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Cigniti Tech Q2 net falls 29% to Rs 25 crore
Cigniti Tech Q2 net falls 29% to Rs 25 crore
IT firm Cigniti Technologies on Thursday posted a 29 per cent decline in its consolidated net profit at Rs 25 crore for the second quarter ended September 2020, mainly on account of a one-time provisioning against an income tax order
Hyderabad: IT firm Cigniti Technologies on Thursday posted a 29 per cent decline in its consolidated net profit at Rs 25 crore for the second quarter ended September 2020, mainly on account of a one-time provisioning against an income tax order.
The company had logged a net profit of Rs 35.72 crore in the same quarter a year ago. Commenting on results, Cigniti Technologies Chief Financial Officer Krishnan Venkatchary told PTI that the company's year-on-year profit has come down on account of one-time write-off of around Rs 8.95 crore which was necessitated for an income tax order received around transfer pricing for 4 years between 2015-2018 in the US.
"We have concluded the IT assessment scrutiny in the US. It will not affect us in coming quarters," Venkatchary said.
