On July 9, 2024, Cyient, a global leader in Intelligent Engineering solutions for a digital, autonomous, and sustainable future, received its third consecutive Premier Award from RTX.
RTX has awarded Cyient, Ltd the Premier Award for its outstanding performance in 2023, specifically for excelling in Cost Competitiveness and Collaboration & Customer Service. This award is part of RTX’s annual Performance+ Program, which honours suppliers who demonstrate exceptional value across key categories like cost efficiency, innovation, business management, customer service, and collaboration.
On receiving the award, Karthikeyan Natarajan, Executive Director and CEO of Cyient, said, “We are grateful for the trust and collaboration from RTX over the last 23+ years, which have been fundamental to our success. This prestigious award is a testimony to our customer centricity, commitment to excellence and solving problems that matter to our customers.”
He further added, “With such long-standing collaboration, we continue to deliver Intelligent Engineering in the Aerospace and defence business for a digital, autonomous, and sustainable future.”
The award underscores Cyient’s dedication to cost efficiency, technological innovation, and rigorous business management. It recognises Cyient’s effective collaboration and exceptional customer service, reinforcing its reputation as a dependable partner. With over 2 decades of partnership, Cyient has provided extensive engineering support exceeding 32 million hours across various product lifecycle stages, including design, manufacturing, aftermarket services, and digital solutions.
In their Q4 FY24 results, Cyient reported revenue of ₹1,489 crore, experiencing a marginal decline of 0.1% quarter-on-quarter (QoQ) but achieving a year-on-year (YoY) growth of 2.8%. The company’s EBIT for the quarter was ₹239 crore, delivering a margin of 16%, and its PAT amounted to ₹173 crores, reflecting a YoY growth of 9.1%. Additionally, Cyient recorded a 7.1% YoY increase in Order Intake, highlighting positive momentum in business performance.
Cyient, formerly known as Infotech Enterprises Limited, is an Indian multinational technology company established in Hyderabad in 1991. It is recognised as one of the world’s top 30 outsourcing companies and operates through eight strategic business units.
On July 9, 2024, Cyient Ltd’s share price opened at ₹1,798.00, touching the day’s high at ₹1,817.95 as of 02:54 PM on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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