. 22.17 crore [87%]

Consolidated Financial Performance for Q2FY23 v/s Q1FY23 (Corresponding Quarter)

  • Revenue of 416.65 crore v/s. Rs. 377.97 crore [10%]
  • EBITDA reported of 60.76 crore v/s. Rs. 44.55 crore [36%]
  • PAT of 41.53 crore v/s. Rs. 31.00 crore [34%]
Consolidated Financial Performance for H1FY23 v/s H1FY22 (Corresponding Year)

  • Revenue of 794.63 crore v/s. Rs. 572.26 crore [39%]
  • EBITDA of 105.31 crore v/s. Rs. 56.23 crore [87%]
  • PAT of 72.53 crore v/s. Rs. 42.59 crore [70%]

Hyderabad, October 20, 2022: Cigniti Technologies Limited, world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, announced the consolidated financial results for the quarter ended September 30, 2022.

The company’s reported Net Profit for Q2FY23 stood at Rs 41.53 crore as against Net Profit of Rs 31.00 crore in Q1FY23.

The Company’s Consolidated Revenue from operations for the quarter under consideration increased by 10% to Rs. 416.65 crore as against Rs. 377.97 crore in Q1FY23.

EBIDTA reported for the quarter ended September 30, 2022, stood at Rs. 60.76 crore up by 36% compared to Q1FY23.

Management Commentary
Commenting on the results, Mr. C V Subramanyam, Chairman & MD, said, "In the second quarter, Cigniti Technologies ably demonstrated its sustained growth across the verticals, highlighted by our strong Net Profit growth of 10.2%. I am confident that we will continue this growth momentum for the next few quarters.

 I am happy to update that the unveiling of our company's new brand identity has revitalized our efforts to surpass all past expectations. This quarter also witnessed Cigniti Technologies being honored with the 'Outstanding Contributor to the Indo-US Corridor’ award. This is an outcome of the spirited efforts demonstrated by all the Cignitians, propelling us to the forefront of digital transformation in a leading tech-driven market such as the USA.”

Highlights for the quarter ended September 30, 2022

  • Revenue from the top 5 clients contributed approximately 23.16% of the Revenue
  • BFSI, Retail & e-commerce and Travel & Transport sectors contributed the most to the revenue for Q2FY23
  • Revenue split geographically: North America & Canada – 85%, UK & Europe – 8%, Rest of the World 7%.

About Cigniti Technologies Limited
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. Headquartered in Hyderabad, India, Cigniti’s 4100+ employees help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains.

To learn more, visit www.cigniti.com.

For further information, please contact:

Raveena Shetty
Adfactors PR ltd
Mob: 9769539969
Email: raveena.shetty@adfactorspr.com

Midhun Pingili
Cigniti Technologies
Mob: +91 8886093093
Email: midhun.pingili@cigniti.com

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27 Sep

Cigniti’s Chairman & MD, Mr. C V Subramanyam, Honored With ‘Outstanding Contributor to the Indo-US Corridor’ Award

Cigniti’s Chairman & MD, Mr. C V Subramanyam, Honored With ‘Outstanding Contributor to the Indo-US Corridor’ Award
Hyderabad, 24th  September 2022: Mr. C V Subramanyam, Chairman & MD at Cigniti Technologies, received the award for ‘Outstanding Contributor to the Indo-US Corridor’ at the ‘18th Indo-American Corporate Excellence Awards 2022’ held by the Indo-American Chamber of Commerce (IACC) on 23rd September in Mumbai. The award was presented to Mr. C V Subramanyam by Mr. Suresh Kotak, Chairman, Kotak Commodities and Mr. Rahul Narwekar, Speaker of Maharashtra Legislative Assembly.

Cigniti is the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company that helps Fortune 500 & Global 2000 companies accelerate their digital transformation journey. The IACC recognizes organizations and individuals that embody the promotion of Indo-US trade and have made outstanding contributions to boosting all spheres of the corporate ecosystem - business, industry, and the overall community between the two nations. In line with this, the award recognizes Mr. C V Subramanyam’s leadership and direction that helped Cigniti quickly grow to develop specialized high-tech capabilities and acquire firms in the US and India.

