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The financial services industry is undergoing a significant transformation driven by digital disruption. The widespread adoption of digital banking & insurance applications has revolutionized how customers engage with their financial services provider. Technological advancements, evolving customer expectations, and increased competition have necessitated a rapid digital transformation within the Banking, Financial Services, and Insurance (BFSI) sector.

According to Gartner, the growth trend in the BFSI sector is expected to continue, with a compound annual growth rate of 5.7% over the upcoming years, leading to an estimated spending of approximately $715 billion by 2025.

In Q4FY23, the consolidated revenue from operations increased more than 23 percent from last year's same quarter, while the net profit of the company zoomed more than 117 percent. What were the contributing factors behind the impressive results?

Our niche positioning and unwavering execution were pivotal in our outstanding performance. We steadfastly focused on our existing Fortune 500 and Global 2000 clients, skilfully up-selling and cross-selling our services.

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

Krishnan Venkatachary, CFO of Cigniti Technologies, shares insights on the company’s Q4 and FY2023 financial performance and discusses Cigniti’s outlook for FY 2024 and beyond in a conversation with Nirmal Bang.

Sirisha Peyyeti, Senior Vice President of Digital Engineering Services, Cigniti Technologies | Wednesday, 19 April 2023

What inspired or encouraged you to pursue a career in STEM?

Peyyeti: “There are a large number of opportunities for getting into STEM, irrespective of gender. That provided the much-needed initial impetus. But, subsequently, making a career in STEM was mainly due to the interest in the area. Computer programming had caught up and was throwing many challenges that made it an interesting field, and equally important was the fact that this was a field that provided financial stability with a great career path.”

What have you found to be the biggest challenge along the way?

Peyyeti: “Honestly, I am fairly happy with the way my career progressed. But, I would say…………..

In an interview with CNBC Bajar, Krishnan Venkatachary, CFO at Cigniti Technologies discusses the Q4 and FY2023 financial results as well as Cigniti's outlook for FY2024 and beyond.

Friday, 21 April 2023, 4:38 pm IST

The importance of succession planning, the approach of an organization, identifying potential candidates for critical roles, and implementing challenges are some of the key aspects of succession planning.

Highlights

• The organization gives importance to the positions that provide well-rounded exposure to an individual and help develop leadership bench strength.
• From a talent development lens, it is a proactive process to identify and groom high-potential employees and prepare them for future leadership roles.
• Engagement: Critical positions require people with a higher degree of commitment and accountability.

Kiran Kuchimanchi, President, Cigniti Technologies | Wednesday, 19 April 2023

Brands that prioritize experience tend to outperform their competitors by achieving benefits such as improved brand preference, increased revenue growth, and high customer retention rates.

In this digital economy, travelers’ expectations from travel & tourism brands have made a paradigm shift. They expect a seamless, intuitive, and hyper-personalized experience at every step of their travel journey. Travel brands are geared up for this shift and are formulating more personalized services that provide value-driven experiences. A study by PwC revealed that 1 in 3 customers would switch from a brand they were previously loyal to after just one unsatisfactory encounter, indicating the importance of delivering exceptional customer experience.

Brands that prioritize experience tend to outperform their competitors by achieving benefits such as improved brand preference, increased revenue growth, and high customer retention rates. In an era of hyper-personalization, providing a positive experience for travelers has become critical.

Constructing Meaningful Experiences that Matter

Based on their persona, each traveler is unique. From a business traveler to a laid-back traveler, a family with children to a single mother, all want to create precious memories while enjoying a much-needed break.

According to a recent analysis, the global Smart Hospitality market is anticipated to grow at a CAGR of 29.8% and reach $49.8 billion by 2027. The hospitality service providers may streamline the experience at every touch point, from the time a hotel is booked until check-out and the return home.

Since the very first paper was produced about it in 1991, Blockchain has divided the technology community into three groups:

• The Believers: Blockchain will replace governments, the world will be run by Blockchain.
• The Non-Believers: It’s just another Silverlight.
• The I-don’t-care-ers: I’ll just wait until someone does something.

Then in 2008, Bitcoin happened, and two more sections of people got added to the list –

• Crypto Warriors: End of the banks. The world has changed forever!
• Crypto Weary-ers: It’s a pandora’s box that will increase crime.

Why Blockchain is Gaining Traction?
While the reality is that Blockchain is just like any other technology that goes through the hype cycle, it has one fundamental advantage: it is what we call a “horizontal technology”. This means it has several use cases and applications compared to something like a Silverlight. More and more people are realizing the fact that there is more to Blockchain than cryptocurrencies.

‘Gartner estimates blockchain will generate $3.1 trillion in new business value by 2030’

The “Private Blockchain” world has far more use cases that can be transformational in the corporate world. Examples like supply chain traceability are already very popular and many companies are either in the process of implementing the same or have already implemented them. Similarly, secure sharing of data over blockchain networks, identity management using blockchain wallets, etc. are all use cases that are seeing a lot of traction. It is important to note though that a lot of these implementations are driven by trying to solve an existing problem rather than trying to reinvent the wheel. For example, blockchain in the supply chain is being used as a system of record rather than as a contract automation system.

