Cyient rose 0.48% to Rs 448.60 after the software firm announced its Q2 results after trading hours yesterday, 17 October 2019.
Cyient's consolidated net profit jumped 8.83% to Rs 98.50 crore on 6.41% rise in net sales to Rs 1,158.90 crore in Q2 September 2019 compared with Q1 June 2019.
On year on year basis, consolidated net profit slumped 22.5% while net sales declined 2.4% in Q2 September 2019 over Q2 September 2018.
The effective tax rate for Q2 September 2019 was at 22.4% as against 22% in Q1 June 2019 and 29.8% in Q2 September 2018.
Cyient's managing director and chief executive officer, Krishna Bodanapu, said "Our Q2 FY 20 results were in line with our commentary, we recorded a revenue of $164.2 Mn a growth of 4.9% QoQ or 5.7% in CC while a decline of 2.8% YoY or 1.2% in CC. In constant currency, our revenue for the quarter would have been $165.4Mn which is the quarterly average of last year's revenue. Our services business grew by 1.8% QoQ predominantly driven by growth in Energy and Utilities and Portfolio business units and offset by decline in Aerospace & Defense and Semiconductor, IoT and Analytics (SIA) business units."
Meanwhile, the S&P BSE Sensex was up 170 points or 0.44% to 39,222.24.
On the BSE, 12,919 shares were traded in the counter so far compared with average daily volumes of 6,439 shares in the past two weeks. The stock hit an intraday high of Rs 459.90 and an intraday low of Rs 439.95 so far during the day.
The stock hit a 52-week high of Rs 693.30 on 19 October 2018. The stock hit a 52-week low of Rs 414 on 30 August 2019.
Cyient is engaged in providing software-enabled engineering and geographic information system (GIS) services.
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