About Cyient Ltd

Cyient Limited (Formerly known as Infotech Enterprises Ltd) was incorporated in the year 1991. The Company is engaged in providing global technology services and solutions specialising in geospatial, engineering design, IT solutions and data analytics. Having its headquarters and development facilities in India, Company serves a global customer base through its subsidiaries in the United States of America (USA), United Kingdom (UK), Germany, Japan, Australia, Singapore and India. Cyient's range of services include digitisation of drawings and maps, photogrammetry, computer aided design/engineering (CAD/CAE), design and modelling, repair development engineering, reverse engineering application software development, software products development, consulting, analytics and implementation. Apart from these, it specializes in software services and solutions for the manufacturing, utilities, telecommunications, transportation & logistics, local government and financial services markets. In April 1997, the company acquired SRG Infotech, a software company which provided services in oracle and visual basic client server environments. In January 1999, the company entered into an agreement with Navionics Italy for digitization and Conversion services. In July 1999, they established a wholly owned subsidiary namely Infotech Software Solutions Inc in USA which is engaged in the business of supplying computer software and related services. In September 1999, they acquired Cartograpic Sciences Pvt Ltd, Mumbai from Analytical Surveys Inc, USA and in April 2000, Cartograpic Sciences merged with company. In May 2000, the company entered into a Master Services Agreement with Pratt & Whitney, a division of UTC group and in April 2001, the company acquired European GIS distributor Map Centric a leading independent GIS distributor in Europe. In September 2003, the company incorporated Infotech Aerospace Services Inc, a wholly owned subsidiary in Puerto Rico for providing engineering design services and also they signed a long term outsourcing contract with Bombarder Transportation for providing Engineering Services in India. They acquired VARGIS, a US based GIS Services Company through their wholly-owned subsidiary Infotech Software Solutions Inc, USA. In March 2005, the company acquired Tele Atlas India Pvt Ltd and also entered into a long-term service agreement with Tele Atlas NV. They opened their branch offices in Singapore and Australia to provide services to growing number of clients in Asia Pacific region. In May 2005, the company inaugurated Geospatial production facility at Frostburg, Maryland, USA in collaboration with Frostburg State University, Allegancy Country and state of Maryland, USA. They have also set up a new office at Rockford, Illinois, USA which shall cater to the needs of After Market Services in the engineering design space. In February 2007, the company set up a development center at Kakinada in Andhra Pradesh. During the year 2007-08, the company acquired 74% stake in Geospatial Integrated Solutions Pvt Ltd and they become a subsidiary of the company which was renamed as Infotech Geospatial (India) Ltd. Also, they established Infotech HAL Ltd, a 50:50 joint venture with Hindustan Aeronautics Ltd to focus on aeroengines, technical publications and anticipated work from various OEMs under offset programmes. The company has figured among the '200 Best under a Bullion' listed in the Forbes Asia. Also, the company was rated as one of the top 100 global outsourcing companies in the year 2007 by International Association of Outsourcing Professionals. In May 2008, the company bagged 3 year GIS/ Data Management contract from Powercor Australia & CitiPower Limited. The company set up a marketing and liaison office in Japan in August 2008 and inaugurated a new facility at NOIDA on September 22, 2008. In October 2008, the company acquired 100% stake in TTM India Pvt. Ltd and signed a new long term contract with Bombardier Transportation to provide engineering, electronic design, technical publications, and IT-related services to Bombardier Transportation divisions worldwide. In the same month, the company incorporated a wholly owned subsidiary namely Infotech Enterprises Engineering Services Pvt Ltd in Andhra Pradesh. During January 2010, the company acquired Daxcon Engineering Inc., USA and also acquired Wellso inc; USA in August 2010. During 2011, IGIL (Infotech Geospatial India Ltd) became a wholly-owned subsidiary of the company. During October 2012, the company set up branch in South Korea. In January 2013, the company inaugurated new development center in SEZ in Kakinada. The company also set up branch in Taiwan and South Africa in September and November respectively. In March 2014, the company announced the acquisition of Softential, Inc. Softential brings significant domain expertise, track record and referenceable customers for service management and service assurance solutions. This acquisition aligns well with our strategy of leveraging our network engineering capability to expand into the areas of operational support and managed services for the communications industry. On 7 May 2014, Cyient Limited, formerly known as Infotech Enterprises Limited, officially announced its new name based on approval from a shareholders' vote. The process of determining the new identity, bearing connotations to the words client and science, while ient referencing Infotech Enterprises, involved various brand specialists In July 2014, the company inaugurated the State-of-the-art Experience Center in Hyderabad, India. During September 2014, the company opened the Dallas Engineering Center and also strenghtened aerospace and defence capabilities. During 2015, the company opened delivery Centers in Taiwan to addresses mature semiconductor market.During the financial year ended 31 March 2015, the company changed its name from 'Infotech Enterprises Limited' to 'Cyient Limited'. This name change is part of the company's re-branding exercise. Over the course of Financial Year 14-15, Cyient undertook a comprehensive strategy development exercise with an objective to prepare ground for accelerated growth in the next 3 to 5 years. This aspiration is defined and articulated as the S3 Strategy (Services, Systems, and Solutions). S3 gives Cyient the opportunity to transition from pure services play to becoming a more deeply engaged systems and solutions partner. Cyient ended the FY 2015 with capital expenditure of Rs. 737 million, which is 2.7% of total revenue. It is the lowest ever capex spend as % of revenue which is driven by company's focus on an asset light model, implementation of lease and buyback strategy and robust internal capex control.Headquartered in Melbourne, Cyient Australia Pty Limited (CAPL) was incorporated during the year 2014-15. CAPL seeks to provide engineering, data and network operations services for Asia Pacific region. Cyient acquired a majority stake in Invati Insights Private Limited, a Hyderabad, India and Troy, Michigan, USA based datasciences company in October 2014. The company was subsequently renamed Cyient Insights Private Limited (CIPL). CIPL enables customers drive business innovation and deliver quantifiable business results through smart data analytics and actionable intelligence. CIPL leverages Cyient's relationships in different verticals such as Auto and Heavy Engineering, Aerospace, Transportation, and Utilities and its global delivery model in executing projects. Cyient acquired a majority stake in Rangsons Electronics Private Limited REPL in February 2015. Established in 1993 and headquartered in Mysore, Karnataka, REPL operates world class production facilities to support the requirements for Electronics Manufacturing Services (EMS) and System Integration requirements from customers globally. REPL is one of the fastest growing companies with customers in India, North America, Europe, Japan and China. REPL's strategic positioning in the Railways segment is further boosted with the receipt of IRIS certification, an international railway industry standard. Further, the NADCAP AC7120 accreditation demonstrates the company's commitment towards customer satisfaction and meeting stringent industry specifications on a global scale. Cyient's Aerospace and Defense business unit acquired Pratt and Whitney's aftermarket business Global Services Engineering Asia (GSEA) on September 1, 2015. Through this transaction, Cyient continues to build on its growth strategy for the Asia Pacific region, specifically in aftermarket services for the aerospace industry. In September 2015, Cyient SRO, Czech Republic was established to provide engineering and data services to customers across the European Union.Infotech Geospatial India Private Limited (IGIPL), a wholly owned subsidiary of Cyient, was merged with the company effective 1 April 2015 vide order of the High Court of Judicature at Hyderabad for the states of Telangana and Andhra Pradesh dated 2 March 2016. This is mainly to simplify the operations in India. Cyient disinvested its 100% stake in Infotech Enterprises Information Technology Services Private Limited (IEITSPL) on 16 September 2015. This was in line with the company's strategy to focus on engineering and network operations services. Cyient ended FY 2016 with capital expenditure of Rs 778 million, which is 2.5% of total revenue. It is the lowest ever capex spend as % of revenue which is driven by company's focus on an asset light model, implementation of lease and buyback strategy and robust internal capex control. FY 2017 marked Cyient's first year under its industry-focused organization structure, providing significant operational benefits, such as an increased momentum in strategy execution and new acquisitions to strengthen its Aerospace & Defense (A&D) and Geospatial capabilities. During the year under review, Cyient's A&D business unit acquired Certon Software Inc. and its wholly owned subsidiary Certon Instruments Inc. Certon is an IP-led, innovative full product life cycle engineering services provider, offering services and solutions to companies seeking certification approval for safety-critical products. This has helped in expanding Cyient's capabilities in model-based systems engineering tools and test automation. With this acquisition, Cyient aims to reduce risks and time-to-market for its clients' new avionics products. Cyient's Transportation business unit established an engineering center in Prague to expand its global footprint. Cyient's Communication business unit rolled out several new service offerings around Information Technology Operations Analysis (ITOA), Software Defined Networking (SDN), rail communications, smart cities, small cells, and wireless coverage. Medical Technology and Healthcare (MTH) business unit finalized and began executing on its strategy to deliver services and solutions across the Design, Build, Operate & Maintain life cycle in the key medical segments of diagnostic imaging, in-vitro diagnostics, cardiology, and patient monitoring. Key milestones that the business unit achieved include consolidating business delivery leadership and operations, hiring key personnel and domain experts, expanding ISO 13485 certification. The company also developed key proof-of-concepts for leading medical technology companies and inaugurated two client-focused in-vitro diagnostics labs that will help it in project expansion and innovation. During the year under review, Cyient completed venture investments in two medical technology start ups that are developing innovative solutions for remote cardiac monitoring and diagnostics. Cyient also made a strategic investment in intellectual property that will enable the company to deliver tactical communication systems for Indian Defense Services and align very closely with the sector's preference for indigenous design, development, and manufacturing-an important cornerstone of the country's Make in India initiative. During the financial year ended 31 March 2017, Cyient's US subsidiary Cyient Inc. (CI) incorporated Cyient Defence Services Inc. as wholly owned subsidiary. In November 2016, Cyient SRO, based in Prague, the Czech Republic, completed the acquisition of Blom Aerofilms Ltd, the UK subsidiary of NRC Group from Norway. The business brings a team with complementary skills of around 40 associates, mostly based out of their offices in Cheddar, Somerset. The company is an ISO 9001 and ISO 27001 certified organization. Leveraging the global execution capability of its parent organization, it maintains client relationships and ensures efficient project management across Europe. After acquisition of a majority interest in Rangsons Electronics Pvt Ltd (REPL) in 2015, Cyient completed the integration and in 2017 renamed REPL as Cyient DLM Pvt Ltd. This is towards Cyient's vision to provide a complete product life cycle solution (Design Led Manufacturing (DLM)) to its customers as part of its S3 strategy. During FY 2017, Cyient established its local presence in Israel to engage more closely with Israeli Defense OEMs who are significant clients for the company's Design-Led Manufacturing (DLM) business. Cyient has invested in local business development and consulting resources to strengthen its focus on this important market that has significant, long-term potential particularly around Indian Defence offsets opportunities. Cyient additionally engaged in an Israeli startup accelerator programme that gives the company access to partnerships around innovative technology for military, defense and homeland security applications. During the financial year ended 31 March 2018, Cyient's Aerospace and Defence Business Unit (BU) continued to witness strong rise in demand for risk sharing business models from its clients. During the financial year ended 31 March 2018, Cyient's US subsidiary Cyient, Inc. acquired B&F Design Services, a Connecticut based company, engaged in the design and manufacturing of tools, which will focus on machining development hardware for the aerospace and defense industry .Cyient's Transportation BU witnessed a strong growth in FY 18 driven by growth in key clients and new wins. Cyient's Semiconductor, IoT and Analytics BU made good progress in setting up verification and validation lab for key clients. The business unit also started working with a number of new clients. The company made two key investments. First was the acquisition of Ansem N.V. which specializes in advanced analog, radio frequency and mixed-signal integrated circuit design. AnSem N.V. specializes in advanced analog, radio frequency, and mixed-signal integrated circuit design. The company also signed a definitive agreement to acquire 100% ownership of Cyient Insights Private Limited (Cyient Insights). The company earlier owned 51% stake in the company. This investment will allow the company to provide integrated engineering and analytics solutions for its clients. Cyient's Medical and Healthcare BU enhanced rigor on solutions by focusing on key industry segments of diagnostic imaging, orthopedics, in-vitro diagnostics, and cardiology. The company signed a partnership with Xynteo, an international advisory firm, as a partner organization in India 2022, a business-led coalition committed to creating a new model of growth by the 75th year of India's independence. As part of this coalition, the company will focus on incubating and scaling projects aimed at delivering technology-enabled healthcare solutions, primarily focused on the diagnostics space in India. To leverage new technology and to drive non linearity in its business, Cyient started a new business unit called the 'New Business Accelerator (NBA).' This group focuses on identifying and commercializing new solutions with an emphasis on emerging technology and innovation. NBA operates as an internal incubator and offers an intensive, startup-like environment to develop technology led solutions. NBA invests in and collaborates with academia, enterprise, and expert networks to bring compelling, innovative ideas to life. It is an endeavor to consistently improve the brand's competitiveness and its value for stakeholders. Cyient ended the FY 2018 with capital expenditure of Rs 1,271 million, which is 3.2% of total revenue. In April 2017, Cyient Solutions and Systems Pvt. Ltd. (CSS) was established to focus exclusively on business in the Indian Defence Sector. CSS signed a collaboration agreement with BlueBird Aero Systems Israel to design, manufacture, and maintain UAV Systems for Indian defence, paramilitary and homeland security agencies. BlueBird's world-class technology combined with Cyient's manufacturing, aftermarket capabilities and local presence offers exceptional value to the rapidly expanding market for UAV solutions in India. Infotech Aerospace Services Inc. (IASI) ceased to be an associate of Cyient Limited pursuant to the disinvestment of 49% stake in the entity with effect from 8 December 2017. IASI was an associate company between Cyient Limited and Pratt & Whitney, a pioneer in flight technology. Effective 1 April 2017, Techno Tools Precision Engineering Private Limited, Cyient DLM Private Limited's (CDLMPL) wholly owned subsidiary, has been merged with its holding company, CDLMPL, pursuant to the order dated 2 April 2018 from National Company Law Tribunal. CDLMPL is a subsidiary of Cyient Limited. in FY 2018, Company acquired AnSem, Belgium, a well-known name in the design of analog and mixed-signal ASICs, to strengthen semiconductor and digital presence. It joined India 2022 business coalition enabled by advisory firm Xynteo in 2018 to lead the healthcare impact track; it launched MedTechConnect to deliver healthcare innovation. In FY2019, Company made corporate venture investments in two medical start-ups. It acquired the semiconductor firm, Ansem. It expanded access to fresh and industry-ready talent through direct digital campaigns and partnerships with educational institutions in India & North America respectively. In FY'20, the Company strengthened its partnership by making a strategic investment in Rail cybersecurity company Cylus, a global leader in cybersecurity solutions. It signed a Statement of Intent (SoI) with Emergent Alliance, to use their combined data knowledge to provide new insights and practical applications to the global COVID-19 response. As part of this alliance, it is presently working with some of the world's largest organizations, data specialists, and governments to support future decision-making on regional and global economic challenges. During FY'20, the Company connected the facility's machines to the IoT network using Cyient Edge Gateways and a business intelligence visualization dashboard. The digital information captured from machine data across the factory enables real-time customized views of job details, overall equipment, line efficiency, machine availability, machine downtime, machine utilization, cycle times, and production output. It captured 10,000 sq. ft. of factory space in a 3D point cloud data that was set to simulate the manufacturing facility within the virtual environment. It used virtual reality application to train associates in the virtual environment on critical safety and quality procedures, and facilitated virtual tours of the smart factory from anywhere across the globe. In FY'21, Company acquired Integrated Global Partners (IGP), a specialist Australian consulting firm to strengthen digital and consulting capabilities in engineering and mining industries and expand its offerings for the local and regional resources sector. It made significant strategic investments toward workforce automation and transformation. It launched 'IntelliCyient', a suite of Industry 4.0 solutions that supports digital industrial transformation for asset-heavy enterprises. It received the recognition for robust and continued investment in achieving Esri's ArcGIS Online, Release Ready, and Utility Network Management Specialties. It implemented a robust, cloud-based solution for the management of utility network data modeling that enhanced accessibility and connectivity. In FY 22, it acquired WorkForce Delta (WFD), a highly specialized technology company providing solutions for workforce management. Cyient announced that it was recognized by Amazon Web Services (AWS) as a Select-Tier Consulting Partner in the AWS Partner Network (APN). It announced the global AS9145 Supplier PPAP platform offering for aerospace use. It launched its Private 5G Networks Center of Excellence (CoE) and has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. In Jun' 22, the Company acquired Celfient, a Portugal based company through Cyient Europe Limited, its wholly owned subsidiary. Similarly, it acquired Citec in Apr' 22 to expand its footprint in the Nordic countries. It also acquired Citec Engineering India Limited in India, an international Wireless Engineering Services company. In Apr'22, it acquired Grit Consulting, Singapore, through Cyient Singapore Pvt Ltd, a wholly owned subsidiary. In 2023, the Company launched CyFAST, CyMedge, and PlatformX solutions.

