firm cyient: Cyient Q2 results: Net profit falls 15% to Rs 84 cr

New Delhi: IT firm Cyient on Thursday reported a 14.8 per cent decline in its consolidated net profit at Rs 83.9 crore for September 2020 quarter. The Hyderabad-based company had posted a net profit of Rs 98.5 crore in the year-ago period, it said in a regulatory filing.

Its revenue decreased 13.4 per cent to Rs 1,003.3 crore for the period under review as against Rs 1,158.9 crore in same period year ago.

On a sequential basis, the net profit was higher by 3 per cent from Rs 81.4 crore, while revenue increased 1.2 per cent from Rs 991.7 crore in the June 2020 quarter.

“PAT increased by 3 per cent quarter-on-quarter mainly from higher operating income driven by higher volume and efficiency,” the company said.

Krishna Bodanapu, Managing Director and Chief Executive Officer of Cyient said the second quarter results are in line with its expectations.

“This quarter we focused on setting up the business back on a growth path. We continued our rigour on efficiency improvement and building pipeline for the business,” he added.

The company has won key projects that sets it up for a better second half, he said.

“Our outlook for H2 is positive and we expect growth based on the outlook and pipeline across most sectors… For the year, we expect a double digit decline in revenue and margins will be similar to FY20 margins,” he added.

In dollar terms, net profit fell 18.3 per cent to USD 11.3 million, while revenue was lower by 17.8 per cent at USD 135 million in the quarter under review from the year-ago period.

The company’s headcount at the end of September quarter was 12,267, with voluntary attrition at 9.2 per cent for the said period.

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