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Cyient Q3 net up 14% at Rs 94 crore
City-based IT engineering and services company, Cyient Limited, has witnessed a 13.8 per cent increase in its net profit to Rs 94.17 crore for the third quarter ended December 2016, as against Rs 82.74 crore in the corresponding quarter of the last fiscal.
Hyderabad: City-based IT engineering and services company, Cyient Limited, has witnessed a 13.8 per cent increase in its net profit to Rs 94.17 crore for the third quarter ended December 2016, as against Rs 82.74 crore in the corresponding quarter of the last fiscal. Its revenues stood at Rs 917.06 crore in the quarter under review, as compared with Rs 783.07 crore in the year-ago period, reflecting an increase of 17.1 per cent.
“Q3 FY17 was in line with our expectations both in revenue and margin. We are coming off a very strong quarter in Q2 and Q3 is a seasonally weak quarter due to lower working days,”Krishna Bodanapu, Managing Director and Chief Executive Officer of Cyient, said in a statement on Thursday.
Stating that the company was seeing significant traction in new solutions like analytics where it had some key wins, Bodanapu said the design-led manufacturing (DLM) business continued to improve performance and delivered a Rs 100-crore revenue quarter for the first time as a part of Cyient.
Cyient added 24 customers during the quarter and has a strong business outlook, backed by pipeline and order intake growth year-on-year.
At the end of December 2016 quarter, Cyient had 13,094 employees with voluntary attrition rate at 22.6 per cent and involuntary attrition at 1.9 per cent.
“With cash balance of Rs 862 crore and strong cash flow generations, we continue to focus on investments for growth. In line with our philosophy of continuous improvement, we have implemented Workday –HR ERM package across the globe. This will help us drive scale and efficiency. Cyient will continue to focus on growth in revenue and operating profit, cash generation and thus maximising the value for our shareholders,” said Ajay Aggarwal, Chief Financial Officer of Cyient.