Srinivas Atreya, Chief Data Scientist, Cigniti Technologies | Thursday, 30 March 2023, 12:54 IST

Let us go back a bit in history to the first Industrial Revolution to frame the context for this question better. The revolution occurred in late 18th century England and was responsible for the rapid urbanization & industrialization of the west.

For the first time, machines were able to provide labour much more efficiently. As a result, incomes more than doubled, and England became the Industrial powerhouse of the world. By the early 1900s, more than 70% of the world’s textiles were manufactured within 40 kilometres of Manchester. The global south which missed this opportunity is playing catch up even today.

I guess we have a similar opportunity today. Generative AI is transforming our world in ways that were not thought possible just a few years ago. AI is no longer just a tool for business. It is going to be the very engine on which businesses will deliver value to their customers. The one thing that is different from the Industrial revolution is that this technology is more democratized. It is available for anyone willing to use it and makes the situation both exciting and terrifying for the enterprises.

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 24^th 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 supporting 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 equipments 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.

In an interview with CNBC TV 18, Krishnan Venkatachary, CFO at Cigniti Technologies discusses the company’s strong financial performance and business outlook.

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.

February 27, 2023, 4:35 PM IST

Artificial Intelligence (AI) and machine learning (ML) are highly advanced technologies that will transform people’s lives on a deeper level than one can imagine in the years to come. The AI and ML market has been expanding quickly for a while. A Fortune Business Insight report predicted that investment in machine learning would reach $209.91 billion by 2029.

Looking ahead to the year, if there is anything we can be certain of, it is that the businesses that are equipped to deal with uncertainty — from market fluctuations to geopolitical instability will be the ones best positioned to serve their customers, employees, and stakeholders. AI has seen exponential growth in the last five years because it has gifted humans with new capabilities to use data to swiftly respond to changing environments as soon as new data comes in.

We have listed down the major AI and ML trends that will be dominant in 2023 and beyond.

January 11, 2023, Dallas: Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, today announced it has partnered with LambdaTest – a leading continuous quality testing cloud platform that helps developers and testers ship code faster. The partnership allows Cigniti to tap into LambdaTest innovative HyperExecute platform that provides secure, scalable, and insightful test orchestration for customers at different points in their DevOps (CI/CD) lifecycle.

Through this collaboration, Cigniti and LambdaTest provide their customers with a smart test orchestration platform that helps clients run end-to-end automation tests at blazing-fast speeds enabling faster time-to-market across industries and geographies.

Cigniti’s CEO, Srikanth Chakkilam, commenting on the strategic partnership, said, “As the world propels further into the software-driven digital platform age with cloud orchestration and DevOps becoming imminent, clients across industries are continuously looking to provide frictionless digital experiences at breath neck speeds. At Cigniti, we believe that our globally leading AI-led Digital Assurance services expertise is complemented strategically by the highly acclaimed capabilities of LambdaTest’s platform for go-to cloud test orchestration. This is a firm step towards our endeavor to accelerate digital transformation initiatives of global businesses through IP and Platform-led Digital assurance capabilities.”

Asad Khan, CEO at LambdaTest, said, “We are thrilled to have Cigniti partner with us. We believe joining forces with Cigniti will be a force multiplier in further accomplishing our mission of making the lives of testers and developers easier. As we continue to strengthen our HyperExecute platform and its ecosystem, Cigniti’s continued market leadership and deeper understanding of enterprise digital quality assurance and test automation market the world over will add immense value to our journey ahead. Cigniti’s world-class service delivery and innovation labs will add more value to our joint efforts to delight customers with superior solutions.”

In an interview with CNBC TV18, Krishnan Venkatachary, CFO at Cigniti Technologies discusses Cigniti’s strong performance through FY2023 as well as the IT services industry outlook.

London, UK, Hyderabad, India 29^th November 2022: Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, in partnership with Atom bank, UK's first app-based bank, has won the “Testing Team of the Year” at The European Software Testing Awards (TESTA) 2022 in London. Atom bank, in partnership with Cigniti, was also chosen as a finalist in three categories, namely ‘Best Test Automation Project – Functional’, ‘Testing Team of the Year’, and ‘Most Innovative Project’. TESTA celebrates companies, teams, and individuals who have accomplished significant achievements in the Software Testing and Quality Assurance space.

"This award is an outcome of the effective teamwork built around the ability to handle changing requirements, problem-solving skills, razor-focused delivery, and strong team ethos in helping our global clients like Atom bank in delivering reliable and frictionless user experiences to the end customers through software quality as a key enabler. Atom bank is one of Cigniti’s strategic clients and this recognition is a testament to our deep rooted expertise in the AI, IP-led Digital assurance, automation, continuous testing, and quality engineering services for the banking industry and the UK market,” says Srikanth Chakkilam – CEO, Cigniti Technologies.