IT firm Cyient today reported a 36.9 per cent rise in consolidated net profit at Rs 104.6 crore for the March quarter. The Hyderabad-based company had posted a net profit of Rs 76.4 crore in the corresponding quarter a year ago. Cyient's revenue stood at Rs 941 crore during the quarter under review as against Rs 819.5 crore in the year-ago period, a rise of 15 per cent, it said in a statement. The revenue includes the excise duty as per the new reporting guidelines, it added. For the entire 2016-17, net profit was up 10.7 per cent at Rs 369.9 crore, while revenue grew 16.3 per cent to Rs 3,606.5 crore compared to the preceding fiscal. "Fourth quarter of 2016-17 was in line with our expectations both in revenue and margin.
We recorded our highest ever revenue and free cash flow in this quarter," Cyient Managing Director and CEO Krishna Bodanapu said. Growth in services business was driven by utilities and geospatial, aerospace and defence and transportation business units, he added. "Our outlook for financial year 2017-18 is strong, backed by a strong pipeline and order backlog... We expect to deliver a double digit earnings growth in the 2017-18 fiscal," he said.
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