Comments
Cyient Ltd, formerly Infotech Enterprises, is set to acquire two firms with a size of $10-25 million each.
“Two acquisitions are in the pipeline. We hope to seal the deals most likely in the first quarter of next financial year,” Krishna Bodanapu, Chief Executive Officer of Cyient, told BusinessLine .
He, however, refused to indicate the area of expertise of the target companies.
Q3 Profit up 14%The company has registered a turnover of ₹917 crore in the third quarter this financial year, showing a growth of 16.5 per cent over ₹783 crore in the same quarter last year. The net profit at ₹94.2 crore went up 13.8 per cent over ₹82.7 crore in the comparable quarter last year.
“We are seeing significant traction in new solutions like analytics where we have had some key wins. The design-led manufacturing (DLM) business continues to improve performance and delivered a ₹100-crore revenue quarter. The momentum will continue into the foreseeable future,” he said.
With a cash balance of ₹862 crore and strong cash flow generations, we continue to focus on investments for growth, Chief Financial Officer Ajay Aggarwal, said.
The utilisation of the firm has gone up to 78.3 per cent (76.7 per cent) in the quarter. The company has 13,094 employees at the end of December 31, 2016, an increase of 808 over the number in the same quarter last year. The attrition rate has gone up to 22 per cent from 20.6 per cent in the same quarter last year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.