Cyient Ltd Chairman Speech

<dhhead>MESSAGE FROM THE NON-EXECUTIVE CHAIRMAN</dhhead>

Dear Shareholders,

Cyient had a very good Financial Year2022/23. The company has grown its business despite declining economic trends across the world, has built new capabilities, enhanced product and service offerings, and widened its geographical footprint. With the pandemic having receded in most parts of the world, Cyient has also found new ways of hybrid working, explored new avenues, and met fresh challenges. It has been a year of both consolidation and discovering new horizons.

Cyient's financial performance during the year under review has been consistent and positive in terms of growth and profitability. This has been possible due to good leadership and a focused team effort across all company parts, subsidiaries, and associates. The Board has recommended the highest dividend thus far in Cyient's history. Good governance and openness to embracing good industry practices and taking the lead I in many areas continue to build the company's strength and have been the hallmark of the year's activity. The relentless focus on large orders and offering design-led L manufacturing solutions have resulted in a good order ^ book as we start the year ahead.

Two significant acquisitions during the year have enabled Cyient to grow its portfolio and add to its expertise. Citec, based in Finland, specializes in Plant and Process Engineering, Decarbonisation, and sustainable technologies. This enables the company to reiterate and reinforce its commitment to customers' ESG goals. Celfinet, based in Portugal, specializes in Wireless Communications, end-to-end Network Planning, and Performance Optimization services. Through these capabilities, Cyient has a strengthened Wireless Engineering practice. On behalf of all of us at Cyient, I welcome all the associates in these two organizations to the Cyient family.

The beginning of the Financial year 2023/24 brought with it important changes in Cyient's leadership. Mr.Krishna Bodanapu has been appointed the Executive Vice Chairman and Managing Director. Krishna will continue to lead the company's strategic initiatives. Mr.Karthikeyan Natarajan moves to the position of Chief Executive Officer while continuing as an Executive Director of the company. I wish Krishna and Karthik the very best in their new roles. After serving Cyient for over a decade as the Chief Financial Officer and as a member of the Board, Mr.Ajay Aggarwal retired in April 2023. Ajay's contributions to the company have been immense. I thank him for his dedication and diligence and wish him a restful and rewarding retirement. Mr.Prabhakar Atla, who headed the Aerospace, Rail, and Communications business, succeeded Ajay as the CFO. He brings a wide and varied business perspective to the role. I wish Prabhakar all success.

My colleagues on the Board have been a great strength and support to the company and me. I thank them for emphasizing business performance and shareholder returns, providing a strategic direction while ensuring diversity and inclusion, and thus enhancing principles of good governance. Members of the Board have been generous with their time and encouragement to the leadership and management of the company. Our Founder Chairman, Dr. BVR Mohan Reddy's, continued presence on the Board provides the company continuity, stability, and inspiration. My thanks to my colleagues on the Board for their support and counsel.

Cyient has always put its people first, along with its core values. This has resulted in the company being selected and certified as "A Great Place To Work" in India. This reflects the continued emphasis on creating a responsible and equitable workplace through diversity and inclusion. My congratulations to the teams at Cyient for having gained this prestigious recognition. This pursuit of excellence enables Cyient to accelerate toward technology convergence in a rapidly changing world while being rooted in its core values and being a globally responsible organization.

We value your unstinted support and are grateful for your involvement and encouragement.

Sincerely Yours,

M M Murugappan V

Non-Executive Chairman

 

