Cyient profit rises 15% to ₹111 crore in Q2
Cyient Ltd, formerly Infotech Enterprises, has posted revenues of ₹965.40 crore in the second quarter ended September 30, 2017, as against ₹913.60 crore in the same quarter last year, showing a growth of 5.7 per cent.
The Hyderabad firm, which provides engineering services, registered a net profit of ₹111.40 crore as against ₹97.3 crore in the comparable quarter, a growth of 14.60 per cent.
“The performance was in line with our expectations both on the revenue and margins. We recorded the highest ever revenues in the quarter,” Krishna Bodanapu, Managing Director and Chief Executive Officer of Cyient, has said.
“The attrition rate stood at 16.80 per cent, which is the lowest in the last 15 quarters. Cash and cash equivalents were at ₹987 crore at the end of the second quarter,” he said.
The firm has a total manpower of 13,658 as against 13,216. The voluntary attrition fell to 14.2 per cent from 22.70 per cent in the comparable Krishna Bodanapu, MD & CEO
quarter last year. The involuntary attrition too came down to 2.6 per cent (4 per cent).
The firm has declared an interim dividend of ₹5 a share, the highest ever, he said.
“We expect a double digit growth in our services business. Our margins are expected to improve by 50 bps driven by improvements in operational efficiency through the year.
“We expect to deliver a double digit earnings growth in the year,” he said.