Cyient shares rise 2% on partnership with UK-based Thingtrax

Technology solution provider, Cyient saw its share price rise around 2 percent after the company’s announcement to partner with Thingtrax.

The company, which announced the partnership on Tuesday, said it will enable manufacturers to increase efficiency and reduce costs.

Thingtrax is a UK-based technology firm which assists manufacturers in reducing downtime and increasing operational efficiency.

As per a company filing, the partnership will enable global manufacturers to drive higher performance across their entire manufacturing operation through AI-powered data.

Cyient’s end-to-end manufacturing services suite and the Thingtrax solution allow manufacturing leaders to improve operational performance by engaging people at every level to embrace a high-performance culture.

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“I am pleased to announce the global partnership between Cyient and Thingtrax. This partnership adds to Cyient’s Digital E R&D focus and will help our global customers improve efficiency and reduce operational cost by improving their performance KPIs enabled by faster machine connectivity, dynamic visual feeds, and decision systems across organization levels,” said Prabhakar Shetty, Chief Digital Officer at Cyient.

In Q3FY23, Cyient reported robust performance with revenue growing at 12.7 percent quarter-on-quarter (QoQ) while order intake in the services business grew 83 percent QoQ to $237.1 million. The company also saw EBITDA margin expansion at 13.2 percent compared to 10.1 percent reported in September 2022 quarter.

Shares of Cyient have seen an uptick of more than 10 percent in the last month.

On Wednesday, the scrip was trading 2.02 percent up on the NSE at Rs 972.00 apiece at 1.28 pm while its peers L&T and Zensar were trading 1.31 percent down and 0.034 percent up, respectively.