Cyient Ltd Company History

Cyient Limited (Formerly known as Infotech Enterprises Ltd) was incorporated in the year 1991. The Company is engaged in providing global technology services and solutions specialising in geospatial, engineering design, IT solutions and data analytics. Having its headquarters and development facilities in India, Company serves a global customer base through its subsidiaries in the United States of America (USA), United Kingdom (UK), Germany, Japan, Australia, Singapore and India. Cyient's range of services include digitisation of drawings and maps, photogrammetry, computer aided design/engineering (CAD/CAE), design and modelling, repair development engineering, reverse engineering application software development, software products development, consulting, analytics and implementation. Apart from these, it specializes in software services and solutions for the manufacturing, utilities, telecommunications, transportation & logistics, local government and financial services markets. In April 1997, the company acquired SRG Infotech, a software company which provided services in oracle and visual basic client server environments. In January 1999, the company entered into an agreement with Navionics Italy for digitization and Conversion services. In July 1999, they established a wholly owned subsidiary namely Infotech Software Solutions Inc in USA which is engaged in the business of supplying computer software and related services. In September 1999, they acquired Cartograpic Sciences Pvt Ltd, Mumbai from Analytical Surveys Inc, USA and in April 2000, Cartograpic Sciences merged with company. In May 2000, the company entered into a Master Services Agreement with Pratt & Whitney, a division of UTC group and in April 2001, the company acquired European GIS distributor Map Centric a leading independent GIS distributor in Europe. In September 2003, the company incorporated Infotech Aerospace Services Inc, a wholly owned subsidiary in Puerto Rico for providing engineering design services and also they signed a long term outsourcing contract with Bombarder Transportation for providing Engineering Services in India. They acquired VARGIS, a US based GIS Services Company through their wholly-owned subsidiary Infotech Software Solutions Inc, USA. In March 2005, the company acquired Tele Atlas India Pvt Ltd and also entered into a long-term service agreement with Tele Atlas NV. They opened their branch offices in Singapore and Australia to provide services to growing number of clients in Asia Pacific region. In May 2005, the company inaugurated Geospatial production facility at Frostburg, Maryland, USA in collaboration with Frostburg State University, Allegancy Country and state of Maryland, USA. They have also set up a new office at Rockford, Illinois, USA which shall cater to the needs of After Market Services in the engineering design space. In February 2007, the company set up a development center at Kakinada in Andhra Pradesh. During the year 2007-08, the company acquired 74% stake in Geospatial Integrated Solutions Pvt Ltd and they become a subsidiary of the company which was renamed as Infotech Geospatial (India) Ltd. Also, they established Infotech HAL Ltd, a 50:50 joint venture with Hindustan Aeronautics Ltd to focus on aeroengines, technical publications and anticipated work from various OEMs under offset programmes. The company has figured among the '200 Best under a Bullion' listed in the Forbes Asia. Also, the company was rated as one of the top 100 global outsourcing companies in the year 2007 by International Association of Outsourcing Professionals. In May 2008, the company bagged 3 year GIS/ Data Management contract from Powercor Australia & CitiPower Limited. The company set up a marketing and liaison office in Japan in August 2008 and inaugurated a new facility at NOIDA on September 22, 2008. In October 2008, the company acquired 100% stake in TTM India Pvt. Ltd and signed a new long term contract with Bombardier Transportation to provide engineering, electronic design, technical publications, and IT-related services to Bombardier Transportation divisions worldwide. In the same month, the company incorporated a wholly owned subsidiary namely Infotech Enterprises Engineering Services Pvt Ltd in Andhra Pradesh. During January 2010, the company acquired Daxcon Engineering Inc., USA and also acquired Wellso inc; USA in August 2010. During 2011, IGIL (Infotech Geospatial India Ltd) became a wholly-owned subsidiary of the company. During October 2012, the company set up branch in South Korea. In January 2013, the company inaugurated new development center in SEZ in Kakinada. The company also set up branch in Taiwan and South Africa in September and November respectively. In March 2014, the company announced the acquisition of Softential, Inc. Softential brings significant domain expertise, track record and referenceable customers for service management and service assurance solutions. This acquisition aligns well with our strategy of leveraging our network engineering capability to expand into the areas of operational support and managed services for the communications industry. On 7 May 2014, Cyient Limited, formerly known as Infotech Enterprises Limited, officially announced its new name based on approval from a shareholders' vote. The process of determining the new identity, bearing connotations to the words client and science, while ient referencing Infotech Enterprises, involved various brand specialists In July 2014, the company inaugurated the State-of-the-art Experience Center in Hyderabad, India. During September 2014, the company opened the Dallas Engineering Center and also strenghtened aerospace and defence capabilities. During 2015, the company opened delivery Centers in Taiwan to addresses mature semiconductor market.During the financial year ended 31 March 2015, the company changed its name from 'Infotech Enterprises Limited' to 'Cyient Limited'. This name change is part of the company's re-branding exercise. Over the course of Financial Year 14-15, Cyient undertook a comprehensive strategy development exercise with an objective to prepare ground for accelerated growth in the next 3 to 5 years. This aspiration is defined and articulated as the S3 Strategy (Services, Systems, and Solutions). S3 gives Cyient the opportunity to transition from pure services play to becoming a more deeply engaged systems and solutions partner. Cyient ended the FY 2015 with capital expenditure of Rs. 737 million, which is 2.7% of total revenue. It is the lowest ever capex spend as % of revenue which is driven by company's focus on an asset light model, implementation of lease and buyback strategy and robust internal capex control.Headquartered in Melbourne, Cyient Australia Pty Limited (CAPL) was incorporated during the year 2014-15. CAPL seeks to provide engineering, data and network operations services for Asia Pacific region. Cyient acquired a majority stake in Invati Insights Private Limited, a Hyderabad, India and Troy, Michigan, USA based datasciences company in October 2014. The company was subsequently renamed Cyient Insights Private Limited (CIPL). CIPL enables customers drive business innovation and deliver quantifiable business results through smart data analytics and actionable intelligence. CIPL leverages Cyient's relationships in different verticals such as Auto and Heavy Engineering, Aerospace, Transportation, and Utilities and its global delivery model in executing projects. Cyient acquired a majority stake in Rangsons Electronics Private Limited REPL in February 2015. Established in 1993 and headquartered in Mysore, Karnataka, REPL operates world class production facilities to support the requirements for Electronics Manufacturing Services (EMS) and System Integration requirements from customers globally. REPL is one of the fastest growing companies with customers in India, North America, Europe, Japan and China. REPL's strategic positioning in the Railways segment is further boosted with the receipt of IRIS certification, an international railway industry standard. Further, the NADCAP AC7120 accreditation demonstrates the company's commitment towards customer satisfaction and meeting stringent industry specifications on a global scale. Cyient's Aerospace and Defense business unit acquired Pratt and Whitney's aftermarket business Global Services Engineering Asia (GSEA) on September 1, 2015. Through this transaction, Cyient continues to build on its growth strategy for the Asia Pacific region, specifically in aftermarket services for the aerospace industry. In September 2015, Cyient SRO, Czech Republic was established to provide engineering and data services to customers across the European Union.Infotech Geospatial India Private Limited (IGIPL), a wholly owned subsidiary of Cyient, was merged with the company effective 1 April 2015 vide order of the High Court of Judicature at Hyderabad for the states of Telangana and Andhra Pradesh dated 2 March 2016. This is mainly to simplify the operations in India. Cyient disinvested its 100% stake in Infotech Enterprises Information Technology Services Private Limited (IEITSPL) on 16 September 2015. This was in line with the company's strategy to focus on engineering and network operations services. Cyient ended FY 2016 with capital expenditure of Rs 778 million, which is 2.5% of total revenue. It is the lowest ever capex spend as % of revenue which is driven by company's focus on an asset light model, implementation of lease and buyback strategy and robust internal capex control. FY 2017 marked Cyient's first year under its industry-focused organization structure, providing significant operational benefits, such as an increased momentum in strategy execution and new acquisitions to strengthen its Aerospace & Defense (A&D) and Geospatial capabilities. During the year under review, Cyient's A&D business unit acquired Certon Software Inc. and its wholly owned subsidiary Certon Instruments Inc. Certon is an IP-led, innovative full product life cycle engineering services provider, offering services and solutions to companies seeking certification approval for safety-critical products. This has helped in expanding Cyient's capabilities in model-based systems engineering tools and test automation. With this acquisition, Cyient aims to reduce risks and time-to-market for its clients' new avionics products. Cyient's Transportation business unit established an engineering center in Prague to expand its global footprint. Cyient's Communication business