Cyient Ltd, formerly Infotech Enterprises, has posted revenues of ₹907 crore in the first quarter ended June 30, 2017, against ₹941 crore in the previous quarter, showing a fall of 3.6 per cent.
The firm posted a net profit of ₹87.8 crore in the quarter against ₹78.4 crore in the previous quarter, a growth of 12 per cent.
“The results for the first quarter are in line with our expectations both revenue and margin. Our services revenue was highest ever at $128.8 million (about ₹860 crore),” Krishna Bodanapu, Managing Director and CEO, said.
Stating that the outlook for the current financial year was strong backed by a strong pipeline and order backlog, he said he expected a double digit growth in the service business in the year.
The firm, which has 13,206 employees, registered a voluntary attrition of 16.6 per cent in the quarter as against 19.9 per cent in the same quarter last year. The rate of involuntary attrition came down to 1.9 per cent from 3.1 per cent.
“Initiatives like stringent process on recruitment and training module have helped bringing down the attrition rate in the first quarter. The firm has a cash balance of ₹1,032 crore,” he said.
The contribution from the Americas to overall has come down to 55.8 per cent in the June quarter from 57.1 per cent in the previous quarter, while that of EMEA increased to 26.6 per cent from 25.1 per cent. The Asia-Pacific contribution remained stable at 17.6 per cent (17.8 per cent).