Cyient stocks down nearly 7% as Q4 net profit tumbles

Shares of IT firm Cyient plunged nearly 7% intraday on Friday after the company reported a 30% drop in net profit for the March quarter.

The stock tumbled 6.46% to Rs 451.00 on the Bombay Stock Exchange (BSE).

On the National Stock Exchange (NSE), it plunged 6.82% to Rs 450.20.

IT firm Cyient, formerly known as Infotech Enterprises, on Thursday, reported a 29.7% drop in net profit at Rs 65.9 crore for the March quarter, weighed down by a one-time payment of Rs 84.3 crore.

The Hyderabad-based company had posted a net profit of Rs 93.8 crore in the corresponding quarter a year ago.

Excluding the one-off item, net profit was 10.1% lower at Rs 84.3 crore in the reported quarter.

Cyient's revenue stood at Rs 815.8 crore in the said quarter as against Rs 730 crore in the year-ago period, up 11.8%.

In dollar terms,the company's net profit dropped 35.2% to $10 million (nearly Rs 66.53 crore) while revenue grew 3% to $121 million (nearly Rs 804.98 crore) in the quarter under review a year earlier.

For 2015-16, its net profit was down 7.6% at Rs 326.2 crore while revenue grew 13.1% to Rs 3,095.6 crore as compared with the previous fiscal. 

At 14:05 hours, the shares of Cyient recovered slightly from its early morning trade but was still trading down 5.80% or Rs 27.95 at Rs 454.20 per scrip on the BSE.