On receiving the award, Mr. C V Subramanyam said “I am honored to receive this award and grateful to the IACC for the recognition. This award is extremely special as Cigniti leapfrogs into the digital orbit and continuous its journey to accelerate the digital transformation of some of the leading and largest companies in the USA. This award further inspires the collective endeavor to realize our vision of ‘Together, we build a better future through technology-led transformation’. The U.S. is the front runner in digital adoption, and we strive to better Indo-U.S. relations through technology-driven trade in the corridor. 80% of Cigniti’s 4100+ workforce contribute towards the work we do in the Indo-US corridor.”

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24 Sep

Cigniti’s Chairman & MD, Mr. C V Subramanyam, Honored With ‘Outstanding Contributor to the Indo-US Corridor’ Award

Cigniti’s Chairman & MD, Mr. C V Subramanyam, Honored With ‘Outstanding Contributor to the Indo-US Corridor’ Award
Hyderabad, 24th  September 2022: Mr. C V Subramanyam, Chairman & MD at Cigniti Technologies, received the award for ‘Outstanding Contributor to the Indo-US Corridor’ at the ‘18th Indo-American Corporate Excellence Awards 2022’ held by the Indo-American Chamber of Commerce (IACC) on 23rd September in Mumbai. The award was presented to Mr. C V Subramanyam by Mr. Suresh Kotak, Chairman, Kotak Commodities and Mr. Rahul Narwekar, Speaker of Maharashtra Legislative Assembly.

Cigniti is the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company that helps Fortune 500 & Global 2000 companies accelerate their digital transformation journey. The IACC recognizes organizations and individuals that embody the promotion of Indo-US trade and have made outstanding contributions to boosting all spheres of the corporate ecosystem - business, industry, and the overall community between the two nations. In line with this, the award recognizes Mr. C V Subramanyam’s leadership and direction that helped Cigniti quickly grow to develop specialized high-tech capabilities and acquire firms in the US and India.

On receiving the award, Mr. C V Subramanyam said “I am honored to receive this award and grateful to the IACC for the recognition. This award is extremely special as Cigniti leapfrogs into the digital orbit and continuous its journey to accelerate the digital transformation of some of the leading and largest companies in the USA. This award further inspires the collective endeavor to realize our vision of ‘Together, we build a better future through technology-led transformation’. The U.S. is the front runner in digital adoption, and we strive to better Indo-U.S. relations through technology-driven trade in the corridor. 80% of Cigniti’s 4100+ workforce contribute towards the work we do in the Indo-US corridor.”

The event was graced by the U.S. Administration present in India, and senior corporate dignitaries.

About Cigniti:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. Headquartered in Hyderabad, India, Cigniti’s 4100+ employees help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains.

To learn more, visit www.cigniti.com.

Contact:
Midhun.pingili@cigniti.com  (+91 8886093093)

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13 Sep

Cigniti Accelerates a Fortune 500 American Retailer’s Digital Transformation Journey

Dallas, TX, 8th September 2022: Cigniti Technologies, the world’s leading AI and IP-led Digital Assurance and Digital Engineering services company has further strengthened its partnership with a leading American retailer by ensuring superior digital experience to their customers and by accelerating their digital ambitions. The Fortune 500 American retailer and Cigniti recently celebrated their 1st anniversary of the partnership, and they see tremendous scope for growth via digitalization that will assure the retailer’s business outcomes at an accelerated pace.

The American retailer is an established sporting goods recreation retailer in the U.S. with nearly close to 260+ stores across states and a portfolio of 25+ private label brands. It possesses deep consumer connections and growing mobile, omnichannel, and digital capabilities. The company offers a broad assortment of sports and camping equipment, footwear, apparel, and more through its retail and e-commerce platform. The client was looking to accelerate its Digital Transformation initiatives with mobile channel activation, achieve seamless business continuity, elevate its Digital Test CoE, enhance DevOps to integrated DevSecOps, fully automate Data Engineering (Test Data Management) and environment provisioning (Test Environment Management), and set up a real-time dashboard, Verita (Cigniti’s proprietary tool), across small cross-functional teams.

