Cyient Q1 net profit up 9.7%

Hyderabad-based engineering, manufacturing and data analytics technology solutions company Cyient reported a 9.7% increase in net profit at Rs 90.5 crore for the first quarter ended June 30, 2019 compared to Rs 82.5 crore reported in the corresponding quarter last year.

Revenue increased only marginally (0.83%) to Rs 1,089 crore for Q1FY20 from Rs 1,080 crore in Q1FY19.

“Our services business was lower by 5.7% QoQ predominantly driven by communications, aerospace, energy and utilities and portfolio business units,” Krishna Bodanapu, managing director and CEO, said.

“However, our top 20 clients’ revenue grew by 270 bps QoQ. The DLM business grew by 2.2% QoQ,” Bodanapu added.

He also said the company has invested in Cylus, a provider of cybersecurity solutions for railways.