Cyient Q4 net up 16.2% to Rs 121.5 cr

IT firm Cyient today posted 16.2 per cent rise in net profit at Rs 121.5 crore for the quarter ended on March 31, 2018, compared to the year-ago period.

The Hyderabad-based company had posted a net profit of Rs 104.6 crore in the corresponding quarter a year ago, Cyient said in a statement.

Its revenue increased 12.8 per cent to Rs 1,061.8 crore in the said quarter against Rs 941 crore in the year-ago period.

"Q4 FY18 performance was in line with our expectations. We recorded our highest ever revenue and operating profit in the quarter. We delivered a dollar growth of 16.8 per cent year-on-year and 8.3 per cent quarter-on-quarter," Cyient MD and CEO Krishna Bodanapu said.

He added that growth in services business was driven by Communications and Semiconductor, loT and Analytics Business units, while Design Led Manufacturing (DLM) business was positively impacted by the seasonality in the business delivering a growth of 36 per cent y-o-y.

"Our outlook for FY'19 is strong, backed by a strong pipeline and order backlog. We expect a double digit growth in our services business while OLM business is expected to grow in the range of 20 per cent. We expect a double digit growth in our operating profit," he said.

For the full year, net profit was up 16.1 per cent to Rs 429.6 crore, while revenue was higher by 8.6 per cent to Rs 3,917.5 crore as compared to the previous fiscal.

The company has declared a final dividend of Rs 4 per share in the fourth quarter, taking the total dividend for the year to Rs 13 a share, its highest ever.

"Going ahead in FY'19, we expect the business momentum to continue. We remain deeply focused on growth through organic and inorganic investments, improvement in operating margin, cash generation and thus maximising value for our shareholders," Cyient President and CFO Ajay Aggarwal said.

It added 16 customers during the quarter and 82 new clients in FY2018.

At the end of March 2018 quarter, Cyient had 14,125 employees with voluntary attrition rate at 16.9 per cent and involuntary attrition at 1.5 per cent.