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Technology solutions company Cyient has reported a net profit of ₹154 crore in the fourth quarter ended March 31, 2022, as against ₹103 crore in the same quarter previous year, showing a growth of 49.5 per cent.
The Hyderabad-based company registered a total income of ₹1,181 crore in the quarter against ₹1,093 crore in the corresponding quarter last year, showing a growth of 8 per cent.
The company, which hired about 1,400 employees in the quarter, reported a voluntary attrition of 26.9 per cent, an increase of six percentage points over the attrition in the same quarter last year.
For the financial year 2021-22, the company posted a net profit of ₹522 crore ( ₹364 crore), showing a growth of 43.4 per cent. It reported a total income of ₹4,534 crore (₹4,132 crore) in the year, witnessing a growth of 9.7 per cent.
“For FY23, we are confident of double-digit growth. The aerospace business is on the recovery path and we expect the momentum to continue through the next year. We expect the services business to grow double digit,” Krishna Bodanapu, Chief Executive Officer and Managing Director of Cyient, said.
He, however, expected a marginal impact on the EBIT margins because of wage hikes and key investments that the company was making to drive growth. “This is expected to be offset by price hikes and operational efficiency improvement initiatives,” he said.
The contribution of the Americas to revenues has gone up to 53.5 per cent (47.4 per cent) in the fourth quarter, while Asia-Pacific’s contribution has come down to 22 per cent from 28 per cent. The overall geographical breakup of contributions for the financial year, however, remained constant at 49.9 per cent (49.6 per cent) and 24.4 per cent (24.7 per cent.) respectively.
Dividend
The Board of Directors of the company, which met here on Thursday, has recommended a final dividend of ₹14 a share on face value of ₹5 each, aggregating to ₹154.4 crore. In October last, the board declared an interim dividend of ₹10 a share, aggregating to ₹110.2 crore.
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