Cyient Q3 net profit up 15.5 pc at Rs 108.8 cr

IT firm Cyient today posted 15.5 per cent rise in net profit to Rs 108.8 crore for the quarter ended December 2017.
The Hyderabad-based company had posted a net profit of Rs 94.2 crore in the corresponding quarter a year ago, Cyient said in a statement.
During December 2017 quarter, the company recognised an exceptional operating loss of Rs 20.4 crore due to hurricanes in Puerto Rico and loss of Rs 5 crore on divestment of an associate company, it added.
Cyient's revenue grew 7.2 per cent to Rs 983.4 crore in the said quarter against Rs 917.1 crore in the year-ago period.

"Q3 FY18 was inline with our expectations both in revenue and margin. We are coming off a strong quarter in Q2 and Q3 is a seasonally weak quarter due to lower working days," Cyient Managing Director and CEO Krishna Bodanapu said.
Despite this, the company recorded the highest ever revenue of USD 152 million in the quarter, an increase of 11.9 per cent year-on-year, he added.
"The growth in our services business was driven by utilities and geospatial (U&G), transportation, industrial, energy and natural resources (IENR) and aerospace business units," he said.
He said the company's outlook for FY18 is strong, backed by a strong pipeline and order backlog and is expected to deliver double-digit earnings growth in the year.