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Cyient Q2 profit drops 23%

Cyient Q2 profit drops 23%
Photo Credit: 123RF.com

Hyderabad-based information technology firm Cyient reported a 22.5% decline in quarterly profit to Rs 98.5 crore or Rs 8.95 per share in the second quarter ended September 2019 from Rs 127.1 crore or Rs 11.22 per share a year earlier.

The company’s cost optimisation was offset by wage hike and a one-time restructuring cost, it said in its investor presentation.

Cyient’s earnings before interest and taxes or EBIT stood at Rs 111 crore, a 17 % fall year-over-year.

“Excluding the one-offs (non-recurring costs) and long-term investments, our EBIT margins stood at 12.3%,” Ajay Aggarwal, Cyient’s chief financial officer said in the presentation.

Revenue fell by 2.4% to Rs 1,158.9 crore.

The company has declared an interim dividend of Rs 6 per share.

Cyient had a total headcount of 14,869 people at the end of the quarter with voluntary attrition at 18%, it said.

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