Cyient Q1 profit falls to ₹82 crore

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Engineering services company Cyient has registered a consolidated total income of ₹1,096 crore in the first quarter ended June 30, 2018, as against ₹944 crore in the same quarter previous year.

The net profit for the quarter declined to ₹81.6 crore from ₹85 crore in the comparable quarter last year.

“We have cash or cash equivalent of ₹1,100 crore,” Krishna Bodanapu, Managing Director and CEO of Cyient, has said.

“The first quarter has been in line with our expectations. We witnessed a year-on-year growth of 14.3 per cent, driven by strong growth in aerospace and defence; transportation and semiconductor; and Internet of things and Analytics business units,” he said, commenting on the first quarter results.

“The outlook for the financial year 2019 continues to remain strong. We expect a double-digit growth in operating profit in the year. Our operating margin is expected to remain flat year-on-year as operational improvements and upsides from exchange rate offset investments we make through the year,” he said.

Source: The Hindu