In dollar terms, net profit was up 28.6 per cent at $14.9 million from $11.6 million in the year-ago period.
Profit growth was supported by a 22.4 per cent jump in revenues at Rs 672.39 crore as against Rs 549.28 crore in Q2 of 2013. It was also aided by a forex gain of Rs 19.96 crore as against a loss of Rs 4.96 crore, taking the other income to Rs 34.01 crore in the current quarter as against Rs 8.34 crore last year.
The voluntary staff attrition during the quarter dropped to 12.7 per cent when compared with 15.4 per cent during the same period last year. Gross employee addition for the quarter stood at 847 with a net addition of 220 individuals.
The share of revenues from American continent during the quarter grew to 63.9 per cent from 57.9 per cent last year. However, the revenue share from Asia Pacific dropped to 8.7 per cent from 12.2 per cent recorded in the last year period.
The company in a release stated America's revenues grew 11.7 per cent sequentially in dollar terms; Europe, West Asia, Africa and India were up 2.5 per cent, while the Asia Pacific region was down 3.4 per cent.
The software services company added 19 customers during the quarter, including four in engineering and 15 in data transformation, network and transformation (DNO) verticals.
Commenting on the results, Krishna Bodanapu, company's managing director and chief executive officer, said, "while margins improved quarter-on-quarter (QoQ), there are still some operational levers that we are working to further improve margins".
Ajay Aggarwal, chief financial officer, said, "We will continue to focus on cost structure optimisation, leverage key operating margin levers, increase efficiency from investments and improve financial metrics..
Appoints two independent directors
Cyient has appointed two independent directors--Andrea Bierce and John Paterson--to its board. Bierce has over three decades of industry and consulting experience while Paterson brings with him more than 35 years of industry experience. He retired recently as president of Rolls-Royce Marine and Industrial Power Systems. "Five out of our 11 directors are foreign nationals and bring true international perspective to the board consistent with the company's global outlook and approach," Cyient founder and executive chairman, BVR Mohan Reddy, stated in the press release.