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08 Sep

Cigniti Accelerates a Fortune 500 American Retailer’s Digital Transformation Journey

Dallas, TX, 8th September 2022: Cigniti Technologies, the world’s leading AI and IP-led Digital Assurance and Digital Engineering services company has further strengthened its partnership with a leading American retailer by ensuring superior digital experience to their customers and by accelerating their digital ambitions. The Fortune 500 American retailer and Cigniti recently celebrated their 1st anniversary of the partnership, and they see tremendous scope for growth via digitalization that will assure the retailer’s business outcomes at an accelerated pace.

The American retailer is an established sporting goods recreation retailer in the U.S. with nearly close to 260+ stores across states and a portfolio of 25+ private label brands. It possesses deep consumer connections and growing mobile, omnichannel, and digital capabilities. The company offers a broad assortment of sports and camping equipment, footwear, apparel, and more through its retail and e-commerce platform. The client was looking to accelerate its Digital Transformation initiatives with mobile channel activation, achieve seamless business continuity, elevate its Digital Test CoE, enhance DevOps to integrated DevSecOps, fully automate Data Engineering (Test Data Management) and environment provisioning (Test Environment Management), and set up a real-time dashboard, Verita (Cigniti’s proprietary tool), across small cross-functional teams.

Guided by vast retail experience, Cigniti delivered on all fronts and demonstrated business value with full Americans with Disabilities Act (ADA) compliance for both the website and mobile apps, faster time-to-market from once in two months down to weekly, 14% increase in throughput, increased Performance Engineering coverage from 16 to 80 stores, and helped cover 65% of the applications with automation from earlier 30%. Cigniti leveraged Verita, to develop a custom, real-time dashboard for the retailer.

Reflecting on the partnership, Cigniti’s CEO Srikanth Chakkilam, said “The strategic association with the Fortune 500 American retailer is a testament to retail enterprises reimagining how services are delivered to customers digitally. This has massive implications for the retail value chain and its adoption of next-gen technologies. Cigniti's AI-powered and proven retail solutions help leading retailers better align with their evolving market and to go ‘Digital-First’ with confidence.”

“With the increased need for digitalization in retail, Cigniti is helping us in seamless digital transition to provide superior customer experiences while enabling high scalability and growth from contemporary channels such as mobile,” commended Head of QA, Fortune 500 American retailer.

About Cigniti
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4100+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform led innovation with expertise across multiple verticals and domains. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore. To learn more, visit www.cigniti.com

Contact:
Midhun.pingili@cigniti.com  (+91 8886093093)

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02 Sep

Cigniti Technologies supports NICU/SNCU Facility at the Mother and Child Health Center, Nalgonda, Hyderabad, with medical equipment.

Nalgonda, 2nd September 2022:  Cigniti Technologies, the world’s leading AI and IP-led Digital Assurance and Digital Engineering services company, launched a NICU/SNCU facility at the Mother and Child Health Center, Nalgonda district, Hyderabad today. The facility was launched as part of the company’s CSR efforts undertaken in the field of "Health" to create a long-term impact by equipping government hospitals with better health infrastructure. The facility was inaugurated by Mr. C V Subramanyam, Chairman and Managing Director at Cigniti Technologies, along with Mr. Sairam Vedam, CMO at Cigniti Technologies, Ms. Urmila Markili, Senior Vice President at Cigniti Technologies and Mr. Midhun Pingili, Senior Director Marketing at Cigniti Technologies. Mr. Kancharla Bhupal Reddy, MLA, Nalgonda, Govt. of Telangana and Mr. Mayur Patnala, Founder and CEO, Nirmaan Organization, graced the occasion at the hospital.

Cigniti joined hands with Nirmaan Organization to address the acute shortage of NICU/SNCU beds and donated medical equipment like Radiant Warmers, Phototherapy machines, Pulse oximeters, Syringe and Infusion pumps, Multipara monitors, HFNC machines, and air conditioners for the ward, which are essential to serve critically ill or premature newborn infants who are at the age of less than 28 days. The supported facility serves a population of 14 lakh people in the district headquarters and rural villages surrounding the district. With this upgrade, the facility would be able to serve about 1,000 infants per year.

