Cyient Q1 net profit dips 6% to Rs 82 crore


New Delhi, Jul 12 () IT firm Cyient today reported a six per cent decline in its consolidated net profit to Rs 82.5 crore for the three months ended June 30, this fiscal.

The company had posted a net profit of Rs 87.8 crore in the same period previous year.

“Our outlook for FY19 continues to remain strong. We expect a double digit growth in operating profit through the year.

“Our operating margin is expected to remain flat YoY (year on year) as operational improvements and upsides from exchange rates are offset by investments we make through the year,” Krishna Bodanapu, MD and CEO of the company said in an investor presentation for first quarter of FY19.

Revenue from operations rose 19.1 per cent year-on-year to Rs 1,080 crore during the recently-concluded June quarter, the company said in a regulatory filing.

In dollar terms, the company’s revenue grew 14.3 per cent to USD 160.8 million from USD 140.6 million during the year-ago period.

“Q1 FY19 has been in line with our expectation. We witnessed a YoY growth of 14.3 per cent driven by strong growth in aerospace and defense, transportation and semiconductor, IoT (Internet of Things) and analytics business units. On Q-o-Q (quarter-on-quarter) basis we witnessed a degrowth of 2.3 per cent,” Bodanapu added. MBI MBI BAL BAL

Source: Economic Times