unit rolled out several new service offerings around Information Technology Operations Analysis (ITOA), Software Defined Networking (SDN), rail communications, smart cities, small cells, and wireless coverage. Medical Technology and Healthcare (MTH) business unit finalized and began executing on its strategy to deliver services and solutions across the Design, Build, Operate & Maintain life cycle in the key medical segments of diagnostic imaging, in-vitro diagnostics, cardiology, and patient monitoring. Key milestones that the business unit achieved include consolidating business delivery leadership and operations, hiring key personnel and domain experts, expanding ISO 13485 certification. The company also developed key proof-of-concepts for leading medical technology companies and inaugurated two client-focused in-vitro diagnostics labs that will help it in project expansion and innovation. During the year under review, Cyient completed venture investments in two medical technology start ups that are developing innovative solutions for remote cardiac monitoring and diagnostics. Cyient also made a strategic investment in intellectual property that will enable the company to deliver tactical communication systems for Indian Defense Services and align very closely with the sector's preference for indigenous design, development, and manufacturing-an important cornerstone of the country's Make in India initiative. During the financial year ended 31 March 2017, Cyient's US subsidiary Cyient Inc. (CI) incorporated Cyient Defence Services Inc. as wholly owned subsidiary. In November 2016, Cyient SRO, based in Prague, the Czech Republic, completed the acquisition of Blom Aerofilms Ltd, the UK subsidiary of NRC Group from Norway. The business brings a team with complementary skills of around 40 associates, mostly based out of their offices in Cheddar, Somerset. The company is an ISO 9001 and ISO 27001 certified organization. Leveraging the global execution capability of its parent organization, it maintains client relationships and ensures efficient project management across Europe. After acquisition of a majority interest in Rangsons Electronics Pvt Ltd (REPL) in 2015, Cyient completed the integration and in 2017 renamed REPL as Cyient DLM Pvt Ltd. This is towards Cyient's vision to provide a complete product life cycle solution (Design Led Manufacturing (DLM)) to its customers as part of its S3 strategy. During FY 2017, Cyient established its local presence in Israel to engage more closely with Israeli Defense OEMs who are significant clients for the company's Design-Led Manufacturing (DLM) business. Cyient has invested in local business development and consulting resources to strengthen its focus on this important market that has significant, long-term potential particularly around Indian Defence offsets opportunities. Cyient additionally engaged in an Israeli startup accelerator programme that gives the company access to partnerships around innovative technology for military, defense and homeland security applications. During the financial year ended 31 March 2018, Cyient's Aerospace and Defence Business Unit (BU) continued to witness strong rise in demand for risk sharing business models from its clients. During the financial year ended 31 March 2018, Cyient's US subsidiary Cyient, Inc. acquired B&F Design Services, a Connecticut based company, engaged in the design and manufacturing of tools, which will focus on machining development hardware for the aerospace and defense industry .Cyient's Transportation BU witnessed a strong growth in FY 18 driven by growth in key clients and new wins. Cyient's Semiconductor, IoT and Analytics BU made good progress in setting up verification and validation lab for key clients. The business unit also started working with a number of new clients. The company made two key investments. First was the acquisition of Ansem N.V. which specializes in advanced analog, radio frequency and mixed-signal integrated circuit design. AnSem N.V. specializes in advanced analog, radio frequency, and mixed-signal integrated circuit design. The company also signed a definitive agreement to acquire 100% ownership of Cyient Insights Private Limited (Cyient Insights). The company earlier owned 51% stake in the company. This investment will allow the company to provide integrated engineering and analytics solutions for its clients. Cyient's Medical and Healthcare BU enhanced rigor on solutions by focusing on key industry segments of diagnostic imaging, orthopedics, in-vitro diagnostics, and cardiology. The company signed a partnership with Xynteo, an international advisory firm, as a partner organization in India 2022, a business-led coalition committed to creating a new model of growth by the 75th year of India's independence. As part of this coalition, the company will focus on incubating and scaling projects aimed at delivering technology-enabled healthcare solutions, primarily focused on the diagnostics space in India. To leverage new technology and to drive non linearity in its business, Cyient started a new business unit called the 'New Business Accelerator (NBA).' This group focuses on identifying and commercializing new solutions with an emphasis on emerging technology and innovation. NBA operates as an internal incubator and offers an intensive, startup-like environment to develop technology led solutions. NBA invests in and collaborates with academia, enterprise, and expert networks to bring compelling, innovative ideas to life. It is an endeavor to consistently improve the brand's competitiveness and its value for stakeholders. Cyient ended the FY 2018 with capital expenditure of Rs 1,271 million, which is 3.2% of total revenue. In April 2017, Cyient Solutions and Systems Pvt. Ltd. (CSS) was established to focus exclusively on business in the Indian Defence Sector. CSS signed a collaboration agreement with BlueBird Aero Systems Israel to design, manufacture, and maintain UAV Systems for Indian defence, paramilitary and homeland security agencies. BlueBird's world-class technology combined with Cyient's manufacturing, aftermarket capabilities and local presence offers exceptional value to the rapidly expanding market for UAV solutions in India. Infotech Aerospace Services Inc. (IASI) ceased to be an associate of Cyient Limited pursuant to the disinvestment of 49% stake in the entity with effect from 8 December 2017. IASI was an associate company between Cyient Limited and Pratt & Whitney, a pioneer in flight technology. Effective 1 April 2017, Techno Tools Precision Engineering Private Limited, Cyient DLM Private Limited's (CDLMPL) wholly owned subsidiary, has been merged with its holding company, CDLMPL, pursuant to the order dated 2 April 2018 from National Company Law Tribunal. CDLMPL is a subsidiary of Cyient Limited. in FY 2018, Company acquired AnSem, Belgium, a well-known name in the design of analog and mixed-signal ASICs, to strengthen semiconductor and digital presence. It joined India 2022 business coalition enabled by advisory firm Xynteo in 2018 to lead the healthcare impact track; it launched MedTechConnect to deliver healthcare innovation. In FY2019, Company made corporate venture investments in two medical start-ups. It acquired the semiconductor firm, Ansem. It expanded access to fresh and industry-ready talent through direct digital campaigns and partnerships with educational institutions in India & North America respectively. In FY'20, the Company strengthened its partnership by making a strategic investment in Rail cybersecurity company Cylus, a global leader in cybersecurity solutions. It signed a Statement of Intent (SoI) with Emergent Alliance, to use their combined data knowledge to provide new insights and practical applications to the global COVID-19 response. As part of this alliance, it is presently working with some of the world's largest organizations, data specialists, and governments to support future decision-making on regional and global economic challenges. During FY'20, the Company connected the facility's machines to the IoT network using Cyient Edge Gateways and a business intelligence visualization dashboard. The digital information captured from machine data across the factory enables real-time customized views of job details, overall equipment, line efficiency, machine availability, machine downtime, machine utilization, cycle times, and production output. It captured 10,000 sq. ft. of factory space in a 3D point cloud data that was set to simulate the manufacturing facility within the virtual environment. It used virtual reality application to train associates in the virtual environment on critical safety and quality procedures, and facilitated virtual tours of the smart factory from anywhere across the globe. In FY'21, Company acquired Integrated Global Partners (IGP), a specialist Australian consulting firm to strengthen digital and consulting capabilities in engineering and mining industries and expand its offerings for the local and regional resources sector. It made significant strategic investments toward workforce automation and transformation. It launched 'IntelliCyient', a suite of Industry 4.0 solutions that supports digital industrial transformation for asset-heavy enterprises. It received the recognition for robust and continued investment in achieving Esri's ArcGIS Online, Release Ready, and Utility Network Management Specialties. It implemented a robust, cloud-based solution for the management of utility network data modeling that enhanced accessibility and connectivity. In FY 22, it acquired WorkForce Delta (WFD), a highly specialized technology company providing solutions for workforce management. Cyient announced that it was recognized by Amazon Web Services (AWS) as a Select-Tier Consulting Partner in the AWS Partner Network (APN). It announced the global AS9145 Supplier PPAP platform offering for aerospace use. It launched its Private 5G Networks Center of Excellence (CoE) and has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. In Jun' 22, the Company acquired Celfient, a Portugal based company through Cyient Europe Limited, its wholly owned subsidiary. Similarly, it acquired Citec in Apr' 22 to expand its footprint in the Nordic countries. It also acquired Citec Engineering India Limited in India, an international Wireless Engineering Services company. In Apr'22, it acquired Grit Consulting, Singapore, through Cyient Singapore Pvt Ltd, a wholly owned subsidiary. In 2023, the Company launched CyFAST, CyMedge, and PlatformX solutions.

