Cyient shares plunge nearly 9% after company reports 74.4% decline in consolidated net profit in Q4

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

Press Trust of India May 08, 2020 13:19:27 IST
Cyient shares plunge nearly 9% after company reports 74.4% decline in consolidated net profit in Q4

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

On the BSE, the stock slumped 8.50 percent to Rs 212.

The shares of the IT firm plunged 8.82 percent to Rs 211.20 on the NSE.

Cyient on Thursday reported a 74.4 percent 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.

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Its revenue from operations also decreased 7.7 percent 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 percent to $6.1 million, while revenue was lower by 9.7 percent at $149.2 million in the said quarter over the previous fiscal.

For 2019-20, net profit slipped 28.4 percent to Rs 342.5 crore, while revenue was lower by 4.1 percent 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 $149.2 mn, 3.8 percent lower quarter-on-quarter in constant currency," Cyient MD and CEO Krishna Bodanapu said.

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