Cyient's QoQ net up by 54 percent

Engineering services company Cyient on Wednesday announced that its net profit has registered 54 per cent sequential growth during the second quarter ended September.

The Hyderabad-headquartered company posted a net profit of Rs 127 crore during Q2 against Rs 82 crore in the previous quarter.

The net profit year-on-year was up by 14 per cent, the company said in a statement.

The revenue growth QoQ was 9.9 per cent to Rs.1,187 crore. The YoY growth was 23 per cent.

Cyient's highest-ever net profit and highest ever quarter on revenue is on account of all-round growth in aerospace and defence, transportation, industrial, energy and natural resources and semiconductor and analytics business units.

"We witnessed a strong growth of 14.5% in constant currency driven by growth across these business units. On a QoQ basis we witnessed a growth of 6.5% in constant currency. The services business witnessed a growth of 3.5% in constant currency while Design Led Manufacturing (DLM) business witnessed a growth of 27%," said Krishna Bodanapu, Managing Director and Chief Executive Officer, Cyient.

This quarter, Cyient Systems and Solutions (CSS), Cyient's JV with BlueBird Aerosystems, won a bid from an Indian defence unit to supply SpyLite HAASS systems for high altitude surveillance. As part of this bid, CSS will supply two systems through the year.

"Our New Business Accelerator (NBA) Program focused on technology driven solutions continues to make good progress with all projects on track for commercial development. The NBA is expected to accelerate Cyient's EPS growth over the next few years," he added.

--IANS

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