Cigniti Technologies Q1 Results Total Revenue ₹468.49 crores & Net Income ₹10.52 crores

Cigniti Technologies Q1 Results: In the first quarter of the fiscal year ending in June 2024, Cigniti Technologies reported a total revenue of ₹468.49 crores. This is a 2.82% increase compared to the previous quarter (QoQ), where the revenue was ₹424.97 crores. Year-over-year (YoY), revenue grew by 6.59% from ₹439.52 crores in the same quarter last year. Despite the revenue increase, the company's operating income dropped significantly. It was only ₹11.34 crores this quarter, which is a dramatic 81.55% decrease QoQ from ₹61.36 crores last quarter and a 79.37% drop YoY from 54.96 crores last year.

Cigniti Technologies’ total operating expenses were ₹457.15 crores, which increased by 25.71% QoQ from ₹363.61 crores and by 18.88% YoY from ₹384.56 crores. Selling, General, and Admin expenses also rose, reaching ₹306.64 crores, a 25.34% increase QoQ from ₹244.83 crores and a 14.77% increase YoY from 267.18 crores. Net income saw a severe decline as well, falling to 10.52 crores, a 78.67% decrease QoQ from ₹49.24 crores and a 76.40% decrease YoY from ₹44.56 crores. Diluted Normalized EPS decreased by 40.39% QoQ and by 34.40% YoY. Cigniti Technologies' revenue grew, its profits and efficiency showed significant declines year-over-year and quarter-on-quarter.

Here's a summary of Cigniti Technologies' Q1 financial results:

(Values in ₹)

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Cigniti Technologies Q1 Results

Cigniti Technologies' financial results for the quarter ending June 30, 2024, show key figures that help understand how the company performed. For this quarter, Cigniti made ₹47,465.84 lakhs in revenue from operations. This is a slight increase from the previous quarter, where revenue was ₹47,181.40 lakhs, and a bit higher compared to the same quarter last year, which had ₹44,427.98 lakhs.

Cigniti Technologies' expenses are divided into several categories. They spent ₹34,663.73 lakhs on employee benefits, which is up from ₹30,371.71 lakhs in the last quarter. They also paid ₹6,399.73 lakhs for hired contractors, a decrease from ₹6,947.53 lakhs previously. Depreciation and amortisation costs were ₹68.83 lakhs, compared to ₹102.50 lakhs before.

Before accounting for exceptional items and taxes, Cigniti's profit was ₹4,646.49 lakhs, up from ₹3,722.90 lakhs. After subtracting ₹3,004.83 lakhs in exceptional items, their profit before tax was ₹7,681.66 lakhs. The company paid ₹1,525.11 lakhs in taxes, leaving a net profit of ₹1,051.54 lakhs.

Cigniti Technologies' Other comprehensive income included a total gain of ₹59.81 lakhs, leading to a total comprehensive income of ₹1,111.35 lakhs for the quarter. The paid-up equity share capital remained at ₹2,730.01 lakhs. Earnings per share were ₹3.85 basic and ₹3.83 diluted. This overall performance reflects both the company's operational success and the impact of various financial adjustments.

Here is a simplified summary of the financial results for the quarter ended June 30, 2024, in lakhs:

Cigniti Technologies Stock Metrics

Cigniti Technologies is a company with a market capitalization of ₹3,774 Crores, which means the total value of all its shares is this amount. The current price of its stock is ₹1,382. The highest price the stock has reached is ₹1,440, while the lowest was ₹775. The Stock P/E Ratio of 25.8 indicates how much investors are willing to pay for each unit of earnings. The book value, which is ₹270, shows the value of the company's assets per share. 

Here's the stock data in table format:

Quarterly Results 

The Cigniti Technologies financial table shows their performance from December 2023 to June 2024. In December 2023, they had sales of Rs. 468 crores and expenses of Rs. 403 crores, leading to an operating profit of Rs. 65 crores. Their profit before tax was Rs. 63 crores, and they earned Rs. 48 crores in net profit, giving an EPS of Rs. 17.60. By March 2024, sales fell slightly to Rs. 456 crores, expenses increased to Rs. 426 crores, and operating profit dropped to Rs. 30 crores. 

Here is the transposed quarterly financial results for Dec 2023, Mar 2024, and Jun 2024:

About Cigniti Technologies

Cigniti Technologies is a global leader in digital assurance and engineering services, helping businesses across various industries like finance, healthcare, retail, and travel. They specialize in ensuring that digital products and applications work well, stay secure, and deliver a great user experience. Cigniti offers a range of services, including quality engineering, digital transformation, and continuous testing. Their services use advanced technologies like artificial intelligence (AI) and machine learning (ML) to predict and prevent problems before they occur. This helps companies launch their applications faster and more securely.

Cigniti's approach includes a strong focus on improving business resilience through AI-driven solutions and automation. They provide tools and frameworks that support cloud migration, hyper-automation, and client experience improvements. Their solutions are designed to be flexible and work with any platform or tool, making it easier for businesses to adapt to new technologies.

By offering end-to-end support, Cigniti helps companies overcome challenges related to digital transformation, ensuring that their IT infrastructure is robust and their products are agile and responsive. Their goal is to empower businesses to grow and succeed in the rapidly evolving digital landscape.