 "Cyient Q4 net profit down 29.5% at Rs 65.9 crore")
Hyderabad-based IT services provider Cyient Limited has reported a 29.5 per cent decline in consolidated net profit at Rs 65.9 crore for the quarter ended March, 2016 as compared with Rs 93.69 crore in the corresponding quarter last year.
However, total income for the company grew by 11.75 per cent to Rs 815.84 crore in the quarter under review from Rs 730 crore in the year ago period. The expenditure grew 12.94 per cent, marginally higher than the growth in revenues.
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Commenting on the results, Krishna Bodanapu, managing director and chief executive officer of Cyient Limited, said: "FY16 was a challenging year for the company. 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 basis points. In addition to revenue growth in the core business the company faced significant headwinds in some of the investments it made".