Cyient eyes 2-3 fold growth in revenues by 2020

Hyderabad, Sep 8 (IANS) IT services firm Cyient is aiming to grow its revenues two to three times by 2020, company officials said on Thursday.

The Hyderabad-headquartered global provider of engineering, manufacturing, networks and operations services and analytics solutions registered Rs 3,096 crore revenues during 2015-16.

B.V.R. Mohan Reddy, Founder and Executive Chairman, Cyient said the firm was currently working on a deal pipeline of Rs 6,700 crore. It has a cash pile of Rs.800 crore.

He along with Krishna Bodanapu, Managing Director and CEO Cyient unveiled a Cyient 3.0′ company’s vision and differentiated growth strategy to coincide with its silver jubilee.

Cyient, which currently has over 300 customers, is expanding in different geographies as part of its growth strategy.

Mohan Reddy said Cyient Israel subsidiary called Cyient India Israel Limited has been set up to leverage defence electronics market and offset opportunities.

The company as also set up a facility in Prague Czech and will be setting up a facility in Poland.

He said Cyient intends to invest in emerging technologies like Internet of Things (IoT) lab, analytics additive manufacturing.

The company spent Rs 500 crore for acquiring five companies in last three years and plans to spend an equal amount for acquisitions over nect 2-3 years.

Mohan Reddy said Cyient will continue to make strategic venture investments. It has invested in two medical technology start-ups developing innovative solutions for cardiac monitoring and diagnostics with focus on India market. He, however, declined to name them.

Cyient currently has an employee base of 13,200 out of which approximately 3,000 are outside India.

The company will witness growth in headcount in the coming few years but it will be a non-linear growth, he added.

–IANS

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