Hyderabad: Cyient Ltd, earlier known as Infotech Enterprises, on Thursday reported a 9.2 per cent rise in net profit at Rs 74.8 crore for the quarter ended June, 2015 as against Rs 68.5 crore in the same quarter last year. Commenting on the results, Mr Krishna Bodanapu, the managing director and chief executive officer, said, “Financial performance in Q1FY16 was in line with expectations.
Growth was muted in the services business and revenues were lower than expected in Rangsons. This was expected especially considering the seasonality in Softential and Rangsons.” Revenue has risen by 16.8 per cent to Rs 726.2 crore during the period under review from Rs 621.7 crore in the yearago period. The company, however, feels that business pipeline continues to be strong and is confident that revenue momentum will accelerate from Q2 onwards.
According to Mr Bodanapu, the salary increases have been in line with the industry and peer companies. The gross addition in the company’s headcount is 697 even as it had added 26 customers during the quarter. Attrition rate, however, increased to 18.8 per cent from 15.3 per cent on sequential basis.
