Hyderabad, Oct 12 (PTI) Cyient Ltd today said its profit after tax (PAT) for the second quarter ended September 30 grew by 14.6 per cent to Rs 111.40 crore from Rs 97.3 crore in the same quarter during the last fiscal.
According to a statement issued by the city-based IT firm, revenue for the quarter under discussion stood at Rs 965.40 crore as against Rs 913.6 crore in the July-September period of the last fiscal.
Krishna Bodanapu, Managing Director and Chief Executive Officer, Cyient, said, “Q2 FY18 was in line with our expectations both on revenue and margin fronts. We recorded the highest-ever revenue of USD 150.1 million in the quarter, an increase of 10 per cent YoY and 6.7 per cent QoQ.
He said the current year s performance would be strong backed by health pipeline and order book.
“We expect a double digit growth in our services business while DLM (design-led manufacturing) business is expected to grow around 20 per cent.
“Our margins are expected to improve by 50 bps, driven by improvements in operational efficiency through the year. We expect to deliver a double digit earnings growth in the year,” he said.
During the quarter, the company signed an exclusive software licensing agreement with Elpis, a startup software company from Portland, Oregon in USA, that provides innovative machine learning meter and voltage signature technology.
Through this agreement, Cyient and Elpis will jointly pursue utility business opportunities, by leveraging our complementing solutions and technology, respectively.
The company declared an interim dividend of 100 per cent (Rs 5 per share on a face value of Rs 5) for the financial year 2017-18.
This is published unedited from the PTI feed.