Latest News | Cyient Q1 Net Profit Down 10 Pc to Rs 81.4 Cr

New Delhi, Jul 16 (PTI) IT firm Cyient on Thursday reported a 10 per cent decline in consolidated net profit at Rs 81.4 crore for June 2020 quarter.

The Hyderabad-based company had posted a net profit of Rs 90.5 crore in the year-ago period, it said in a regulatory filing.

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Its revenue decreased 8.9 per cent to Rs 991.7 crore for the period under review as against Rs 1,089 crore in the first quarter of 2019-20.

"Q1 FY21 results were better than our expectations, where we recorded a revenue of USD 130.6 million which was lower by 11.6 per cent quarter-on-quarter and 15.1 per cent year-on-year in constant currency," Cyient Managing Director and CEO Krishna Bodanapu said.

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He added that the company saw some significant wins in both new business and existing clients in June 2020 quarter that will help strengthen Cyient's revenue outlook in the coming quarters.

"Our outlook for Q2 is positive and we expect growth to return in all industries except aerospace, which will de-grow further in Q2. For the year, we expect a de-growth in revenue in double digits," he said.

Bodanapu said margins in the second half of the fiscal will be "back to the steady state margin of H1 of last year".

"This will continue to be underpinned by strong free cash flow generation and prudent capex spend," he added.

In dollar terms, net profit fell 17.6 per cent to USD 10.7 million, while revenue was lower by 16.6 per cent at USD 130.6 million in the quarter under review from the year-ago period.

The company's headcount at the end of June quarter was at 12,820 people, with voluntary attrition at 13.6 per cent in the first quarter of FY21.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)