Cyient sees 13.8% rise in profit

New Delhi, Jan. 12: IT firm Cyient on Thursday posted 13.8 per cent rise in net profit to `94.17 crore for the quarter ended December 31, 2016.

The Hyderabad-based company had posted a net profit of `82.74 crore in the corresponding quarter a year ago, Cyient said. Its revenue increased 17.1 per cent to `917.06 crore in the said quarter against `783.07 crore in the yearago period.

“Q3 FY17 was in line with our expectations both in revenue and margin. We are coming off a very strong quarter in Q2 and Q3 is a seasonally weak quarter due to lower working days,” Cyient Managing Director and CEO Krishna Bodanapu said.

On sequential basis, net profit was lower by 3.2 per cent, while revenue grew marginally.

“We see traction in all the key industries... Cyient will continue to focus on growth in revenue and operating profit, cash generation and thus, maximising the value for our shareholders,” Cyient Chief Financial Officer Ajay Aggarwal said.

It added 24 customers during the quarter and has a strong business outlook, backed by pipeline and order intake growth year-on-year.

At the end of December 2016 quarter, Cyient had 13,094 employees with voluntary attrition rate at 22.6 per cent and involuntary attrition at 1.9 per cent.

CYIENT SAID it has added 24 customers during the quarter and has a strong business outlook, backed by pipe-line and order intake growth yearon-year.