“In spite of the herculean challenges in the economy, our revenues in the FY grew over 9 per cent vis-a-vis that in the previous year. Our growth has been purely organic at a CAGR of 131 per cent over the last 6 years; and continues to remain way above the industry,” said Aditya Narayan Mishra, Director and CEO of CIEL.
The company made a turnover of over Rs. 306 crore as against the previous financial year turnover of around Rs. 279 crore, about a 10 per cent spike.
“In spite of the unprecedented level of uncertainty and economic downturn, the company did not only clock a revenue growth but also a growth in profitability. The Directors are confident of continuing the momentum of profitable growth. The company has ambitious plans ahead of growing organically as well as in the inorganic route; has its sight on crossing a revenue milestone of Rs 10 billion in FY24,” CIEL said in a statement.
Mishra went on to add that the company’s geographic footprint has grown to 54 offices across 40 locations in India and went on to serve talent needs for over 700 customers during the FY and increased the deputee count in the FY by more than 30 per cent vis-à-vis the previous year.
It said that its subsidiary, Integrum Technologies has brought out four products: HYRE for Recruitment, PORT for Onboarding, APPI for HRMS & Payroll and RISE for Performance Management.
“These products have been deployed in CIEL and its clients successfully delivering efficiency and enhancing user experience at the same time. In the years ahead, we will see greater penetration of these products in the global markets.
Mishra said the company has placed over 55,000 candidates in more than 2,200 companies since its inception in August 2015.
CIEL was listed among the Largest Staffing Companies in India at 14th place by revenues in the report published in Feb 2021 by Staffing Industry Analyst (SIA). Mishra said that CIEL is now at the 12th position by revenues.
“We are confident, with the investments in people capability and technology, our geographic spread and passionate efforts to grow the business, we will be able to leverage the opportunities in the market, keep up the goodness of our internal environment and pursue excellence. We will continue to grow, add specialty service offerings and launch new lines of business. We will raise capital to cater to our organic as well as inorganic growth plans,” he said.