Cyient Ltd Directors Reports

<dhhead>BOARD'S REPORT</dhhead>

Dear members,

Your directors take pleasure in presenting the Thirty Second (32^nd) Board’s Report on the business and operations of your Company (the "Company" or "Cyient"), along with the audited financial statements for the FY ended 31 March 2023. The consolidated performance of the Company and its subsidiaries has been referred to wherever required in the report.

1. FINANCIAL HIGHLIGHTS:

(Amount in ' Million, except for EPS data)

Particulars	Standalone		Consolidated
	2022-2023	2021-2022	2022-2023	2021-2022
Revenue from operations	22,279	17,505	60,159	45,344
Other Income	822	2,753	814	1,121
Total Income Expenses	23,101	20,258	60,973	46,465
Operating Expenditure	17177	12,377	50,128	37166
Depreciation and amortization expense	1,135	967	2,566	1,922
Total Expenses	18,312	13,344	52,694	39,088
Profit before finance cost, tax and share of profit from Joint Venture	4,789	6,914	7812	7377
Finance Cost	166	104	1,000	393
Exceptional item	-	-	467	-
Profit before tax (PBT)	4,623	6,810	6,812	6,984
Current tax	1,099	1,162	2,016	1,692
Deferred tax	(24)	(43)	(348)	69
Profit after Tax (PAT)	3,548	5,691	5,144	5,223
Non- controlling Interest	-	-	-	-
Profit attributable to Shareholders of the Company	3,548	5,691	5,144	5,223
Other Comprehensive Income attributable to shareholders of the Company	(258)	(34)	602	19
Non-Controlling Interest	-	-	-	-
Basic EPS	32.44	52.03	47.03	47.75
Diluted EPS	32.22	51.80	46.71	47.54
Paid up share capital	553	552	553	552
Other Equity	26,476	25,435	34,114	30,614

 

2. STATE OF AFFAIRS AND COMPANY'S PERFORMANCE:

Your Company is a global engineering and technology solutions company. It engages with customers across their value chain helping to design, build, operate and maintain the products and services that make them leaders and respected brands in their industries and markets. Customers draw on the Company’s expertise in engineering, manufacturing, and digital technology to deliver and support their next-generation solutions that meet the highest standards of safety, reliability and performance.

Your Company provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders. It delivers innovative solutions that add value to businesses through the deployment of robust processes and state-of-the-art technology. The Company’s high-quality products and services help clients leverage market opportunities and gain competitive advantage.

There has been no change in the nature of business of the Company during the FY 2023.

3. DIVIDEND:

In terms of regulation 43A of SEBI Listing Regulations, the Company has formulated and uploaded dividend distribution policy on its’ corporate website. The web-link for the same has been disclosed separately at the end of this report.

Details of dividend declared by the Company are as follows:

	FY 2023		FY 2022
	Dividend per share (in Rs )	Dividend %	Dividend per share (in Rs )	Dividend %
Interim dividend	10	200	10	200
Final dividend1	16	320	14	280
Total dividend	26	520	24	480

 

1 Final Dividend was recommend by the Board of Directors at its Meeting held on 20 April 2023 which is subject to approval of the shareholders of the Company in the ensuing Annual General Meeting of the Company.

4. EARNINGS PER SHARE (EPS):

The Basic EPS of the Company stood at Rs 32.44 at standalone level and basic EPS at consolidated level stood at Rs 47.03 for the FY ended 31 March 2023.

5. TRANSFER TO RESERVES:

The Company has not transferred any amount to reserves during the year under review.

6. LIQUIDITY:

The Company continues to be debt-free and maintains sufficient cash reserves to meet its operations and strategic objectives. As at 31 March 2023, your Company had liquid assets of Rs 4,731 Million as against Rs 11,772 Million at the previous year end. These funds have been invested in short-term deposits with scheduled banks & financial institutions, mutual funds, perpetual bonds and tax-free bonds.

7. PUBLIC DEPOSITS:

Your Company has not accepted any deposits falling within the meaning of Section 73 or 74 of the Act during the FY 2023 and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

8. SHARE CAPITAL:

8.1. The Particulars of share capital of the Company are as follows:

Particulars	Amount (Rs )
Authorized share capital (28,00,00,000 Equity Shares of Rs 5 each)	140,00,00,000
Issued, subscribed and paid-up share capital (11,05,75,006 Equity Shares of Rs 5 each)	55,28,75,030

 

8.2. Shares allotted during the FY 2023:

Your Company has allotted in aggregate 257,590 equity shares of Rs 5 each in the FY 2023 to the associates of the Company and its subsidiaries upon exercise of an equal number of stock options vested in them pursuant to the extant Stock Option Schemes of the Company.

9. SUBSIDIARIES AND JOINT VENTURES:

The details of the subsidiaries and joint venture (JV) company have been provided as part of the financial statements. During the year, there has been no material change in the nature of the business of the subsidiaries and JV. As per the provisions of Sections 129 of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a separate statement containing the salient features of the Financial Statements of the Subsidiary Companies/Associate Companies/JV in Form AOC-1 is published as a part of the Annual Report.

Further, Cyient DLM Limited (Cyient DLM) - the wholly owned subsidiary of the company is proposing an initial public offering of its equity shares of up to Rs 7,400.00 million (the "Issue") in accordance with the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable laws. The Draft Red Herring Prospectus (DRHP) of Cyient DLM was filed with SEBI on January 9, 2023 and SEBI issued its final observation letter on the DRHP on 29 March 2023..

In June 2022, the company acquired Celfient - Consultoria Em Telecomunicacoes, SA, a Portugal based company through Cyient Europe Limited, its wholly owned subsidiary.

In April 2022, the company acquired Citec to expand its footprint in the Nordic countries of Finland, Norway and Sweden and in Germany and France through Cyient Europe Limited, its wholly owned subsidiary. The company also acquired Citec Engineering India Limited in India. Citec is a plant and product engineering services company. Celfinet provides engineering and operations services for wireless (macro and small cells) deployment.

In April 2022, the company acquired Grit Consulting, Singapore, through Cyient Singapore Pvt Ltd, a wholly owned subsidiary. Grit is a global performance improvement design consultancy that provides consulting services with a core focus on asset intensive industries such as metal mining and energy.

10. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

Cyient is committed to 'Design a Sustainable Tomorrow Together’ and to integrating environmental, social, and governance (ESG) considerations throughout the value chain, from our operations to our suppliers, clients, and the communities in which we operate. We are dedicated to working together to ensure consistency throughout, concentrating on circularity, and producing social value that will benefit the ecosystem in the long run.

In pursuance of Regulation 34 of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report describing the initiatives taken by the Company from an environmental, social and governance perspective is enclosed to this report. Kindly refer to Annexure A. The web-link for the same has been disclosed separately at the end of this report.

11. CORPORATE SOCIAL RESPONSIBILITY:

Your Company believes in giving back to society in some measure that is proportionate to its success in business. In view of this, the Company’s corporate social responsibility (CSR) aims to extend beyond charity and enhance social impact.

