BusinessCyient Gains 4% After Net Profit Jumps 41% In...

Cyient Gains 4% After Net Profit Jumps 41% In April-June Quarter

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Shares of Cyient Limited were last trading 4.16 per cent higher at Rs 988.30 on the BSE.

Share Price of Cyient Limited gained over four per cent on Friday, July 16, a day after the company announced its April-June quarter results for the financial year 2021-22. On Friday, Cyient opened on the BSE at Rs 940, swinging to an intra day high of Rs 996 and an intra day low of Rs 910.95, in the trading session so far. The global engineering and technology solutions company reported a net profit of Rs 115 crore on a consolidated basis in the first quarter of the current fiscal.

The Hyderabad-based manufacturing company’s profit increased 41.3 per cent year-on-year as it reported a net profit of Rs 81.4 crore in the corresponding quarter of the previous fiscal. Cyient’s revenue in the Juen quarter stood at Rs 1,058.2 crore, compared to Rs 991.7 crore, marking an increase of 6.7 per cent year-on-year.

The company announced its innovation platform – CyientfIQ, to create technology-led solutions that deliver disruptive value for its customers. Cyient collaborated with IIT Hyderabad on 5G SoC design and has also developed industry solutions using major digital technologies.

“Our focus remains on being a trusted and innovative partner in our customers’ journey toward the next normal. Our strategic wins in communications, utilities, and transportation industries across engineering, geospatial, and digital technologies confirm that we are on the right path with our S3 strategy,” said Krishna Bodanapu, Managing Director and CEO, Cyient.

On the NSE, Cyient opened at Rs 947, registering an intra day high of Rs 997 and an intra day low of Rs 915.85, in the session so far. It was last trading 4.41 per cent higher at Rs 988 on the NSE.

Shares of Cyient Limited were last trading 4.16 per cent higher at Rs 988.30 on the BSE.

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