"We are passionately focusing on making healthcare accessible and available for all. A lack of infrastructure in rural and remote areas is a major contributor to a high rural infant mortality rate. By equipping the facility with life-critical medical equipment, we’re trying to offer our contribution in improving care quality available to the residents of Nalgonda”, stated C.V. Subramanyam, Chairman and Managing Director of Cigniti Technologies, on the occasion.

Post Covid-19, the ward will be useful in treating infants who require specialized care and highly valued medicines that are very expensive in private set-ups," (Quote from Hospital management)

About Cigniti:
Cigniti Technologies Limited is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4000+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore.

To learn more, visit www.cigniti.com

About Nirmaan:
Nirmaan Organization is a registered NGO, started by students of BITS Pilani in 2005. We work in the areas of Education, Skill Development & Entrepreneurship and Social Leadership. In the past 16 years of journey, we have impacted the lives of 1.5+ million beneficiaries with the support of 300+ full time employees and 1000+ strong volunteer network across 15 States of India. During COVID waves 1 and 2, we supported 110+ government hospitals across 4 states to upgrade their healthcare infrastructure and supported various communities to overcome the COVID challenges through livelihood, rations, and other support.

Contact:
midhun.pingili@cigniti.com (+91 8886093093)

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01 Sep

Cigniti Technologies Wins the Prestigious Brands of India Award 2022 for IT Services

Hyderabad, 1st September 2022: Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Engineering services company was awarded the Prestigious Brands of India 2022 in the IT services category on August 30th at Goal Fest Conclave 2022 in Mumbai. The conclave is a listing of highly driven and focused Business brands that have redefined the benchmarks in their respective fields through their persistent diligence and perseverance hosted the event.

"Being recognized as one of the prestigious brands of India reflects the positive impact and experiences that brand Cigniti has created towards all stakeholders such as global clients, analysts, employees, shareholders, and society at large. Cigniti’s renewed vision is Together, we build a better future through technology-led transformation and this award encourages our efforts in this direction", says Srikanth Chakkilam – CEO, Cigniti Technologies.

On receiving the award on behalf of Cigniti, Sairam Vedam - Chief Marketing Officer, said “being recognized as a prestigious brand of India will be a great value addition to our new brand identity which is a thoughtful expression of constant commitment to innovation, excellence, growth and the transformational journey of our brand over the years”

Other prestigious brands that have been recognized include LG, Canon printers, Nescafe, Audi India, Kellogg’s, De Beers Forevermark, Hero Homes, Kelvin plastics, Euro Safety Group of Companies, Vitesco Technologies India Pvt Ltd, Task Us, Dr.Reddy’s Celevida, Neutrogena, Canesten, AAF India Pvt. Ltd., Edelweiss Mutual Fund, AlfaVision Overseas, and Castrol.

About Cigniti:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company. 4100+ Cignitians worldwide help Fortune 500 and Global 2000 enterprises across 24 countries accelerate their digital transformation journey through 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. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, the UK, the UAE, Australia, South Africa, the Czech Republic, and Singapore.

To learn more, visit www.cigniti.com.

Contact:
midhun.pingili@cigniti.com (+91 8886093093)

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02 Aug

Cigniti Technologies Q1FY23 Revenue

Hyderabad/Mumbai, July 29, 2022: Cigniti Technologies Limited, world’s leading AI & IP-led Digital Assurance and Engineering services company, announced the consolidated financial results for the quarter ended June 30, 2022.

The company’s reported Net Profit for Q1FY23 stood at Rs 31.00 crore as against Net Profit of Rs 22.60 crore in Q4FY22, increased by 37%.

The Company’s Consolidated Revenue from operations for the quarter under consideration increased by 10% to Rs 377.97 crore as against Rs 344.08 crore in Q4FY22.

EBIDTA reported for the quarter ended June 30, 2022, stood at Rs. 44.55 crore for the quarter and year ended June 30, 2022, respectively.