Cyient’s 'Global Policy on Corporate Social Responsibility’ outlines its philosophy of "Empowering Tomorrow Together". Cyient and its subsidiaries have an abiding concern for society and environment. As responsible corporate citizens, we undertake several transformational initiatives that contribute towards community empowerment and all-round societal development. With strategic social investments in several key areas like healthcare, smart villages, skill development, and education, we foster long-term sustainable community development, and drive growth initiatives that aim to make a meaningful impact in people’s lives.

Cyient’s CSR activities are spearheaded by the Cyient Foundation and Cyient Urban Micro Skill Centre Foundation. Cyient is guided by its CSR committee and CSR Policy and vision. The Company has formed a CSR committee (designatedas ESG Committee) as per Section 135 of the Companies Act, 2013 to formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified by law.

CSR programs are focused under 4 pillars i.e.,

a) Education & IT Literacy - School Education, Digital / IT Literacy;

b) Skills & employment, Innovation & Entrepreneurship - Women Empowerment, School of Innovation and Entrepreneurship;

c) Preventive Health Care, Sanitation & Hygiene - Health care and WASH Facilities, Disaster Relief and Rehabilitation;

d) Environmental Protection & Community Development - Promotion of Greenery, Water Conservation and Renewable Energy;

During the Financial year 2022-23, the Company has spent an amount of Rs 81,236,741 in pursuance of CSR Activities. The details of the CSR initiatives of the Company forms part of the annual report. The CSR Annual Report is enclosed to this report. Kindly refer to Annexure D.

The details of the Committee can be found at the Report of Corporate Governance, which forms part of this report. The CSR Policy of the Company can be accessed at the Company’s website. The web-link for the same has been disclosed separately at the end of this report.

12. BOARD OF DIRECTORS & KMP:

12.1. Board of Directors:

The Board of the Company is duly constituted. None of the directors of the Company is disqualified under the provisions of the Act or under the SEBI Listing Regulations.

12.2. Board Diversity:

The Company has a truly diverse Board that includes and makes good use of diversity in the skills, regional and industry experience, background, race, gender, ethnicity and other distinctions among directors. This diversity is considered in determining the optimum composition of the Board. All Board appointments are made on merit, in the context of the skills, experience, independence and knowledge which the Board as a whole requires to be effective.

12.3. Independent Directors:

As a policy, the Company believes that independent directors comprise at least 50% of the board strength. Mr. Vivek Gour has been nominated as Lead Independent Director. He acts as a liaison between the non-executive directors and the management and performs such other duties as the Board/ Independent Directors may decide from time to time.

12.4. Declaration by Independent Directors

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the SEBI Listing Regulations.

12.5. Certificate from company secretary in practice:

The Certificate on Non- Disqualification of Directors pursuant to Regulation 34(3) and Schedule V Para C clause 10 (i) of the SEBI Listing Regulations is published elsewhere in the Annual Report.

12.6. Registration of Independent Directors in Independent Directors Databank:

All the Independent Directors of your Company have been registered and are members of Independent Directors Databank maintained by the Indian Institute of Corporate Affairs (IICA).

12.7. Changes in the composition of Board of Directors:

Your Company has reorganized Executive Leadership to Accelerate Technology Led Growth and made certain changes to the Board composition as follows:

12.7.1. Appointments/Re-appointments and Change in Designation (Including those made after the end of financial year and the date of this report):

12.7.1.1. Mr. Krishna Bodanapu (DIN: 00605187): Mr. Krishna Bodanapu, was serving as the MD and CEO of the Company. He has been appointed and re-designated as Executive Vice-Chairman and MD of the Company for a period of 3 years w.e.f. 3 April 2023, subject to confirmation of the same by the shareholders in the ensuing AGM. The details of the same forms part of the notice convening the AGM.

12.7.1.2. Mr. Karthikeyan Natarajan (DIN: 03099771) Mr. Karthikeyan Natarajan was serving as an Executive Director and COO of the Company. He has been appointed and re-designated as an Executive Director and CEO of the Company for a period of 3 years w.e.f. 3 April 2023, subject to confirmation of the same by the shareholders in the ensuing AGM. The details of the same forms part of the notice convening the AGM.

12.7.2. Retirements and resignations during the financial year:

12.7.2.1. Mr. Alain De Taeye (DIN: 03015749), Non-Executive - Non-Independent Director stepped down as Director from the Board w.e.f. 3 June 2022;

12.7.2.2. Amb. Vinai Kumar Thummalapally (DIN: 07797921), Independent Director of the Company retired from Board of Directors on completion of his term (i.e. w.e.f. 3 June 2022).

12.7.2.3. Mr. Ajay Aggarwal (DIN: 02565242) retired as Executive Director w.e.f. 2 March 2023.

12.7.3. Re-Appointments (Director liable to retire by rotation):

The following directors retire by rotation and being eligible, offer themselves for re-appointment in the ensuing AGM:

12.7.3.1. Mr. Krishna Bodanapu (DIN: 00605187); and

12.7.3.2. Mr. Karthikeyan Natarajan (DIN: 03099771);

12.7.4. Re-appointment of Independent Director:

12.7.4.1. Mr. Ramesh Abhishek (DIN: 07452293) is proposed to be appointed for a second term of 5 years in the ensuing AGM. The details of the same form part of the notice convening the AGM.

Pursuant to the provisions of regulation 36 of the SEBI Listing Regulations and SS 2 on General Meetings issued by ICSI, brief particulars of the director proposed to be re-appointed are provided as an annexure to the notice convening the AGM.

12.8. KMP as at the end of the financial year:

12.8.1. Following are the KMP of the Company in accordance with the provisions of Section 2(51), and 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as at 31 March 2023:

Sl. No. Name of the KMP	Designation
1. Mr. Krishna Bodanapu	MD and CEO
2. Mr. Karthikeyan Natarajan	WTD and COO
3. Mr. Ajay Aggarwal	CFO
4. Mr. Sudheendhra Putty	Company Secretary

 

12.8.2. Changes in composition of KMP:

There was no change in the composition of the KMP for the FY 2023.

12.8.2.1. Changes in composition of KMP after the end of financial year and the date of this report:

12.8.2.1.1. Mr. Krishna Bodanapu has stepped down from his position of CEO effective 3 April 2023;

12.8.2.1.2. Mr. Karthikeyan Natarajan has been appointed as the CEO effective 3 April 2023;

12.8.2.1.3. Mr. Ajay Aggarwal has stepped down from his position of CFO effective 20 April 2023;

12.8.2.1.4. Mr. Prabhakar Atla has been appointed as CFO of the Company effective 21 April 2023;

12.9. Summary of Changes after the end of the financial year and the date of this report in the board of directors and KMP:

Sl. No. Name of the Director/ KMP	Designation as on 31 March 2023	Effective Date of Appointment/change in Designation	Designation as on the date of this report
1. Krishna Bodanapu (DIN: 00605187)	MD&CEO	3 April 2023	Executive Vice-Chairman and MD*
2. Karthikeyan Natarajan (DIN: 03099771)	WTD & COO	3 April 2023	WTD and CEO*
3. Ajay Aggarwal**	CFO	20 April 2023	-
4. Prabhakar Atla	-	21 April 2023	CFO

 

* Subject to confirmation of appointment in the ensuing AGM.

** Retired as CFO.

The details about the composition of board, KMP and the committees of the board can be found at the Report of Corporate Governance, which forms part of this report.

13. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

The Company’s policy on directors’ appointment and remuneration and other matters provided in section 178(3) of the Act have been disclosed in the report on Corporate Governance, which forms part of the directors’ report. The web-link for the same has been disclosed separately at the end of this report.

14. BOARD MEETINGS DURING THE YEAR:

During the FY 2023, Nine (09) meetings of the board were held, the details of which have been disclosed in the report on Corporate Governance, which forms part of this report. The maximum interval between any two meetings did not exceed 120 days, as prescribed by the Act.

15. BOARD EVALUATION AND ASSESSMENT:

The Company believes that formal evaluation of the board and of the individual directors, on an annual basis, is a potentially effective way to respond to the demand for greater board accountability and effectiveness. For the Company, evaluations provide an ongoing means for directors to assess their individual and collective performance and effectiveness. In addition to greater board accountability, evaluation of board members helps in:

• More effective board processes;

• Better collaboration and communication;

• Greater clarity with regard to members’ roles and responsibilities; and

• Improved Chairman - Managing Director - Board relations;

By focusing on the board as a team and on its overall performance, the Company ensures that communication and overall level of participation and engagement also improves.

In order to facilitate the same, the board undertook a formal board assessment and evaluation process during 2022-23. The board evaluation was performed after seeking inputs from all the directors and included criteria such as the board composition and structure, effectiveness of board processes, information and functioning as provided by the Guidance Note on Board Evaluation issued by the SEBI on 5 January 2017.

