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Cyient shares dropped to 2-1/2-week low on tepid Q1 results. The stock plunged as much as 4.8 per cent to Rs 706, its lowest since June 25.
The engineering services company has registered a consolidated total income of Rs 1,096 crore in the first quarter ended June 30, 2018, against Rs 944 crore in the same quarter previous year.
Net profit for the quarter declined to Rs 81.6 crore from Rs 85 crore in the comparable quarter last year.
“Cyient's Q1 result missed our forecast,’’ IDBI Capital analysts say.
IDBI Capital has cut its FY19 EPS (estimate) by 3 per cent and largely maintained FY20 EPS. It has maintained a price target of Rs 889 and “buy” rating.
The brokerage says: “We believe pick-up in revenue growth would drive improvement in EBIT margin from Q2 FY19 onwards.’’
Cyient stock posted biggest intraday fall since June 4; it had gone up 27.2 per cent this year, as of last close. Over 449,000 shares changed hands compared with the 30-day average of 282,952 shares.
(With inputs from Reuters)
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