I am very happy to share that Cignitis Board has recommended a buy back of the companyeuity share expressing its solidarity in the business.
Trust you and your loved ones are doing good.
The Financial Year 2022 has been a momentous year for Cigniti on many fronts.
Your company has crossed the Revenue milestone of Rs. 1000 crores.
Your company has rewarded shareholders by distributing the maiden dividend announcedfor the last financial year.
Your company has acquired a digital services company in pursuing its $500 millionvision.
The Board has recommended a buy back of the company's equity share expressing itssolidarity in the business.
I would like to take this opportunity to sincerely thank all our employees Board ofDirectors and clients for making this possible and all our stakeholders for theircontinued trust in us.
The pandemic has necessitated for a lot of new digital initiatives acrossorganizations and we at Cigniti have capitalized on this digitalization journey with openarms. We have made our business even more agileand flexible and we now operate in ahybrid work culture. This is continuing to help your company to operate at its fullpotential.
The current decade is of delivering on the promise of digitalandtechnologyontimetoredefinegrowth and work in new ways to help address the challengesthe world is facing. The digital networks and applications are the building blocks of thenew economy and we at Cigniti assure digital transformation by meeting the demandingcustomer expectations and yet conducting the business in a responsible manner. We takepride in being nimble and hungry in bringing innovation in everything we do.
This year we continued to invest in key verticals like Banking Financial ServicesInsurance Retail & E-commerce and HCLS which contributed to more than 50% of ourrevenue.
Our services and IP were recognized again by leading analysts through FY 2022.
The NelsonHall Vendor Evaluation and Assessment (NEAT) Tool 2022 report recognizedCigniti's Digital Assurance leadership in AI Cognitive Continuous and ApplicationSecurity Testing. The report recog- nized Cigniti as a "High Achiever" in CloudMigration Testing and as a "Major Player" in UX Testing.
The Forrester Wave: Continuous Automation and Testing Services Q3 2021recognized Cigniti as a "Strong Performer".
The ISG Provider LensTM for Next-Gen Application
Development and Maintenance recognized Cigniti as a Leader in Continuous Testing witha focus on delivering automated services that enable quality at speed.
Financial & Business Performance
During FY 2021-22 your company has delivered good results by reporting record revenuesof Rs. 1241.80 crores with an EBITDA of 10.4%. The revenue growth stood at 38.5%backed by the strong demand for Digital Assurance and Quality Engineering services whilethe rising need for Digital Transformation enhanced the momentum for our business. We havea strong balance including cash and cash equivalents to support liquidity and businessgrowth along with rewarding shareholders for their continued support.
The remarkable performance of your company is a testament to its commitment to deliverdespite the uncertainty in our macro environment and increasingly changing dynamics of theglobal tech industry.
Our results reflect the dedication and hard work of our now more than 3700 talentedpeople who are focused on creating value that matters for all ourstakeholdersclients shareholders partners and communitiesdespite the ongoingand sometimes extreme challenges of the COVID-19 pandemic. Further during these times intune with business requirements the leadership teams have been expanded by inductingindustry veterans in the fields of sales and marketing.
We had an impressive addition of 68 new clients during the year including severalFortune 500 firms spread across industries and geographies. We have diversified ourportfolio across BFSI Travel & Hospitality
Retail & Commerce ISV Healthcare Energy & Utilities and other segments. Weleverage our AI-powered IP BlueSwanTM to help global clients go digital-firstand achieve business outcomes at speed.
Corporate Social Responsibility
As much as we are passionate about solving client's problems we are also passionateabout giving back to the society. Our Corporate Social Responsibility work has been ourway to reach out to communities understand their needs and be an active corporatecitizen. Cigniti has been associated with GMR Varalakshmi Foundation to provide qualityeducation to underprivileged children and to support in building better infrastructure atschools run by local governments. We have touched the lives of 2100 students this yearfrom eight schools. This year we also have focused on the health sector to helpaddress the challenges due to COVID-19. In addition to contributing amount to theCyberabad Security Council we have also contributed to renovate ICU wards in the BelagaviInstitute of Medical Sciences (BIMS) in Karnataka and NICU at the Maternity and ChildHealthcare Center in Nalgonda district Telangana.
This year in FY23 the board has approved to acquire Apaara Digital (RoundSqr) anAI/ML Data Analytics and Blockchain Engineering Services company to offer DigitalEngineering services to our customers. With our continued focus to grow existing clientsand offer innovative solutions I am confident that we are all set to accelerate the nextphase of our growth.
Finally I am grateful for having such dedicated and exceptional people around theworld advancing our values. On behalf of Cigniti's Board of Directors I take thisopportunity to thank our clients technology partners shareholders and variousgovernmental organizations and statutory bodies for their continued support and guidance.
|Yours Truly |
|C V Subramanyam |
|Chairman & Managing Director |