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Cyient Limited, formerly Infotech Enterprises, has registered a decline in its consolidated revenues in the first quarter ended June 30, 2019. The firm said its revenue for the quarter at $156.6 million was down 5.2 per cent over its revenue of $165.2 million in the previous quarter.
The decline was 2.6 per cent over the revenue of $160.8 million in the same quarter last year.
The services component, which constitutes the bulk of its revenue, was $137.9 billion, down by 6.1 per cent over the previous quarter.
The profit after tax was $13 million in the quarter as against $12.3 million in the same period last year, showing a growth of 5.9 per cent.
“Our first quarter results were disappointing. We recorded a lower revenue over the previous quarter. Our services business too was lower,” said Krishna Bodanapu, Managing Director and Chief Executive Officer of Cyient.
“Our EBIT (earnings before interest and tax) at group level witnessed a decline of 356 bps quarter-on-quarter due to lower business volume, incremental spend on investments and wage hike impact,” he said.
“Our outlook for the year remains positive and we are confident on double digit EBIT growth backed by revenue growth and cost optimisation initiatives,” he said.
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