Cyient shares plunge nearly 9 pc on poor Q4 results

Shares of IT firm Cyient on Friday tumbled nearly 9 per cent after the company reported a 74.4 per cent decline in consolidated net profit for March 2020 quarter.

On the BSE, the stock slumped 8.50 per cent to Rs 212.

Shares of the IT firm plunged 8.82 per cent to Rs 211.20 on the NSE.

Cyient on Thursday reported a 74.4 per cent decline in consolidated net profit at Rs 45.2 crore for March 2020 quarter.

The Hyderabad-based company had posted a net profit of Rs 176.8 crore in the year-ago period, it said in a regulatory filing.

Its revenue from operations also decreased 7.7 per cent to Rs 1,073.6 crore for the period under review as against Rs 1,162.9 crore in the fourth quarter of 2018-19.

In dollar terms, net profit fell almost 76 per cent to USD 6.1 million, while revenue was lower by 9.7 per cent at USD 149.2 million in the said quarter over previous fiscal.

For 2019-20, net profit slipped 28.4 per cent to Rs 342.5 crore, while revenue was lower by 4.1 per cent at Rs 4,427.4 crore.

"Our performance was below expectations both on revenue and margin terms, largely due to the impact of COVID which was significant on many parts of our business. Our revenue for the quarter stood at USD 149.2 mn, 3.8 per cent lower quarter-on-quarter in constant currency," Cyient MD and CEO Krishna Bodanapu said.