Info-tech

Cyient eyes two buys in Q1 next fiscal

KV Kurmanath Hyderabad | Updated on January 12, 2018 Published on January 12, 2017

Krishna Bodanapu

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.

Published on January 12, 2017
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