Moneycontrol Bureau
IT solutions provider Cyient's second quarter consolidated net profit shot up 31.7 percent sequentially to Rs 98.5 crore, aided by strong operational performance.
Revenue in rupee terms grew by 6.2 percent to Rs 771.6 crore in quarter ended September 2015 compared to Rs 726.3 crore in June quarter, supported by Asia Pacific. Dollar revenue increased by 3.6 percent to USD 118.4 million and 4.2 percent in constant currency.
"Budget cuts at couple of large customers impacted some growth. But with strong business pipeline across services business, Rangsons and we are confident that revenue momentum will continue in Q3 and beyond," Krishna Bodanapu, managing director and chief executive officer said in its filing.
Operating profit (earnings before interest, tax, depreciation and amortisation) spiked 27.2 percent quarter-on-quarter to Rs 117 crore and margin expanded by 250 basis points to 15.2 percent in the quarter, supported by Rangsons volume growth.
Revenue from Asia Pacific during the quarter grew by 6.2 percent on sequential basis while America business showed 0.2 percent growth. Europe, Middle East, Africa and India revenue was flat Q-o-Q.
Cyient said it added 20 clients during the quarter - 10 in DNO (data transformation, network and operations), 7 in engineering space and 3 in PR (including Rangsons).
The share price closed at Rs 625.65, up 7.41 percent after hitting a 52-week high of Rs 641 amid high volumes on the BSE.
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