Cyient jumped 3.17% to Rs 1832 after the company announced the formation of a fully-owned subsidiary for semiconductor business.

This strategic move positions Cyient to capitalize on the burgeoning semiconductor market in India and globally. The new subsidiary aims to strengthen its position in the semiconductor market by offering top-tier ASIC design and chip sales. The subsidiary will operate under experienced leadership, adapting to market cycles, and more effectively addressing this industry’s technology and capital requirements.

Krishna Bodanapu, vice chairman & managing director of Cyient, said, “We are happy to announce this strategic initiative that enhances our capabilities in Application Specific Integrated Circuit (ASIC) turnkey design and manufacturing. As the global semiconductor market is expected to hit a trillion dollars by 2030 and the Indian Electronics and Semiconductor Association (IESA) forecasting the industry’s growth to $100 billion by 2030, we are well-positioned to capitalize on the vast opportunities for growth and influence in this evolving market.”

“Cyient’s credentials in the semiconductor electronics sector through Cyient DET and Cyient DLM have enabled us to set-up this subsidiary to drive a dedicated focus on turnkey ASIC design and chip sales through a fabless model for analog mixed-signal chips,” he added.

Cyient is a global technology company. It provides engineering solutions to over 300 clients, including many top global innovators. The company focuses on creating a digital, autonomous, and sustainable future while prioritizing social responsibility and environmental sustainability.

The IT company reported 28.53% rise in consolidated net profit to Rs 189.2 crore on 2.16% increase in revenue from operations to Rs 1,860.8 crore in Q4 FY24 over Q3 FY24. On year on year (YoY) basis, the company’s consolidated net profit jumped 15.93% while revenue grew by 6.25% in Q4 FY24.

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First Published: Jul 12 2024 | 1:32 PM IST