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29 Jul

Cigniti Technologies Q1FY23 Revenue

Consolidated Revenue Rs. 377.97 crores and Net Profit Rs. 31.00 Cr
Standalone Revenue Rs. 152.23 crores and Net Profit Rs. 15.00 Cr

Consolidated Financial Performance for Q1YF23 v/s Q1FY22 (Corresponding Year)

  • Revenue of Rs. 377.97 crore v/s. Rs. 264.36 crore [ 43.0%]
  • Reported EBITDA of Rs. 44.55 crore v/s. Rs. 24.31 crore [ 83.2%]
  • PAT of Rs. 31.00 crore v/s. Rs. 20.42 crore [ 51.8%]

Consolidated Financial Performance for Q1FY23 v/s Q4FY22 (Corresponding Quarter)

  • Revenue of Rs. 377.97 crore v/s. Rs. 344.08 crore [ 9.8%]
  • EBITDA reported of Rs. 44.55 crore v/s. Rs. 32.61 crore [ 36.6%]
  • PAT of Rs. 31.00 crore v/s. Rs. 22.60 crore [ 37.1%]

Hyderabad/Mumbai, July 29, 2022: Cigniti Technologies Limited, world’s leading AI & IP-led Digital Assurance and Engineering services company, announced the consolidated financial results for the quarter ended June 30, 2022.

The company’s reported Net Profit for Q1FY23 stood at Rs 31.00 crore as against Net Profit of Rs 22.60 crore in Q4FY22, increased by 37%.

The Company’s Consolidated Revenue from operations for the quarter under consideration increased by 10% to Rs 377.97 crore as against Rs 344.08 crore in Q4FY22.

EBIDTA reported for the quarter ended June 30, 2022, stood at Rs. 44.55 crore for the quarter and year ended June 30, 2022, respectively.

Management Commentary
Commenting on the results, Mr. C V Subramanyam, Chairman & MD, said, “Our opening quarter has delivered stupendous numbers and the company’s strong fundamentals is reflected in our growth on multiple parameters. I am happy to update you that we have won few multi-million dollar wins in the quarter and this would further accelerate our growth in the coming quarters. The acquisition of Aparaa Digital (RoundSqr), a leader in specialized AI/ML, Data and Blockchain Engineering services further bolsters our digital ambitions towards becoming the world’s leader in Digital Assurance and Digital Engineering services.

We remain dedicated to our long-term growth goals and retain our focus on profitability built on a sustainable business, ensuring long-term value to all our stakeholders” he added further.

Highlights for the quarter ended June 30, 2022

  • Revenue from the top 5 clients contributed approximately 22.34% of the Revenue
  • BFSI, Retail & e-commerce and Travel & Transport sectors contributed the most to the revenue for Q1FY23
  • Revenue split geographically: North America & Canada – 85%, UK & Europe – 8%, Rest of the World 7%.

About Cigniti Technologies Limited
Cigniti Technologies Limited (NSE: CIGNITITEC, BSE: 534758), a global leader in providing AI-driven, IP-led, strategic digital assurance, software quality engineering, testing, digital engineering and consulting services, is headquartered in Hyderabad, India, with offices in the USA, U.K., UAE,Canada, Australia, Czech Republic, South Africa and Singapore. Leading global enterprises including Fortune 500 & Global 2000, trust us to accelerate their digital transformation, continuously expand their digital horizons and assure their digital next. We bring the power of AI into Agile and DevOps and offer digital services encompassing intelligent automation, big data analytics, cloud migration assurance, 5G assurance, customer experience assurance, and much more. Our IP, next-gen quality engineering platform, BlueSwan helps assure digital next by predicting and preventing unexpected application failures, thereby assisting our clients in accelerating their adoption of digital.

For further information, please contact:

Raveena Shetty
Adfactors PR ltd
Mob: 9769539969
Email: raveena.shetty@adfactorspr.com

Midhun Pingili
Cigniti Technologies
Mob: +91 8886093093
Email: midhun.pingili@cigniti.com

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25 May

Cigniti Technologies Is Now Great Place to Work-Certified™!

