I am very happy to connect with you as I share our performance for the financial year2017-18.
This year marks a new beginning for Cigniti as we started focusing on providing pureplay end-to-end Quality Engineering services to our customers. The year saw us crossingthe milestone of $100 Million in revenue. My heartfelt congratulations to all the leadersand employees who have strived very hard to make this milestone a reality. The marketopportunity for independent testing businesses continues to grow exponentially. DigitalTransformation has taken the market by storm and today organizations are striving hard toput their best foot forward so as to keep an edge over their competitors. NelsonHall ITServices Program report dated October 2017 mentions that the Global Testing Spendaccounts for about 6% of the total IT Services Spending and is estimated to grow at aCAGR 3.5% till 2021. On a statistical note the global spend by organizations on testingservices which was about $ 40 billion in 2016 is expected to touch about $ 47.6 by 2021.Your company shall stand to in a large way in garnering the potential market as we rankhigh as an independent software testing services company. Further your company focusseson providing services in the agile and DevOps arena which are in great demand in theindustry. While Cigniti's continued investment in developing Next Gen testing platformsacts as a key differentiator and helps the company to differentiate from its competitorsour state-of-the-art Automated Testing Solutions that imbibe Quality Engineering continueto help our clients improve their measurable outputs such as reduction in operationalcosts and Testing Cycle time and accelerate time to market for their software releasesetc. The company is confident of sustaining and growing at an accelerated phase in thecoming years.
FY18 has been a very significant year for Cigniti. The company continued increasing itsfocus on digital transformation thereby laying a foundation for a promising growth. Therehas been a consistent increase in the client feedback and the satisfaction index stood at3.6 out of 4 over the year. The company also started focusing on operational excellenceresulting in reduction of cost that has led to an enhancement in margins.
Further noteworthy were the changes made to the Board as the company inducted industryveterans into the Board to oversee the affairs of the company. Today I can proudly statethat your company is governed by professional independent board members that will help usmarch ahead in our pursuit for achieving greater heights. Also keeping in line withcorporate governance the company has appointed S.R. Batliboi & Associates LLPChartered Accountants as auditors and an independent firm of chartered accountants M/sSharat Associates as internal auditors of the company.
During the year the company has won many awards and accolades. We gained prominence indiverse Global Analyst reports and won awards across the globe. We have been recognized asa "Niche Player" in 2017 Gartner Magic Quadrant for Application TestingServices Worldwide for 3 years in a row. Further the Company has been positioned as theMajor Contender' and conferred with Best in Class' for buyer satisfaction inits PEAK Matrix 2017 by Everest Group for 3 consecutive years. We have also been bestowedupon as winner of the prestigious CEO Report Philadelphia 2018 Velocity50 Award for 2018.
The total revenue for the year stood at Rs. 69328 Lakh as against Rs. 61926 Lakh inFY 17. The company registered a net profit of Rs. 3217 Lakh. The company is confident ofits continued growth performance for the ensuing years. We have set our global footprintin 5 continents and 13 countries catering to over 200 clients. We serve over 70 companieswhich are in the Global 2000 list including notable Fortune 500 companies. We areassociated with key clients across industry verticals. Our dedicated human capital'consists of over 2100 valuable resources including 1800+ career testers.
Our leaders spoke at various conferences on testing at partner events and symposiumswhich helped our brand to get more recognition. We sponsored and participated in leadingconferences in North America UK and Europe including StarEast StarWest AviationFestival Gartner Symposium SmartBear Connectetc.
Our strategic partnerships and acquisitions along with client retention have helped ussoar higher this year. Some of our top accounts have been with us for over five years andthe revenues from these accounts have been compounding year over year. Further wecontinue to invest in up-skilling re-skilling and getting our talent trained andcertified to adapt to the new age technologies such as challenges being roped in by AIAutomation Blockchain Crypto currencies and the like. We continue to invest in new agetechnologies such as DevOps Agile Digital Cyber Security IoT and Cloud computing asper ever changing business needs. Cigniti has a wide range of clientele pertaining todiverse industry segments such as Airlines Banking Financial Services HealthcareInsurance Life Science Retail and Travel &
Hospitality. Our IP-led testing infrastructure is proficient to satisfy this widespectrum of clientele across domains and geographies.
With the above efforts the company is confident of growing at an accelerated phase inthe coming years.
I on behalf of the entire Board of Directors take this opportunity to thank all ourstake holders for their continued faith in our abilities and for all their support thathelps us move ahead confidently.
C. v. subramanyam
Chairman & Managing Director