The Leadership, Nomination & Remuneration Committee has overall stewardship for the process. The evaluation process covers the following aspects:

• Peer and self-evaluation of Directors;

• Evaluation of the performance and effectiveness of the board;

• Evaluation of the performance and effectiveness of Board Committees;

• Evaluation of the performance of the Non-Executive Chairman;

• Evaluation of the performance of the MD & CEO

• Feedback on management support to the Board;

The evaluation process elicits responses from the directors in a judicious manner - ranging from composition and induction of the board to effectiveness and governance. It also sought feedback on board and committee charters, strategy, risk management and quality of discussion and deliberations at the board. The evaluation process also ensures the fulfilment of independence criteria as specified in the applicable regulations and that the latter are independent of the management.

16. COMMITTEES OF THE BOARD:

As required under the provisions of the Act and the SEBI Listing Regulations, as on 31 March 2023, the Board has the following committees:

• Audit Committee;

• Leadership, Nomination & Remuneration Committee;

• Risk Management Committee;

• Stakeholders Engagement Committee.

• ESG committee (this committee handles the matters pertaining to Corporate Social Responsibility and Diversity and Inclusion Committee);

During the year, all recommendations made by the committees were approved by the Board. A detailed note on the composition of the various committees (including non-mandatory committees not mentioned here) is provided in the report on Corporate Governance, which forms part of this report.

17. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

Internal Financial Controls are part of risk management process addressing financial and financial reporting risks. They ensure the orderly and efficient conduct of business, including adherence to Company policies, safeguarding of its assets, prevention and detection of fraud, error reporting mechanisms, accuracy and completeness of the accounting records. They aid in the timely preparation of financial statements. The Internal Financial Controls have been documented, digitized and embedded in the business process.

18. AUDITORS:

18.1. Statutory Auditors:

At the 28^th (Twenty Eighth) AGM held on 6 June 2019, the members had approved the appointment of S.R. Batliboi & Associates LLP, Chartered Accountants, (ICAI Firm Registration Number 101049W/E300004) as the Statutory Auditors of the Company to hold office for a period of five years from the conclusion of that AGM till the conclusion of the 33^rd (Thirty Third) AGM.

18.2. Secretarial Auditors:

The Board has appointed Mr. S. Chidambaram (CP No.2286) as the Secretarial Auditors for the financial year ended 31 March 2023.

18.3. Internal Auditors:

M/s KPMG are the internal auditors of the Company for the financial year ended 31 March 2023.

19. AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT:

19.1. Auditor's Report:

The Auditors’ Report for Financial Year 2023 does not contain any qualification, reservation or adverse remark. The Report is enclosed with the financial statements in this Annual Report.

19.2. Secretarial Auditors' Report:

The Company has undertaken an audit for the Financial Year 2023 as required under the Act and the SEBI Listing Regulations. The Secretarial Auditors’ Report for FY 2023 does not contain any qualification, reservation or adverse remark. The Secretarial Audit Report for the financial year ended 31 March 2023 is enclosed to this report. Kindly refer to Annexure G.

The Secretarial Audit Report issued by Mr. S. Chidambaram, Secretarial Auditors (CP No.2286) for Cyient DLM Private Limited, a material unlisted subsidiary for the Financial Year 2023 is enclosed to this report. Kindly refer to Annexure H.

19.3. Instances of fraud reported by the Auditors:

During the FY 2023, the statutory auditors and the secretarial auditor have not reported any instances of frauds committed in the Company by its Officers or Employees under section 143(12) of the Act to the Central Government or the Audit Committee under section 143(12) of the Companies Act.

19.4. Annual Secretarial Compliance Report:

The Annual Secretarial Compliance Report for the Financial Year 2023 for all applicable compliance as per the Securities and Exchange Board of India Regulations and Circulars/Guidelines issued thereunder has been duly obtained by the Company.

The Annual Secretarial Compliance Report issued by Mr. S. Chidambaram, practicing company secretary (CP No.2286) will be submitted to the Stock Exchanges within 60 days of the end of the Financial Year.

20. VIGIL MECHANISM

The Company has put in place a Whistle Blower Policy and has established the necessary vigil mechanism as defined under Regulation 22 of the SEBI Listing Regulations for employees and others to report concerns about unethical behaviour. It also provides for adequate safeguards against the victimisation of employees who avail of mechanism. No person has been denied access to the Chairman of the audit committee.

The Whistle blower Policy is available on the website of the company. The web-link for the same has been disclosed separately at the end of this report. The Company has implemented a web based/online mechanism under the whistle blower policy. This mechanism encompasses the entire trail from the login of a complaint to its eventual redressal. The system also affords a dial-in facility to associates in various languages across the countries where the company has its operations.

21. ESOP:

During the year, the company had granted options to the associates of the company and its subsidiaries, in accordance with the SEBI (SBEB & SE) Regulations. Disclosures pursuant to the said regulations are enclosed to this report. Kindly refer to Annexure J. The web-link for the same has been disclosed separately at the end of this report.

Further, a Certificate from the secretarial auditors of the company as prescribed under SEBI (SBEB & SE) Regulations shall be placed before the members in the AGM.

22. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to conservation of energy, research and development, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Companies Act, 2013 are enclosed to this report. Kindly refer to Annexure I.

23. MANAGEMENT DISCUSSION & ANALYSIS

Pursuant to the provisions of Regulation 34 read with Schedule V of the SEBI Listing Regulations, a report on Management Discussion & Analysis is enclosed to this report. Kindly refer to Annexure C.

24. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the board of directors, to the best of their knowledge and ability, confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls to be followed by the company and such internal financial controls are adequate and operating effectively;

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

25. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan, guarantee, or security is proposed to be utilised by the recipient are provided in the Standalone Financial Statements. (Kindly refer note 24 to the Standalone Financial Statements).

26. RELATED PARTY TRANSACTIONS

The company has complied with the provisions of section 188(1) of the Act dealing with related party transactions. The information on transactions with related parties pursuant to section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and is enclosed to this report. Kindly refer to Annexure B. Reference is also made to Note No. 24 of standalone financial statements.

27. ANNUAL RETURN:

In accordance with the Act, a copy of the annual return in the prescribed form as on March 31, 2023 is available on the Company’s website. The web-link for the same has been disclosed separately at the end of this report.

28. PARTICULARS OF EMPLOYEES:

The information required under Section 197(12) of the Companies Act, 2013 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as follows:

I. Disclosures as per Rule 5(1):

a) The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

i) Executive Directors:

Name	DIN	Designation	Ratio to Median remuneration
Krishna Bodanapu	00605187	Managing Director & CEO	168.99
Karthikeyan Natarajan	03099771	WTD & COO	103.45
Ajay Aggarwal	02565242	WTD & CFO	43.57

 

ii) Non-Executive/ Independent Directors:

Name	DIN	Designation	Ratio to Median remuneration
M.M. Murugappan	00170478	Director	2.01
B V R Mohan Reddy	00058215	Director	6.03
Matangi Gowrishankar	01518137	Director	2.01
Ramesh Abhishek	07452293	Director	2.01
Vikas Seghal	05218876	Director	4.12
Vivek N Gour	00254383	Director	2.01

 

b) The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year:

Name	Designation	% increase in remuneration in the financial year
Krishna Bodanapu	Managing Director & CEO	6.40
Karthikeyan Natarajan	Whole-time Director & COO	-39.60
M.M. Murugappan	Director	33.3
B V R Mohan Reddy	Director	20.0
Matangi Gowrishankar	Director	33.3
Ramesh Abhishek	Director	33.3
Vikas Seghal	Director	0
Vivek N Gour	Director	33.3
Ajay Aggarwal	WTD & CFO	-34.00
Sudheendhra Putty	Company Secretary	-5.0

 

c) The percentage increase in the median remuneration of employees in the financial year: 13.57%

d) The number of permanent employees on the rolls of Company: 12,014

e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

The average annual increase was around 8.64% and the average annual increase of managerial personnel 6%.

f) Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company affirms remuneration is as per the remuneration policy of the Company.

II. Disclosures as per Rule 5(2):

The names of the top ten employees in terms of remuneration drawn and the name of every employee, who:

a. if employed throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, was not less than one crore and two lakh rupees;

b. if employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than eight lakh and fifty thousand rupees per month;

c. if employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company.

The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in an annexure forming part of this report. Further, the report and the financial statements are being sent to the members excluding the aforesaid sub-annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary at company.secretary@cyient.com.

29. LOANS AND ADVANCES IN THE NATURE OF LOANS TO FIRMS/COMPANIES IN WHICH DIRECTORS ARE INTERESTED:

The information as required to be provided under Schedule V Para C clause 10 (m) of the SEBI Listing Regulations forms part of the report on Corporate Governance enclosed to the Annual Report.

30. DETAILS OF MATERIAL SUBSIDIARIES OF THE LISTED ENTITY:

The information as required to be provided under Schedule V Para C clause 10 (n) of the SEBI Listing Regulations forms part of the report on Corporate Governance enclosed to the Annual Report.

