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Cyient Q3 net up 17.6% to Rs 108 crore

Cyient Q3 net up 17.6% to Rs 108 crore
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City-based IT firm Cyient on Thursday reported a 17.6 per cent rise in net profit at Rs 108.3 crore for the December 2019 quarter.

Hyderabad: City-based IT firm Cyient on Thursday reported a 17.6 per cent rise in net profit at Rs 108.3 crore for the December 2019 quarter.

The Hyderabad-based company had posted a net profit of Rs 92.1 crore in October-December quarter a year ago, Cyient said in a statement. Its revenue, however, decreased 6.9 per cent to Rs 1,106 crore for the period under review as against Rs 1,187.6 crore in the third quarter (Q3) of 2018-19.

"PAT increased by about 10 per cent quarter-on-quarter, primarily on account of higher other income," it said.

In dollar terms, net profit rose 18.6 per cent to $15.2 million, while revenue was lower by 6 per cent at $155.2 million in the said quarter year-on-year.

Cyient MD and CEO Krishna Bodanapu said the third quarter is generally slow.

"As part of this agreement (with one of our key clients), we have provided a one-time discount in Q3. This agreement will accelerate our growth in the coming years and since the cumulative impact was taken in Q3 it has resulted in a de-growth," he added.

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