Hyderabad, India, 23rd May 2022 - Cigniti Technologies, world’s leading digital assurance and digital engineering services company, has been Great Place to Work-Certified™ in India (from May 2022 to May 2023)!  Cigniti’s unique culture based on collaboration, employee-friendly policies, meticulously crafted training programs, customer centricity, and the passion for excellence helped achieve this recognition.

Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make strategic people decisions. The Institute serves businesses, non-profits and government agencies in more than 60 countries and has conducted pioneering research on the characteristics of great workplaces for over three decades.

Speaking on this certification, Srikanth Chakkilam, CEO at Cigniti Technologies, said “We are thrilled and humbled to bestowed with this certification from Great Place to Work®. As Cigniti continues to be a preferred employer of choice for new age digital talent, this recognition establishes our credentials firmly.  We also believe this increases our responsibility as an employer to provide a 360-degree experience to our human capital to grow and cherish working with us. We will continue to focus on benchmarking ourselves with the best and strive to relentlessly excel to be the iconic workplace of the future, which recognizes, rewards and nurtures talent. We stay committed to creating a culture which is inclusive, allows creation of opportunities to achieve greater professional expertise, technical proficiency and all-around growth.”

In India, the institute partners with more than 1100 organizations annually across over 22 industries to help them build High-Trust, High-Performance Cultures™ designed to deliver sustained business results. Hundreds of CEOs and CXOs from India Inc. are part of the great place community that is committed to the vision of making India a great place to work FOR ALLTM.

The Institute’s research shows that great workplaces are characterized by great leadership, consistent employee experience, and sustainable financial performance. These organizations are able to deliver a consistent experience to all their employees irrespective of their role, gender, tenure or level in the organization. Their leaders believe in the vision of creating and sustaining a Great Place to Work FOR ALL and role model being ‘FOR ALL’ Leaders.

Learn more at https://www.greatplacetowork.in/ and on LinkedIn, Twitter, Facebook and Instagram.

About Cigniti
Cigniti Technologies Limited (NSE: CIGNITITEC, BSE: 534758), a global leader in providing AI-driven, IP-led, strategic digital assurance, software quality engineering, testing, digital engineering and consulting services, is headquartered in Hyderabad, India, with offices in the USA, U.K., UAE,Canada, Australia, Czech Republic, South Africa and Singapore. Leading global enterprises including Fortune 500 & Global 2000, trust us to accelerate their digital transformation, continuously expand their digital horizons and assure their digital next. We bring the power of AI into Agile and DevOps and offer digital services encompassing intelligent automation, big data analytics, cloud migration assurance, 5G assurance, customer experience assurance, and much more. Our IP, next-gen quality engineering platform, BlueSwan helps assure digital next by predicting and preventing unexpected application failures, thereby assisting our clients in accelerating their adoption of digital.

Contact:
midhun.pingili@cigniti.com (+91 8886093093)

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15 May

Cigniti CEO in Conversation with Economic Times on FY2022 and Roadmap for Growth

Cigniti CEO in Conversation with Economic Times on FY2022 and Roadmap for Growth, 08 May 2022

Cigniti CEO in Conversation with Economic Times on FY2022 and Roadmap for Growth, 08 May 2022

Smallcap IT company Cigniti Technologies, which has a market capitalization of around Rs 1,100 crore, has laid out a roadmap to become a $500-million (Rs 3,800-crore) company by 2026. Srikanth Chakkilam, CEO & Non- Executive Director, Cigniti Technologies, says the plan includes growing both organically and inorganically. “Considering the blueprint and current scenario, though we do not give guidance, we are confident of growing organically at high teens," he says in an interview with ETMarkets.com. Edited excerpts:

Cigniti mainly drives revenue from 7-8 sectors. Which segment is working the best for you?
While Cigniti is sector agnostic, 75% of our revenues come from five key sectors – BFSI (19.6%), Travel, Transport, Hospitality Entertainment (16.2%), Retail and Ecommerce (14.9%), HCLS (13.4%), and ISV (11.5%). These industries are supporting Cigniti's revenue growth and will continue to do so in the coming years, as seen by the demonstrable expansion of digital transformation in the market landscape in these sectors.

