Cyient Q3 net profit up 14% at Rs 94 cr

IT firm Cyient today posted 13.8 per cent rise in net profit to Rs 94.17 crore for the quarter ended December 31, 2016.
The Hyderabad-based company had posted a net profit of Rs 82.74 crore in the corresponding quarter a year ago, Cyient said in a statement.
Its revenue increased 17.1 per cent to Rs 917.06 crore in the said quarter against Rs 783.07 crore in the year-ago period.
"Q3 FY17 was in line with our expectations both in revenue and margin. We are coming off a very strong quarter in Q2 and Q3 is a seasonally weak quarter due to lower working days," Cyient Managing Director and CEO Krishna Bodanapu said.

On sequential basis, net profit was lower by 3.2 per cent, while revenue grew marginally.
"We see traction in all the key industries...Cyient will continue to focus on growth in revenue and operating profit, cash generation and thus, maximising the value for our shareholders," Cyient Chief Financial Officer Ajay Aggarwal said.
It added 24 customers during the quarter and has a strong business outlook, backed by pipeline and order intake growth year-on-year.
At the end of December 2016 quarter, Cyient had 13,094 employees with voluntary attrition rate at 22.6 per cent and involuntary attrition at 1.9 per cent.