Hyderabad-head quartered software company Cyient's net profit rose 13.9 per cent to Rs 94.16 crore in third quarter of FY 2016-17, from Rs 82.74 crore during the same quarter previous financial year.
The company has seen a strong growth of 17.1 per cent in the total income from operations at Rs 917.1 crore in Q3 FY17 over Rs 783.1 crore during the corresponding quarter last financial year.
During the review period, Cyient continued to focus on inorganic strategy and acquired UK-based geospatial services provider BlomAerofilms. Several new contracts have been signed in various business units (BUs). The company has opened two new offices — one in Pune and the other in West Palm Beach, Florida — to leverage on the opportunities in Indian highway equipment sector and the US Defense sector respectively.
Krishna Bodanapu, managing director and chief executive officer of the company said: "We are seeing significant traction in new solutions like analytics where we have had some key wins. The design-led manufacturing (DLM) business continues to improve performance and delivered Rs 100-crore revenue quarter for the first time as a part of Cyient."
With a cash balance of Rs 862 crore and strong cash flow generations, the company continues to focus on investments for growth. Cyient chief financial officer Ajay Aggarwal said, "We will continue to focus on growth in revenue and operating profit, cash generation and thus maximising the value for our shareholder."