Cigniti Tech Q1 results: Net profit remains flat at Rs 29 cr

NEW DELHI: IT company Cigniti Technologies on Tuesday posted an almost flat consolidated net profit at Rs 29.11 crore in the first quarter ended June 30, 2020.

The company had recorded a net profit of Rs 29.26 crore in the same period a year ago.

"We took a 5 per cent salary cut during the quarter across the board as part of cost optimisation and efficiently managed operational expenses," Cigniti Technologies chief financial officer Krishnan Venkatchary told PTI.


He said the company expects to restore salaries to the previous level from October onwards.

"All staff were very cooperative and not a single employee was laid off during the quarter," Venkatchary said.

The consolidated revenue of Cigniti Technologies declined by about 6 per cent at Rs 218.40 crore during the reported quarter compared to Rs 233.04 in the corresponding quarter of 2019-20.

The company's revenue from the travel sector declined to around 21 per cent from about 27 per cent on a year on year basis but the same was compensated by the gain in business from banking, finance and insurance, retail, healthcare, e-commerce etc.

The company recorded foreign exchange gain of Rs 2.26 crore during the quarter.