New Delhi, May 4 (PTI) IT company Cigniti Technologies on Wednesday reported an 8.3 per cent decline in consolidated profit after tax to Rs 22.6 crore in the quarter ended on March 31, 2022, compared to Rs 24.67 crore in the same period a year ago.

Cigniti board approved the acquisition of modern technology IT company Aparaa Digital which operates under the brand name RoundSqr for USD 4.8 million (about Rs 36.6 crore) in an all-cash deal.

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The acquisition is expected to bolster Cigniti's strategic pursuit of becoming a specialized digital engineering and assurance services provider.

The consolidated revenue of the company grew by 47.7 per cent to Rs 344.08 crore during the reported quarter compared to Rs 233.02 crore in the March 2021 quarter.

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"Our focus on the shift to digital assurance has further accelerated and we continue to maintain our growth momentum. Our growth will continue through newer technologies and offering digital transformation services. We are confident that we shall consistently continue to achieve our objectives and grow at an augmented phase in the coming years," Cigniti chairman and managing director C V Subramanyam said.

For the year ended March 31, 2022, Cigniti PAT declined by about 13 per cent to Rs 91.74 crore from Rs 105.35 crore it reported a year ago.

The annual revenue of Cigniti, however, increased by 38.5 per cent to Rs 1,241.8 crore at the end of 2021-22 from Rs 896.53 crore in 2020-21.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)