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Cigniti Technologies consolidated net profit rises 404.89% in the September 2018 quarter

Sales rise 21.26% to Rs 204.96 crore

Net profit of rose 404.89% to Rs 49.53 crore in the quarter ended September 2018 as against Rs 9.81 crore during the previous quarter ended September 2017. Sales rose 21.26% to Rs 204.96 crore in the quarter ended September 2018 as against Rs 169.02 crore during the previous quarter ended September 2017. ParticularsQuarter EndedSep. 2018Sep. 2017% Var.Sales204.96169.02 21 OPM %18.138.26 PBDT56.9711.57 392 PBT56.2710.89 417 NP49.539.81 405

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Cigniti Technologies Ltd Net Profit up in Q1FY19

Hyderabad headquartered Cigniti Technologies Limited, a global leader in independent quality engineering services on Tuesday announced the consolidated financial results for the first quarter ended June 30, 2018.
The company’s Net Profit ffor Q1FY19 stood at Rs 39.15 crore (Net Profit inclides one-time reversal of tax provision amounting Rs 13.62 crore in Cigniti Technologies Inc., USA) as against Net Loss of Rs 5.68 crore in Q1FY18, a company statement here said.

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Cigniti Technologies Q1FY19 Net Profit at Rs 39.15 cr as against Q1FY18 Net loss of Rs 5.68 Cr

Q1FY19 Revenue grew by 16% to Rs. 194.71 cr

Consolidated Financial Performance for Q1FY19 vs Q1FY18 (Corresponding Quarter)

  • Revenue of 194.71 crore v/s. Rs. 168.48 crore [+16%]
  • EBITDA before exceptional items of 28.18 crore v/s. Rs. (0.09) crore
  • PAT at 39.15 crore v/s. Rs. (5.68) crore

Consolidated Financial Performance for Q1FY19 vs Q4FY18 (Sequential Quarter)

  • Revenue of 194.71 crore v/s. Rs. 178.64 crore [+ 9%]
  • EBITDA before exceptional items of 28.18 crore v/s. Rs. 21.23 crore
  • PAT at 39.15 crore v/s. Rs. 19.80 crore

Hyderabad, July 31, 2018: Cigniti Technologies Limited, a global leader in independent quality engineering services, today announced the consolidated financial results for the first quarter ended June 30, 2018.

The company’s Net Profit for Q1FY19 stood at Rs 39.15 crore (Net Profit includes one-time reversal of tax provision amounting Rs 13.62 crore in Cigniti Technologies Inc, USA) as against Net Loss of Rs 5.68 crore in Q1FY18.

The Company’s Revenue from operations for the quarter under consideration stood at Rs 194.71 crore as against Rs 168.48 crore in Q1FY18.

EBIDTA for the June quarter was at Rs 28.18 crore and EBIDTA margin stood at 14.5%.

Highlights for the quarter ended June 30, 2018

  • 30 clients added during the quarter
  • Focusing on new service lines such as IoT, Artificial Intelligence, Digital and Quality Engineering to cater to enterprises across the globe
  • Revenue from top 10 clients contributed approximately 30% of the Revenue
  • Travel, Transport & Hospitality sector contributed the most to the revenue for Q1FY19 followed by ISV and BFSI sectors
  • Revenue split geographically: North America – 84%, UK & Europe – 11%, Rest of the World 6%

Management Commentary

Commenting on the result Mr. C V Subramanyam, Chairman & MD – Cigniti Technologies said “Our performance during the quarter further accelerates our journey in becoming the world’s largest and most respected independent quality engineering services company. I am pleased with our healthy revenue growth and profitability in Q1. I would like to extend my gratitude to the dedicated employees and to our clients for their constant support. The company is confident of growing at an accelerated phase in the coming years.”

About Cigniti Technologies Limited

Cigniti Technologies Limited (www.cigniti.com), Global Leaders in Independent Quality Engineering Services, is headquartered at Hyderabad, India. Cigniti’s 2100+ 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.

For further information, please contact:

Chintan Kotak/Sanjay Punjabi
Adfactors PR ltd
Mob: +91 9920865113/9821080048
Email: chintan.kotak@adfactorspr.com
Sanjay.punjabi@adfactorspr.com

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

Read this article from Cigniti’s thought leader Pradeep Govindasamy in Forbes on Top 10 Digital Quality Engineering Trends Of 2018.

Quality Assurance (QA) and Quality Engineering (QE) have become an ongoing and essential effort for every business to achieve their digital transformation objectives. Let’s look at a few of the biggest trends in this area.

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Gartner Positions Cigniti Technologies as a Niche Player in 2017 Magic Quadrant for Application Testing Services, Worldwide

This achievement reinforces our ability to provide world class IP Led testing and Quality Engineering services to clients of most sizes, helping them succeed in their Digital, Agile, and DevOps transformation initiatives. We have invested in our domain capabilities and over the years we have developed strong success stories in airlines, BFSI, high tech, retail, and energy & utilities verticals,” says Srikanth Chakkilam, CEO – Cigniti Technologies Inc.

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