Cigniti Technologies Q1FY19 Net Profit at Rs 39.15 Crore

HYDERABAD:
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 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.”