Cyient reports 12% fall in net profit to Rs 95 crore for Dec quarter

IT firm Cyient on Thursday reported a 11.9 per cent decline in net profit at Rs 95.4 crore for the December 2020 quarter.

The Hyderabad-based company had posted a net profit of Rs 108.3 crore in the year-ago period, Cyient said in a regulatory filing.

Its revenue decreased 5.6 per cent to Rs 1,044.3 crore for the period under review as against Rs 1,106 crore in the third quarter of 2019-20, it added.

On sequential basis, net profit was higher by 13.8 per cent from Rs 83.9 crore, while revenue was higher by 4.1 per cent from Rs 1,003.3 crore in September 2020 quarter.

“PAT increased by 13.8 per cent quarter-on-quarter primarily from higher other income (Rs 126 million) partially offset by higher tax from higher profits and increase in finance charges,” it said.