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Cyient sees 30% decline in Q4 net
Software firm Cyient, formerly known as Infotech Enterprises, on Thursday posted a 29.7 per cent decline in net profit at Rs 65.9 crore for the fourth quarter ended on March 31 as compared with Rs 93.8 crore in the same period a year ago.
Posts 65.9 cr net in fourth quarter against `93.8 crore a year ago
Hyderabad: Software firm Cyient, formerly known as Infotech Enterprises, on Thursday posted a 29.7 per cent decline in net profit at Rs 65.9 crore for the fourth quarter ended on March 31 as compared with Rs 93.8 crore in the same period a year ago.
The city-based company attributed steep decline in its net to one-time payment of Rs 84.3 crore. However, revenues in the quarter under review went up 11.8 per cent to Rs 815.8 crore against Rs 730 crore a year ago.
For the fiscal 2015-16, net profit was down 7.6 per cent to Rs 326.2 crore, while revenue grew 13.1 per cent to Rs 3,095.6 crore compared with the previous fiscal.
Describing financial year 2015-16 as a challenging period for Cyient, Krishna Bodanapu, the company’s MD and CEO, said: "The core business of the company consisting of the engineering and DNO operations was flat. Margin in these businesses increased during the course of the year by 100 bps. In addition to revenue growth in the core business, we faced significant headwinds in some of the investments we made".
However, Bodanapu expressed confidence about the new fiscal. "Our pipeline and backlog are higher than they have ever been. Core business will grow in double digits while DLM will grow at least 50 per cent,” he said. Overall, margins will also improve by 150 bps, he added.
