 "Cyient Q2 net up 9% to Rs 98.5 crore")
Hyderabad-based engineering services provider, Cyient Limited (formerly Infotech Enterprises Limited), has reported a 9.25% jump in its net profit to Rs 98.53 crore for the second quarter ended September 30, 2015, as compared with Rs 90.18 crore in the corresponding quarter last fiscal.
The company's revenues stood at Rs 771.66 crore for the quarter under review, as against Rs 672.39 crore during the same period a year ago, reflecting a growth of 14.76%.
"Budget cuts at a couple of larger customers impacted some growth. But, with strong business pipeline across our services business and Rangsons (a Mysuru-based firm in which Cyient had picked up a 74% stake in January 2015), we are confident that the revenue momentum will continue in Q3 and beyond," Krishna Bodanapu, managing director and chief executive officer of Cyient, said in a statement on Thursday.
As on September 2015, Cyient's cash balance, including liquid investments, stood at Rs 652.3 crore.
The company has acquired the aerospace after-market services business of Pratt & Whitney Singapore, besides adding 20 new clients during the July-September quarter.