Cyient Q4 net profit down over 74 pc to Rs 45.2 cr

IT firm Cyient on Thursday reported a 74.4 per cent decline in consolidated net profit at Rs 45.2 crore for March 2020 quarter.

The Hyderabad-based company had posted a net profit of Rs 176.8 crore in the year-ago period, it said in a regulatory filing.

Its revenue from operations also decreased 7.7 per cent to Rs 1,073.6 crore for the period under review as against Rs 1,162.9 crore in the fourth quarter of 2018-19.

In dollar terms, net profit fell almost 76 per cent to USD 6.1 million, while revenue was lower by 9.7 per cent at USD 149.2 million in the said quarter over previous fiscal.

For FY'20, net profit slipped 28.4 per cent to Rs 342.5 crore, while revenue was lower by 4.1 per cent at Rs 4,427.4 crore.

"Our performance was below expectations both on revenue and margin terms, largely due to the impact of COVID which was significant on many parts of our business. Our revenue for the quarter stood at USD 149.2 mn, 3.8 per cent lower quarter-on-quarter in constant currency," Cyient