Cyient Q1 net profit dips 6% to Rs 82 crore

We are in the last phase of the September quarter earnings season, and the results announced by the BSE 500 companies so far have shown signs of a sharp recovery, as compared to the June quarter, when the economic activity in the country was compromised due to lockdown in various regions. From the BSE 500 list, 216 companies have announced their September quarter results so far. We excluded banking and financial companies.  Along with the index stocks we also analyse each sector quarterly earnings. (Data Source: ACE Equity)

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Cyient Limited, a city-based IT firm today said its profit after tax for the quarter ended June 30 was down by six percent to Rs 82.5 crore against Rs 87.8 crore during the same quarter in FY 18.

According to a press release and an investor presentation by the company, revenues from operations was up by 19 percent to Rs 1080 crore during the quarter under discussion.

It was Rs 907 crore in the first quarter of FY 18. Managing Director and Chief Executive Officer, Cyient, Krishna Bodanapu said, the results were in line with their expectation.

"We witnessed a YoY growth of 14.3 percent (in USD terms) driven by strong growth in Aerospace and Defense, Transportation and Semiconductor, IOT and Analytics business units," he said.

He hoped that the outlook for FY 19 would continue to remain strong and expected a double digit growth in operating profit through the year.

"Our operating margin is expected to remain flat YoY as operational improvements and upsides from exchange rates are offset by investments we make through the year," he added. Cyient shares closed at Rs 742 apiece up 0.82 percent over previous close on BSE.