Cyient Q2 Net up 24.4 pc at Rs 90.1 crore

IT firm Cyient, formerly known as Infotech Enterprises, today posted a 24.4 per cent jump in net profit at Rs 90.1 crore on the back of broad based growth across segments.
The Hyderabad-based company had reported a net profit of Rs 72.5 crore in the July-September 2013 quarter.
Cyient saw its revenues growing 22.4 per cent to Rs 672.39 crore in the said quarter from Rs 549.28 crore in the second quarter of FY'2013-14.
"We have four consecutive quarters of robust QoQ growth in revenues. This gives me confidence that various actions that we have taken in the last couple of quarters are yielding results and we will see a continued growth momentum for the quarters to come," Cyient MD and CEO Krishna Bodanapu said in a statement.

He added that while margins improved on quarter-on- quarter basis, there are still some operational levers that the firm is working on to further improve margins.
Cyient has also signed a definitive agreement to acquire a majority stake in Invati Insights, a start-up data sciences company.

The new entity is proposed to be renamed Cyient Insights.
"The acquisition will help to create an integrated consulting, solutions and systems integration portfolio for a number of industries including aerospace, utilities, communications, transportation, energy, and oil and gas," he said.
Cyient Insights will focus on analytics aligned to engineering, networks and operations across these verticals.

Cyient saw broad-based growth across all operating units with Data Transformation, Network and Operations (DNO) leading the growth at 10.5 per cent q-o-q (USD terms). The segment accounted for 38.3 per cent of the revenues.
Engineering segment accounted for 60.8 per cent of the revenues in the said quarter.
Among geographies, Americas grew at 11.7 per cent q-o-q to account for 63.9 per cent of the company's revenues.
Europe, Middle East, Africa and India accounted for 27.4 per cent of the revenues, while Asia Pacific region contributed 8.7 per cent during the said quarter.
The company added 847 (gross) and 220 (net) to take its total headcount to 12,759 people at the end of September 2014. Its voluntary attrition rate stood at 12.7 per cent, while involuntary attrition rate was at 6.3 per cent in the quarter under review.

The firm added 19 customers during the quarter with four in the engineering segment and remaining 15 in DNO.