Cyient was down 11.36% to Rs 482.35 at 11:22 IST on the BSE after consolidated net profit declined 49.5% to Rs 90.5 crore on 6.35% decline in net sales to Rs 1089 crore in Q1 June 2019 over Q4 March 2018.
The announcement was made after market hours yesterday, 18 July 2019.
Meanwhile, the S&P BSE Sensex was down by 352.85 points or 0.91% to 38,543.26.
On the BSE, 48000 shares were traded in the counter so far compared with average daily volumes of 2349 shares in the past two weeks. The stock had hit a high of Rs 524 so far during the day. The stock had hit a low of Rs 480.25 so far during the day, which is also 52-week low for the counter. It hit a 52-week high of Rs 821 on 11 September 2018.
EBIT margin was reported at 9.2% in Q1 June 2019 compared with 12.8% in Q4 March 2019.
Commenting on the results, Krishna Bodanapu, managing director and chief executive officer, said, "The company's Q1 FY 20 results were disappointing, the company recorded a revenue of $156.6 Mn lower by 4.8% QoQ and 0.6% YoY. The services business was lower by 5.7% QoQ predominantly driven by communications, aerospace, energy and utilities and portfolio business units. The company's EBIT margin at group level witnessed a degrowth of 356bps QoQ due to lower business volume, incremental spend on investments and wage hike impact."
"Our outlook for the year remains positive and we are confident on double-digit EBIT growth backed by revenue growth and cost optimization initiatives," Bodanapu added.
Cyient is engaged in providing global technology services and solutions specialising in geospatial, engineering design, IT solutions and data analytics
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