Shares of Cyient rose 9% to Rs 1,409 on the BSE in intraday trade on Thursday after the IT firm said it remained confident in the vertical’s strong growth. The stock was trading near its 52-week high of Rs 1,415, hit on May 22, 2023.

Cyient is committed to providing global technology services and solutions, specialising in geospatial, engineering design, IT solutions and data analysis. The company specialises in software services and solutions for the manufacturing, utilities, telecommunications, transportation and logistics, local government and financial services markets.

Cyient shares have risen 74% so far in the calendar year 2023 (CY23), compared with a 2.5% gain for the S&P BSE Sensex.

Cyient stated that FY24 would be an exciting and transformative year for the Cyient Group as Cyient and Cyient DLM (Design Led Manufacturing) develop as separate entities. The new structure is expected to facilitate the development and ambition of each organisation on its own trajectory.

The company said it will continue to imaginatively apply technology to solve important problems in high-growth areas such as transportation, connectivity, sustainable development, healthcare, automotive, semiconductors and design-led manufacturing. The outlook for Cyient DLM’s proposed initial public offering (IPO) this fiscal year is positive.

“The outlook for the Energy, Industrial and Plant Engineering (EIP) segment in FY24 remains positive, and we forecast strong growth in the sustainable business. Driven by increased investment in areas such as digital factory expansion,” Cyient said in its FY23 annual report.

As for the utility segment, the company said the outlook for the next fiscal year remains very positive, with opportunities to drive strong growth in grid modernisations, transmission capacity, intelligent asset management (IAM), and integration of smart microgrid grids.

Regarding orders guidance for FY24, the company said it expected double digits in its large verticals, such as transportation, connectivity and sustainable development, supported by solid demand for its services, robust order books and large deals Growth, it is guiding for 15-20% growth in integrated services revenue.