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Cyient Q2 net profit falls 22.5% to Rs 98.5 crore
IT firm Cyient on Thursday reported a 22.5 per cent decline in net profit at Rs 98.5 crore for the September 2019 quarter.
Hyderabad: IT firm Cyient on Thursday reported a 22.5 per cent decline in net profit at Rs 98.5 crore for the September 2019 quarter.
The Hyderabad-based company had posted a net profit of Rs 127.1 crore in the corresponding quarter a year ago.
Its revenue also decreased 2.4 per cent at Rs 1,158.9 crore for the period under review as against Rs 1,187 crore in the second quarter of 2018-19.
"PAT down by 22.5 per cent year-on-year primarily driven by lower EBIT and lower other income," Cyient said. In dollar terms, the net profit declined 22.8 per cent to $13.8 million, while revenue was lower by 2.8 per cent at $164.2 million in the said quarter year-on-year.
Cyient MD and CEO Krishna Bodanapu said the second quarter results were "in line with our commentary". "Excluding the one off spends, the EBIT (earnings before interest and taxes) would have been 105 basis points higher quarter-on-quarter and our services EBIT margin would have been higher by 158 basis points quarter-on-quarter," he added.
The company has declared an interim dividend of Rs 6 per share. "We are confident of delivering a steady growth in our services business for the rest of the year.
We remain strongly focused on growth, improvement in operating efficiencies and cash generation and thus, maximising the value for our shareholders," Cyient President and CFO Ajay Aggarwal said.
Cyient had a total headcount of 14,869 people at the end of September 2019 quarter with voluntary attrition at 18 per cent.