Cyient is selling its stake in Infotech Enterprises Information Technology Services Private Ltd, its subsidiary engaged in IT services. “We have signed a definitive agreement to sell its entire stake,” Cyient has said in a filing to the BSE.
With about 125 employees working for it, the subsidiary made a turnover of ₹5.4 crore in the first quarter ended June 30, against ₹6.5 crore in the comparable quarter previous year. It made a profit of ₹40 lakh.
“We are selling it with an intent to focus on our core engineering services. The impact of this transaction on earnings per share after the sale is expected to be neutral,” the company informed the BSE on Thursday.