Cyient Q1 Results: Net Profit Soars 45%, Shares Offer 88% Return In 1-Year

Cyient Ltd on Tuesday announced 45% year-on-year (YoY) surge in its June 2023 quarter net profit. The IT giant announced its consolidated net profit up 44.79% to Rs 168.10 crore as compared to Rs 116.10 crore declared in the year-ago period. However, despite surge in net profit, Cyient shares declined 1.16% to end at Rs 1466.45 apiece on BSE. The company recommended 320% dividend for FY 2023. Check details below:

Cyient Q1 FY24 Results: Sequentially, Cyient's profit declared at Rs 163.20 crore. It declared its revenue from operations surged 34.91% to Rs 1686.50 crore as against Rs 1250.10 crore declared in the corresponding quarter last year. Cyient said, "In FY24, we expect DET (Digital, Engineering & Technology) revenue growth to be in the range of 15-20 per cent YoY in constant currency terms. We expect FY24 DET normalized. EBIT margins to improve by 150 - 250 basis points (bps) YoY."

Krishna Bodanapu, Executive Vice-Chairman and Managing Director, stated, "Cyient witnessed positive Q1 FY24 results, with quarterly group revenue at $205.30 million, growth of 28.60%YoY in constant currency. Cyient Digital, Engineering & Technology (DET) business includes the erstwhile Services business (core services and acquisitions) and a small portion of Engineering Parts business which was earlier classified under DLM."

Cyient Declared Attractive Dividend For FY 2023: The company recommended a final dividend of Rs 16.00 per equity share (320%) on par value of Rs 5.00 per share for the financial year ended 31 March 2023 to those members as on record date (12 June 2023) subject to the approval of members at the ensuing Annual General Meeting of the company. The dividend will be paid within 30 days from the date of AGM."

Cyient Stock Performance & Return: Last trading price of Cyient share is Rs 1466.45 per share on BSE. Its 52-week high price is quoted at Rs 1552.60 per share and 52-week low price is Rs 724.00 per share, respectively. It has a market capitalisation of Rs 16,220.05 crore. Cyient shares surged 26% in last 3-months, gained 72% in last 3-years, offered return of 88% in last 1-year, and provided 363% return in last 3-years.

Cyient About: Cyient is a global Engineering and Technology solutions company. It collaborates with its customers to design digital enterprises, build intelligent products and platforms and solve sustainability challenges.