Cyient Q3 FY'19 net profit up 5 pc to Rs 92 cr

IT firm Cyient Thursday said its net profit for the December 2018 quarter grew 4.9 per cent to Rs 92.1 crore from the year-ago period.

The company had posted a net profit of Rs 87.8 crore in the October-December 2017 period, Cyient said in a statement.

Its revenue was up 20.8 per cent to Rs 1,187.6 crore in the quarter under review from Rs 983.4 crore in the December 2017 quarter, it added.

Cyient also reported its highest-ever cash balance of Rs 1,230 crore (USD 176 million) and said it would continue with its dividend policy.

It added that the company will continue with investments for accelerated growth and has strong cash generation and capital available.

"Third quarter is generally a slow quarter and we recorded a revenue degrowth of 1.5 per cent in constant currency over the previous quarter. However, we witnessed a growth of 10.7 per cent in constant currency year-on-year," Krishna Bodanapu, Managing Director and CEO at Cyient, said.

The quarter-on-quarter growth was impacted by degrowth in Cyient's Semiconductor and Communications business units, he added.

The company said it is confident of a robust fourth quarter financial performance.