Earnings: Cyient Q3 profit jumps 45%

Hyderabad: Cyient Limited (formerly Infotech Enterprises Ltd) reported a 45 percent jump in its profit after tax (PAT) for the quarter ended 31 December to Rs 101 crore against Rs 69 crore during the same quarter last fiscal. [caption id=“attachment_2030509” align=“alignleft” width=“380”]  Representational image. Reuters [/caption]The company said in a statement today its revenues for the October-December quarter grew by 23 percent to Rs 712 crore, up from Rs 578 crore during the corresponding period last year. Managing Director and Chief Executive Officer Krishna Bodanapu said the quarter was another strong quarter for Cyient on all operating parameters including revenue, margin and free cash flow. “While we faced a significant headwind with lower working days across all geographies, we witnessed good growth in demand, which translated to revenue growth, better utilisation and ultimately better profitability. Q3 also saw us finalise our five-year strategic plan for growth for the verticals we operate in. A number of actions from the strategic plan area are being currently implemented and one key aspect of this is the signing of an agreement to acquire the majority equity of Rangsons Electronics Pvt Ltd,” Bodanapu said. Cyient completed the acquisition of a majority stake in Invati Insights Pvt Ltd, a startup data sciences company, in October. The results are reflected in the financials for the third quarter, the city-based IT firm said. PTI