Cyient Q1 Results: Company reports 46% rise in net profit to Rs 169 crore

IT solutions provider Cyient on Tuesday posted a 46 per cent year-on-year rise in consolidated net profit to Rs 169 crore in the June quarter.

The revenue from operations rose about 35 per cent to Rs 1,686.5 crore in the first quarter of this fiscal, up from Rs 1,250 crore in the year-ago quarter. Image Courtesy: Reuters.

IT solutions provider Cyient on Tuesday posted a 46 per cent year-on-year rise in consolidated net profit to Rs 169 crore in the June quarter. The net profit rose from about Rs 116 crore in the year-ago period, the company said in a BSE filing.

The revenue from operations rose about 35 per cent to Rs 1,686.5 crore in the first quarter of this fiscal, up from Rs 1,250 crore in the year-ago quarter. Sequentially, Cyient recorded a net profit rise of 3.6 per cent from Rs 163 crore, it said.

However, the revenue in the first quarter of the current fiscal declined 3.7 per cent from Rs 1,751 crore in the March quarter. The company won six large deals of about Rs 400 crore in the Digital, Engineering and Technology (DET) segment in the June quarter.

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Krishna Bodanapu, executive vice-chairman and managing director of the company, said the company "witnessed positive Q1, FY24 results, with quarterly group revenue at USD 205.3 million (Rs 1,683 crore), up 28.6 per cent Y-o-Y in constant currency."

"We won six large deals in DET with a total contract potential of USD 48.8 million (Rs 400 crore) in this quarter. The order intake stood at USD 193.2 million (Rs 1,584 crore), up 32.5 per cent Y-o-Y. Our pipeline for the year looks robust," Bodanapu added.

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