Cyient reports 46% rise in Q1 net profit to Rs 169 crore

Krishna Bodanapu, executive vice-chairman and managing director of the company, said the company "witnessed positive Q1, FY24 results, with quarterly group revenue at $205.3 million (Rs 1,683 crore), up 28.6 percent Y-o-Y in constant currency."

IT solutions provider Cyient on Tuesday posted a 46 percent year-on-year rise in consolidated net profit to Rs 169 crore in the June quarter. The net profit rose from about Rs 116 crore in the year-ago period, the company said in a BSE filing.

The revenue from operations rose about 35 percent to Rs 1,686.5 crore in the first quarter of this fiscal, up from Rs 1,250 crore in the year-ago quarter. Sequentially, Cyient recorded a net profit rise of 3.6 percent from Rs 163 crore, it said.

However, the revenue in the first quarter of the current fiscal declined 3.7 percent from Rs 1,751 crore in the March quarter. The company won six large deals of about Rs 400 crore in the Digital, Engineering and Technology (DET) segment in the June quarter.

Krishna Bodanapu, executive vice-chairman and managing director of the company, said the company "witnessed positive Q1, FY24 results, with quarterly group revenue at $205.3 million (Rs 1,683 crore), up 28.6 percent Y-o-Y in constant currency."

"We won six large deals in DET with a total contract potential of $48.8 million (Rs 400 crore) in this quarter. The order intake stood at $193.2 million (Rs 1,584 crore), up 32.5 percent Y-o-Y. Our pipeline for the year looks robust," Bodanapu added.