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Cyient posts 75 cr net in Q1
Cyient posts 75 cr net in Q1. City-based IT firm Cyient, formerly known as Infotech Enterprises, on Thursday posted 9.2 per cent upswing in net profit at Rs 74.8 crore for the first quarter ended June, 2015 as against Rs 68.5 crore in the same quarter last year.
Hyderabad: City-based IT firm Cyient, formerly known as Infotech Enterprises, on Thursday posted 9.2 per cent upswing in net profit at Rs 74.8 crore for the first quarter ended June, 2015 as against Rs 68.5 crore in the same quarter last year.
The company’s revenues rose 16.8 per cent to Rs 726.2 crore in the quarter under review from from Rs 621.7 crore in the corresponding quarter last year. On a sequential basis, the firm's net profit declined 20.3 per cent to Rs 93.8 crore from Rs 730 crore in January-March, 2015 quarter.
"The financial performance is in line up with the expectations. Growth was muted in the services business and revenues were lower than expected in Rangsons," said Krishna Bodanapu, CEO and Managing Director, Cyient.
Business pipeline continues to remain strong and Cyient is confident that revenue momentum will accelerate in next quarter, he added. In dollar terms, Cyient's net profit increased 2.8 per cent to $11.8 million, while revenues were up 9.9 per cent to $114.3 million in the quarter under review.
"We were able to improve operating margins during the quarter despite wage hike with operational improvements and this momentum on margin improvement continues to be the focus area during the year," Cyient CFO Ajay Aggarwal said.