What was your attrition rate during the last 12 months? What is the revenue per employee?
Attrition percentage at the close of FY22 was at 30.31%. The revenue per employee in US dollar terms is $45,378.

The IT industry is seeing high attrition. Should one look at it positively that there is no dearth of jobs in the industry (which is a sign of growth) or negatively that companies have been unable to retain their talent?
Yes, attrition is at an all-time high in the IT industry. Organisations throughout the world have been experimenting to close the gap, which has resulted in a lot more overhead across work levels and a lack of ability to genuinely interact with their environment. Interpreting attrition in recent times is slightly more complicated than usual. The current job market has become highly volatile and costing businesses yet is lucrative for the candidates.

While employee turnover is an expected phenomenon in any organization, today we are battling how to manage prospective candidates to honor the offer and stay warm until their onboarding. The high attrition has not only increased the cost of hiring and training new employees, but has also led to incurring direct and indirect costs that include the costs of advertising available positions, performing background checks, paying out referral bonuses etc. Internal costs include management's time spent reviewing resumes, making calls and conducting interviews, as well as the time spent by dedicated recruiting staff and the HR department.

In order to smooth out these challenges, companies are attempting a multifaceted approach that includes increasing fresh hiring to increase the supply pool, accelerating re-skilling programmes through online learning, deploying adjacent-talent skills for on-the-job learning, and providing employees with a holistic experience, among other things.

Our highest priority in the last year has been to retain top talent and incubate them through robust internal training and certification programmes, creating internal cross-functional opportunities and ensuring frequent communication and engagement initiatives to augment the stickiness and belongingness to the organisation. Our vision to diversify our services into adjacencies is a high priority task that will open more opportunities to attract new talent and invite fresh ideas and perspectives to enter the mix.

Being optimistic and finding new opportunities amidst the most difficult times is a lesson learnt during the pandemic. Putting this into practice, we have embraced the ongoing attrition rampage as a challenge and are continuing to explore ways to deal with it in the most positive way creating a better culture for the in-house talent and opening up opportunities to the new talent that is looking forward to coming onboard.

Your revenue saw a significant jump in Q4 YoY, but that was not reflected in the bottom-line. What were the reasons?
It is a universal phenomenon that aggressive growth derails profitability to a marginal extent.

In our case, we have been growing over 2017-20 at an average of about 8%, and stabilizing EBITDA at 15%. However, the pandemic gave us an opportunity to rethink and rebalance our portfolio to make it more balanced and de-risked. Coupled with this, we also commenced our journey of becoming a $500 million company by 2026 effective 2021. This necessitated investment in both building capabilities and sales and marketing infrastructure. Coupled with this, the labor market has been volatile, which needed investment on a continuous basis for retention and rehiring.

All these factors added up for reduction in margin which we expect to neutralize to a greater extent in the coming year.

What are the biggest challenges for the industry and for you in the short to mid-term? Is inflation and the rising dollar likely to hit your business?

The entire software industry is going through a talent crunch and Cigniti is not an exception. We have mitigated these risks through several strategic interventions such as focusing on boarding more freshers from colleges and training them. We are also investing on upskilling our talent pool through a well-defined L&D roadmap.

Cigniti’s 85% of revenues come from North America and the dollar variation is not a concern as we have a natural hedge by way of expenditure being spent at onsite. Inflation is a nominal worry and constant in any business and we shall deal with this appropriately.

What is the outlook for next one year? What kind of revenue growth are you expecting going ahead?

Cigniti is the world's leading digital assurance and quality engineering services company. The digital assurance market in particular (as per various sources) is witnessing an explosive growth rate. And there is an increased demand from global companies for a specialist in digital assurance solutions.

The board recently approved the acquisition of Aparaa Digital (RoundSqr) a specialist in AI/ML, data and blockchain engineering services. This acquisition would strengthen Cigniti’s digital ambitions and help offer digital engineering services to its clients. We have a journey to be $500-million company by 2026 and this involves both organic and inorganic growth. Considering the blueprint and current scenario, though we do not give guidance, we are confident of growing organically at high teens.

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