Cyient Q1 results: Net profit up 41.3% to Rs 115 crore

New Delhi: IT firm Cyient on Thursday reported a 41.3 per cent rise in consolidated net profit to Rs 115 crore for the April-June quarter of this year. The Hyderabad-based company had posted a net profit of Rs 81.4 crore in the year-ago period, it said in a regulatory filing.

Its revenue increased 6.7 per cent to Rs 1,058.2 crore for the period under review as against Rs 991.7 crore in the first quarter of 2020-21.

The PAT increased by 41.3 per cent year-on-year and 4.9 per cent quarter-on-year, primarily from higher other income, partially offset by higher taxes, the filing said.

“We continue to expect to grow double digit in FY22 in Services with growth coming back from Q2…We also maintain that for the full year we expect the margins to improve at least by 200 basis points,” it added.

Cyient Managing Director and Chief Executive Officer Krishna Bodanapu said the company’s first quarter results are in line with expectations considering this has been a significantly challenging quarter with the impact of the second wave of the COVID-19 pandemic.

“Outlook for Q2 and the rest of the year remains strong due to the order intake and backlog in various verticals. We continue to hold our outlook for FY22 and expect double-digit growth in services business for the year,” he said.

He added that profitability will continue to increase quarter-on-quarter through the year along with free cash generated.

“The new digital business unit continues to demonstrate rapid growth. Q1 was a good start to what promises to be a strong year,” he said.

The company’s headcount at the end of June quarter was at 12,433 people, with voluntary attrition at 23.5 per cent in the first quarter of FY22.

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