Cyient Q3 net dips 14% to Rs 87 cr

The company attributed the decline to lower working days and cash currency headwinds

Hyderabad-based IT solutions and engineering company, Cyient Limited, has witnessed a 13.86 per cent decline in its net profit at Rs 86.84 crore for the third quarter ending December 2015, as compared with Rs 100.82 crore in the corresponding quarter last year.

While attributing the profit decline to lower working days and cash currency headwinds, Cyient's chief financial officer Ajay Aggarwal said the company, however, had been able to grow in its business to stay flat on revenues.

The company's revenues stood at Rs 781.79 crore in the quarter under review, as against Rs 711.81 crore during the same period a year ago, registering a growth of 9.8 per cent.

Cyient, which employs over 12,800 associates across 38 global locations, said in a statement on Thursday said its manpower utilisation was 12,186 (in numbers) during the third quarter of 2015-16, as against 12,777 in the corresponding quarter of FY15.

Voluntary attrition at the company during the October-December quarter of FY16 was 20.6 per cent, as compared with 22.7 per cent in Q3FY15.

Cyient Limited's scrip ended the trade at Rs 468.25 on the BSE on Thursday, down 3.98 per cent, as against the previous close of Rs 487.65 per share.