pennews
www.pennews.net
Cyient Q1 profit up to 80 mn in Telangana
Business

Cyient Q1 profit up to 80 mn in Telangana

Agency News

Hyderabad, Jul 18 :Engineering Services Company, Cyient on Thursday reported that its profit after tax was 905 mn in the first quarter ended June 30, 2019 as against 825 million in the corresponding quarter in previous year, a statement said.The net project for the quarter was up by 80 million as against the same quarter last year. Commenting on the results, Cyient Managing Director and Chief Executive Officer , Krishna Bodanapu, said, “Our Q1 FY 20 results were disappointing, we recorded a revenue of 156.6 million dollars lower by 5.2 per cent QoQ and 2.6 per cent Y-o-Y.

Our services business was lower by 5.7 per cent Q-o-Q predominantly driven by Communications, Aerospace, Energy and Utilities and Portfolio business units. However, our top 20 client’s revenue grew by 270 bps Q-o-Q, he said. This quarter saw us make investments in building our offerings through strategic investment in Cylus a rail cybersecurity company. This investment will allow us to strengthen our focus on digitization and cybersecurity solutions for the rail industry, he further said.We will continue to invest in strategic are as through the area to strengthen our offerings. Our outlook for the year remains positive and we are confident on double digit EBIT growth backed by revenue growth and cost optimization initiatives, he added.

Commenting on the results, Cyient President and CFO Ajay Aggarwal, said, the introduction of our robust cost optimisation and profit improvement program has helped to clearly identify and begin implementation of potential cost reduction levers. The program is on track and a plan is in place for redesigning the company and building efficiency in systems and processes for sustainable outcomes.With operational efficiency being released in phases in the coming quarters, the results from the initiative would strengthen our position not only for the current year but also for the coming years, he further said. Cyient continues to invest in IT and technology solutions, with a strong focus on return on investments, he stated. We would also continue our focus on organic and inorganic investments in the industry, he added. (UNI)