NON-EXECUTIVE
CHAIRMAN
Dear
Shareholders,
As we
reflect on FY24, I am pleased to share that Cyient has again delivered a robust
performance, deftly navigating the complexities of a shifting economic landscape. Cyient
has demonstrated remarkable resilience and adaptability, continuing our growth and
profitability trajectory with significant advancements in our strategic initiatives.
We
focus on building capabilities to deliver Intelligent Engineering for a Digital,
Autonomous, and Sustainable Future for our customers. During the year, we strengthened our
capabilities, created a balanced portfolio, and invested in innovation, building on the
strategic acquisitions of the previous year. The CyientifIQ Experience Centre in
Hyderabad, inaugurated in December 2023, showcases over 100 solutions that were built in
collaboration with ten partners. This Experience Centre allows various stakeholders to
experience innovation firsthand.
At
Cyient, our ValuesFIRST principles - Fairness, Integrity, Respect, Sincerity, and
Transparency - continue to guide us in all endeavors. The recent dismissal of the case
brought against a Cyient executive by the US Department of Justice (DOJ) reaffirms our
unwavering commitment to ethical conduct. Living these values daily fosters an environment
that consistently delivers excellence and trust.
MM
MURUGAPPAN
Non-Executive
Chairman
This
past year, Cyient has continued to ‘Empower Tomorrow Together' with its commitment to
societal growth through the Cyient Foundation, focusing on areas such as Quality Education
and Digital Literacy, Skill Development, Women's Empowerment, Community Development, and
Innovation and Entrepreneurship. Our efforts have significantly enriched lives and
communities: we supported nearly 200,000 children in Cyient-adopted schools with access to
quality education, health, and technology. 82 Cyient Digital Centers across five states
provide IT education to 35,000 individuals and have certified 13,500 women in digital
skills, enhancing their employment opportunities.
Additionally,
our sustainability initiatives have made a significant impact, including enabling solar
power systems in two schools and planting over 91,000 trees with an 86.2% survival rate.
Recognizing our contributions, Cyient was honored with the ‘Girls Education Program
Initiative of the Year' and ‘Best Skill Development Program Initiative of the Year'
at the Indian Social Impact Awards 2024. These accolades underscore our commitment as
responsible corporate citizens of the community.
Taking
the spirit of Entrepreneurship in India for the world forward, we supported the
establishment of BVR SCIENT (School of Innovation and Entrepreneurship) in collaboration
with IIT Hyderabad to bring India's innovation and entrepreneurial talent to the global
stage. BVR SCIENT embodies our commitment to providing young entrepreneurs with the
guidance and inspiration to position India internationally through their innovative ideas.
This
year, our subsidiary, Cyient DLM, was publicly listed and is well-positioned to create
value for our customers, partners, and investors through comprehensive engineering and
manufacturing services and solutions. I would like to acknowledge the great work being
done by the team at Cyient DLM to drive and deliver a unique suite of capabilities.
I
would like to appreciate Mr. Krishna Bodanapu, Executive Vice Chairman and Managing
Director, and Mr. Karthikeyan Natarajan, Executive Director, and Chief Executive Officer,
as well as our leadership teams and colleagues globally, for their unwavering commitment
and exemplary work over the past year. The achievements we have seen are a testament to
this.
I also
want to thank my colleagues on the Board for their robust support and guidance throughout
the year. I am pleased to have Mr. Nitin Prasad join the Board this year, where his
expertise and insights will significantly enhance our strategic planning and
deliberations. The Board's focus on business performance, shareholder returns, and
promoting diversity has reinforced our governance standards. I also appreciate their
generous time and encouragement, which continue to empower our leadership and management.
Additionally, the ongoing involvement of our Founder Chairman, Dr. BVR Mohan Reddy,
ensures continuity, stability, and inspiration for our company.
As we
move into the new fiscal year, we continue to focus on building our capabilities,
fostering innovation, and driving sustainable growth. We are dedicated to building on our
achievements to ensure sustainable value creation for all our stakeholders.
Thank
you to our associates, partners, customers, and shareholders for your steadfast support
and confidence in us. We look forward to another year of designing tomorrow together.
Sincerely
Yours,
MM
MURUGAPPAN
Non-Executive
Chairman