Cyient, an Indian IT and tech company, announced a change in executive leadership on Monday.
In a release, the company announced that the board of directors appointed Krishna Bodanapu as Executive Vice Chairman and Managing Director of Cyient Limited. Karthikeyan (Karthik) Natarajan has been appointed as CEO and continues to be the Executive Director of Cyient Limited.
Furthermore, Prabhakar Atla has been appointed as the CFO designate, keeping in mind the upcoming retirement of Ajay Aggarwal, CFO of Cyient Limited, on April 20th, 2023. Prabhakar will take over the role of CFO on that date and report to the CEO. Antony Montalbano has been appointed as the CEO of Cyient DLM. The CEOs of Cyient Limited and Cyient DLM will report to Krishna Bodanapu.
Commenting on the appointment, MM Murugappan, Non-Executive Chairman, Cyient, said, “Krishna has been instrumental to the growth, diversification, and advancement of Cyient during his tenure as Managing Director and CEO. With this reorganization, I am confident that his vision for the Company will continue to be successfully executed. I thank Krishna for his leadership, commitment, and unwavering drive to take Cyient to new heights”.
Karthik Natarajan said on his appointment, “I am delighted to take on this new role, to drive technology-led growth for the company. We will focus on partnering with our customers to create Digital and Connected Enterprises, Sustainable Industries and an Autonomous World. I look forward to working with the team to apply technology imaginatively to solve problems that matter.”
Shares of Cyient Ltd closed flat at Rs 996.30 on April 3.
For the upcoming quarterly results,IDBI Capital expects the Hyderabad-based software solutions company to report a 5.5 per cent QoQ rise in revenue in CC terms, with a cross currency benefit of 150 bps. Growth is expected to be led by 3.5 per cent QoQ (organic growth of 2.5 per cent) expansion in services revenues.
“DLM segment is expected to record 27 per cent QoQ growth. In terms of verticals, growth is expected to be led by Communication and Aerospace. We forecast Ebit margin to improve 60 bps QoQ to 13.5 per cent due to cost optimisation and price hikes,” the brokerage said.