31. PARTICULARS RELATING TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 (POSH):

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 during the FY 2023.

List of Initiatives under POSH for 2022-23

• Posh Panel connect every quarter to ensure all the complaints registered are duly discussed with improved approach on building awareness. Further, the Company continues to have the posh committee meetings to enhance the awareness among associates.

• Digital compliance of POSH-100% in the portal.

• Awareness sessions to associates through Virtual platforms and also through other business monthly meetings. Awareness and sensitization continue during Induction of associates.

• Awareness worked out creatively through "Theater Play" and Musical Platforms making it more interesting for associates to watch and understand in the digitally.

• POSH panel have been nominated for training in various national and state level forums (NHRD, NASSCOM and CII)

• Further, the Company has introduced mandatory POSH Course for all the new joiners in Dcafe (L&D portal). A new module to the course has been introduced from the FY 23 onwards.

• For DLM, a session specifically for all the blue collared employees in Hyderabad campus on POSH awareness was held during the year.

There are no pending complaints either at the beginning or at end of the financial year. The following is the summary of the complaints received and disposed off during the FY 2022 - 23:

(a) No. of Complaints Received: 1

(b) No. of complaints disposed: 1

(c) number of complaints pending as on end of the financial year: Nil

32. RISK MANAGEMENT:

The company pursues a comprehensive risk management programme as an essential element of sound corporate governance and is committed to continuously embedding risk management in its daily culture. This process is followed in five steps:

• Identify risks and opportunities

• assess risk and performance for key processes

• evaluate the risk impact across business operations

• develop mitigation plan for the risks identified and

• monitor the risks at regular intervals and report to

• the Risk Management Committee

The company has classified the risks into five categories:

i. Strategic

ii. Reputational

iii. Operational

iv. Financial

v. Compliance/Litigation.

Each identified risk is assessed according to its probability and impact on the company.

The Board of Directors has formed an internal risk management committee to identify, evaluate, mitigate and monitor the risk management in the company. The committee comprises cross-functional membership from the senior management of the company. The primary objectives of the Committee are to assist the Board in the following:

• To provide an oversight for all categories of risk and promulgate risk culture in the organization.

• To adopt leading risk management practices in the industry and manage risk proactively at organizational level.

• Help to develop a culture of the enterprise that all levels of people understand risks.

• Provide input to management of risk appetite and tolerance and monitor the organization's risk on an ongoing basis.

• Approve and review risk management plan which includes company's risk management structure, framework, methodologies adopted, guidelines and details of assurance and review of the risk management process.

• Monitor risks and risk management capabilities and mitigation plans.

More details on the risk management committee of the board can be found in the report on corporate governance. Members may also refer to the Management Discussion & Analysis Report.

33. CORPORATE GOVERNANCE:

The Company will continue to uphold the true spirit of Corporate Governance and implement the best governance practices. A report on Corporate Governance pursuant to the provisions of Corporate Governance Code stipulated under the SEBI Listing Regulations forms part of the Annual Report. Kindly refer to Annexure F.

Full details of the various board committees are also provided therein along with Auditors’ Certificate regarding compliance of conditions of corporate governance is enclosed as Annexure E.

34. SIGNIFICANT AND MATERIAL ORDERS:

There are no orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

35. DECLARATION BY THE CEO

Pursuant to the provisions of Regulation 17 of the SEBI Listing Regulations, a declaration by the CEO of the company declaring that all the members of the board and the senior management personnel of the company have affirmed compliance with the Code of Conduct of the company is enclosed to this report. Kindly refer to Annexure K.

The CEO/CFO certification to the board pursuant to Regulation 17 of the SEBI Listing Regulations is enclosed to this report. Kindly refer to Annexure L.

36. MATERIAL CHANGES & COMMITMENTS:

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of financial year to which the financial statement relates on the date of this report. The other changes in commitments are provided in the relevant places of the annual report.

37. COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Act are not applicable for the business activities carried out by the Company.

38. APPLICATION UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:

The Company has not made any application under the Insolvency and Bankruptcy Code, 2016 during the FY 2023.

39. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

The Company has not made any such valuation during the FY 2023.

40. WEB-LINKS OF VARIOUS POLICIES:

As required by the Act and the SEBI Listing Regulations, your Company provides the weblinks are provided herewith:

Sl. No. Particulars	Weblink
1. Annual Return	https://www.cyient.com/investors/
2. Business Responsibility and Sustainability Report	https://www.cyient.com/investors/corporate-governance/
3. Dividend Distribution Policy	https://www.cyient.com/hubfs/2021/investors/corporate-governance/ Dividend Distribution Policy (FY22)%5B21%5D.pdf
4. Corporate Social Responsibility Policy	https://www.cyient.com/hubfs/2021/CSR/Cyient_CSR_Policy_3.1.pdf.
5. Policy on directors' appointment and Remuneration	https://www.cyient.com/investors/corporate-governance/
6. Whistle Blower Policy	https://www.cyient.com/hubfs/Statutory_information/Whistle_Blower_ Policy_%26_Procedure_V_1.4.pdf
7. ESOP disclosures	https://www.cyient.com/investors/corporate-governance/
8. Familiarization programme of the independent directors	https://www.cyient.com/investors/corporategovernance/
9. Policy for determining material subsidiaries of the Company	https://cdn2.hubspot.net/hubfs/5724847/FY_19_Revamp_Assets_Website/ Investors /Corporate Governance/Material subsidiaries Policy.pdf
10. Policy on dealing with related party transactions	https://cdn2.hubspot.net/hubfs/5724847/FY_19_Revamp_Assets_Website/ Investors /Corporate Governance/Related Party Transactions Policy.pdf
11. Prevention of sexual harassment policy	https://www.cyient.com/investors/corporategovernance/
12. Environment, health and safety policy	https://www.cyient.com/hubfs/FY_19_Revamp_Assets_Website/Investors / Corporate Governance/EOHS-Policy.pdf
13. Company's policy on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under subsection (3) of section 178 of the Companies Act, 2013	https://www.cyient.com/investors/corporategovernance/

 

41. ACKNOWLEDGMENTS

The board of directors expresses their thanks to the company’s customers, shareholders, vendors and bankers for their support to the company during the year. We also express our sincere appreciation to the contribution made by employees at all levels. Our consistent growth was made possible by their hardwork, cooperation and support.

Your directors would like to make a special mention of the support extended by the various Departments of the Central and State Governments, particularly the Software Technology Parks of India, Development Commissioners - SEZ, Department of Communication and Information Technology, the Direct and Indirect tax authorities, the Ministry of Commerce, the Reserve Bank of India, Ministry of Corporate Affairs/Registrar of Companies, Securities and Exchange Board of India, the Stock Exchanges and others and look forward to their support in all future endeavours.

	For and on behalf of the Board
	M.M. Murugappan	Krishna Bodanapu
Hyderabad	Non-Executive Chairman	Managing Director
20 April 2023	00170478	00605187

 

Cyient Ltd Company Background

M M MurugappanKrishna Bodanapu.

Incorporation Year	1991
Registered Office	4th Floor A-Wing Plot No 11,Software Unit Layout Madhapur Hyderabad,Telangana-500081
Telephone	91-40-67641000/67641696/23124006,Managing Director
Fax	91-40-66624368/23110352
Company Secretary	Sudheendhra Putty
Auditor	S R Batliboi & Associates LLP
Face Value	5
Market Lot	1
Listing	BSE,MSEI ,NSE,
Registrar	KFin Techologies Ltd Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Cyient Ltd Company Management

Director Name	Director Designation	Year
B V R Mohan Reddy	Founder Chairman	2023
M M Murugappan	Chairman (Non-Executive)	2023
Sudheendhra Putty	Company Sec. & Compli. Officer	2023
Krishna Bodanapu.	Executive Vice Chairman & MD	2023
Vikas Sehgal	Non-Exec. & Independent Dir.	2023
Vivek Narayan Gour	Non-Exec. & Independent Dir.	2023
Matangi Gowrishankar	Non-Exec. & Independent Dir.	2023
Ramesh Abhishek	Non-Exec. & Independent Dir.	2023
Karthik Natarajan	Executive Director & CEO	2023
Nitin Prasad	Independent Director	2023

Cyient Ltd Listing Information

Listing Information
BSE_500
BSE_IT
CNX500
BSESMALLCA
CNXSMALLCA
CNXDIVIDEN
CNXALPHAIN
BSEALLCAP
BSESMALLSE
SML250
MSL400
NFTYMSC400
NFTYSC50
NFTYSC250
NF500M5025
NFTDIGITAL
NFTYTOTMKT

Cyient Ltd Finished Product

Product Name	Unit	Installed Capacity	Production Quantity	Sales Quantity	Sales Value
Sale of Services	NA	0	0	0	2224.2
Sale of Products	NA	0	0	0	3.7
Other Operating Income	NA	0	0	0	0
Software-Domestic	NA	0	0	0	0
Software-Export	NA	0	0	0	0