IT firm Cyient has reported a consolidated net profit of ₹176 crore for the March quarter, 45% higher than ₹121.2 crore reported in the year earlier period.
Total income of the Hyderabad-based company increased 12.3% to ₹1,241.8 crore (₹1105.7 crore).
Managing director and CEO Krishna Bodanapu said “our performance was lower than the initial expectations both on revenue and margin. Our revenue for the quarter stood at $165.2 million which was a 3.3% growth YoY [while it] was flat QoQ.”
Cyient recorded the highest group operating profit margin of 15.1% since the acquisition of Cyient DLM. “We also recorded our highest-ever services revenue this quarter driven by semiconductor, utilities and geospatial and transportation business segments.”
The Design led Manufacturing (DLM) business unit, however, witnessed a de-growth, which the company attributed mainly to the defocus from non-margin generating clients.
For 2018-19, Cyient’s consolidated net profit increased 18.35% to ₹477.1 crore (₹403.1 crore), while the total income at ₹4,751.5 crore (₹4,069.4 crore) was 16.76% higher.
Describing the annual performance as strong, Mr. Bodanapu said semiconductor, communications, transportation and aerospace and defence business segments drove the growth.
The Board of Directors has recommended a final dividend of ₹9 per share (face value of ₹5 each) aggregating ₹119.3 crore, including dividend distribution tax.