Cigniti Technologies Q3 net profit at Rs 28.11cr

Cigniti Technologies on January 22 said its consolidated net profit declined marginally year-on-year to Rs 28.11 crore during the quarter ended December 2019. The company, which provides engineering and software testing services, had registered a net profit of Rs 28.79 crore during October-December 2018 quarter, Cigniti said in a BSE filing.

Revenue from operations, however, grew 3 per cent to Rs 216.74 crore in the quarter under review from Rs 209.96 crore in the year-ago period.

"This quarter our EBITDA is marginally low due to addition of manpower for commencement of new projects the billing of which commenced from mid-November and we expect this to even out in the coming quarters," Cigniti Technologies Chairman and MD C V Subramanyam said.

"Additionally, we have made investment in sales and marketing cost which shall fuel growth in the subsequent quarters," he added.

Revenue from top five clients contributed approximately 20.6 per cent of the company's revenue during the December quarter.

Travel, transport, healthcare, and banking, financial services and insurance (BFSI) sector contributed the most to the revenue during December 2019 quarter.

North America and Canada accounted for 84 per cent of the revenue in the quarter under review, UK and Europe 12 per cent, while Rest of the World contributed 4 per cent.

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