Cyient posts 14 per cent drop in net profit
The revenue, however, has grown by 9.8 per cent.
Hyderabad: City-based engineering services firm Cyient, formerly known as Infotech Enterprises, has posted nearly 14 per cent drop in net profit at Rs 86 crore in the third quarter of fiscal 2016 compared Rs 100 crore in yearago period. The revenue, however, has grown by 9.8 per cent to Rs 781.8 crore in Q3FY16 compared to Rs 711.8 crore.
Commenting on the results, Mr Krishna Bodanapu, MD and CEO, said, “Q3 was a mixed quarter for Cyient. Due to reduction in working days across geographies, capacity for the quarter was lower than previous quarters which put significant pressure on revenue. We were able to make up most of this through growth in the business. Also we had margin de-growth for the quarter in the core business. This was inline with our expectation.” Mr Bodanapu, however, expressed confidence about a better performance in Q4 as he expects better growth and improved margins.