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Engineering services company Cyient, formerly Infotech Enterprises, has registered a total income of ₹1,187 crore in the second quarter ended September 30, 2018, as against ₹965.4 crore in the same period last year, showing a growth of 23 per cent.
It posted a net profit of ₹127 crore (₹111 crore) in the quarter, an increase of 14 per cent. The board of directors declared an interim dividend of ₹6 a share of ₹5 for the financial year 2018-19. Contribution from the Americas increased to 52 per cent from 50.1 per cent in the comparable quarter previous year, with contribution from Asia-Pacific (including India) remaining flat at 24 per cent.
“We expect the momentum to continue in the next two quarters as well,” Ajay Aggarwal, President and Chief Financial Officer of Cyient, said.
Krishna Bodanapu, Managing Director and Chief Executive Officer said, “Our outlook for 2018-19 continues to remain strong. We expect a double digit growth in our services businesses.”
“Our operating margin is expected to go up because of operational improvements and upsides from exchange rates. Some of this, however, will be offset by wage hikes and investments,” he said.
At the end of the second quarter, the company has 15,040 employees (14,197). The attrition rate spiked to 18.4 per cent (14.2 per cent).
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