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Cigniti Q3 profit down at ₹26 cr
January 28, 2021
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Cigniti Technolgies, a quality engineering and software testing services company, has posted a net profit of ₹26.35 crore in the third quarter ended December 31, 2020, as against ₹28.11 crore in the comparable quarter last year.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹32 crore (₹28.62 crore) in the quarter.
The company registered revenues of ₹224 crore in the quarter as against ₹216.75 crore in the corresponding quarter previous year.
“The third quarter has been a successful quarter for the company with promising numbers and sustained growth. We plan on capitalising on this momentum going forward,” CV Subramanyam, Chairman and Managing Director of Cigniti, said on Friday.
Shares of information technology (IT) companies were trading firm in an otherwise weak market with Cyient hitting fresh 52-week high, while L&T Technology Services (LTTS) ralling 9 per cent on the BSE in the intra-day trade on Wednesday. At 10:02 am, the S&P BSE Sensex was down 0.71 per cent or 344 points at 48,004.
Shares of Cyient surged 13 per cent to Rs 647, zooming 28 per cent in the past three trading days, after the company s management said it expects sequential improvement in margins in the January-March quarter (Q4FY21) driven by increase in volume and improvement in operational efficiencies. Going forward, the company expects healthy QoQ growth in Q4FY21, mainly led by traction in services and design-led manufacturing (DLM) business.
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