Cyient’s Q3 revenues dip 7%

Engineering and geo-spatial player Cyient has reported a decline in revenues in the third quarter ended December 31, 2019. Its consolidated revenue stood at ₹1,106 crore in the quarter, showing a decline of 6.9 per cent over revenues of ₹1,187 crore in the same quarter last year.

It registered a 17.6 per cent jump in profit after tax at ₹108.3 crore (₹92.1 crore).

“The third quarter is generally a slow quarter and we recorded a revenue decline of 5.7 per cent in constant currency quarter on quarter and 5.3 per cent year-on-year,” Krishna Bodanapu, Managing Director and Chief Executive Officer, said.

“We expect a strong growth in the fourth quarter driven by growth in energy, transportation and semiconductor, IoT and Analytics,”

he said.

The contribution (to revenues) from the America has gone up to 56.8 per cent in the third quarter from 54.1 per cent in the comparable quarter previous year. The contribution from Europe, West Asia and Africa accounted for 25.1 per cent (22.1 per cent), while the Asia-Pacific (APAC, including India) region saw a decline of to 18.1 per cent (23.8 per cent).

Human resources

The quarter saw a reduction of about 750 employees. The total number of employees stood at 14,472 at the end of third quarter as against 15,193 in the comparable quarter previous year.

“The attrition has been higher compared to the previous two quarters. The voluntary attrition is lower on a year-on-year basis. We are going as per plan in retaining key talent,” he said.