Market

Cyient's shares slip 11% as revenue declines in Q1

Updated : July 19, 2019 10:27 AM IST

The stock slipped over 11 percent intraday on Friday to Rs 481.55, its 52-week low.

At 09:46 am, the share was trading 10.76 percent lower at Rs 485 on the NSE.

Shares of Cyient slipped over 11 percent intraday on Friday to Rs 481.55, its 52-week low, after the IT firm reported a dip in the revenue for the first quarter of FY20.

At 09:46 am, the share was trading 10.76 percent lower at Rs 485 on the NSE.

The company’s net profit saw a growth of 9.7 percent year-on-year (YoY) at Rs 90.5 crore for the June quarter.

“Our Q1FY20 results were disappointing, we recorded a revenue of $156.6 million, lower by 5.2 percent quarter-on-quarter and 2.6 percent YoY," managing director and CEO Krishna Bodanapu said.

During the quarter, the company made investments in building its offerings through strategic investment in Cylus, a rail cybersecurity company, added Bodanapu.

However, he assured that the company’s outlook for the year remains positive and remains “confident on double-digit EBIT growth backed by revenue growth and cost optimisation initiatives”.

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