Cigniti Technologies Limited, offering independent quality engineering and software testing services, Thursday announced the consolidated financial results for the quarter ended December 31, 2020. The company’s reported net profit for Q3FY21 stood at Rs26.35cr as against net profit of Rs25.22cr in Q2FY21 and Rs28.11cr in Q3FY20.
“Current year PAT is after full taxation. Q2FY21 PAT is after one-time tax adjustment of Rs8.95cr on account of tax assessment for earlier years of US subsidiary Cigniti Technologies Inc.,” company said.
The consolidated revenue in Q3FY21 stood at Rs223.90cr against Rs216.75cr in Q3FY20, a decline of 3.3%. The company had registered revenue of Rs221.20cr in Q2FY21. EBITDA recorded was Rs31.94cr in Q3FY21 compared to Rs28.62cr in Q3FY20. EBITDA was Rs44.21cr during Q2FY21.
EBIDTA margin during December 2020 quarter stood at 14.3%. Reduction in EBITDA was on account of rollback of payroll cut which was in force for the H1FY21.
Consolidated revenue for first nine months of the current fiscal stood at Rs663.50cr as compared to Rs638.93cr during the same period in last fiscal, a decline of 3.8%. PAT in 9MFY21 stood at Rs80.68cr as compared to Rs92.34cr in 9MFY20. EBITDA registered was Rs112.21cr as against Rs97.14cr.
“PAT for 9MFY21 is after onetime tax adjustment of Rs8.95cr on account of tax assessment for earlier years of US subsidiary Cigniti Technologies Inc.; Net profit before taxes for earlier years stood at Rs110.78cr,” it added.
“Q3FY21 has been a successful quarter for the company with promising numbers and sustained growth. We plan on capitalizing on this momentum going forward. The Covid-19 pandemic led to technological disruptions, thus paving the way for us towards investment and growth opportunities. I would like to extend my gratitude to our dedicated employees, clients and customers for their unwavering support in these challenging times.
For the coming quarter we expect the Union Budget to positively have provisions to incentivize the IT and Technology sector. Overall, I feel the next phase of implementation will only take place once the industry has settled down and assessed the overall impact of the pandemic,” C V Subramanyam, Chairman & MD, said.
At around 10.41 am, Cigniti Technologies Ltd was trading at Rs377.70 down Rs14.70 or 3.75% on the BSE.