
Shares of technology services firm Cyient are in news today after net profit rose 2.3% year on year for the September 2024 quarter. Profit climbed to Rs 177 crore in Q2. Revenue climbed to Rs 1450 crore, with QoQ growth of 2.5% and YoY degrowth of 1.8% EBIT for Q2 came at Rs 206 crore and EBIT margin stood at 14.2%.
The company also declared an interim dividend of Rs. 12 per equity share on par value of Rs. 5/- per share for the financial year 2024-25. The record date for dividend is November 6, 2024.
Cyient's Digital, Engineering, and Technology (DET) segment reported revenues of Rs 1,450 crore in Q2, rising 2.5% quarter-on-quarter and falling 1.8% on a year-on-year basis.
Krishna Bodanapu, Executive Vice Chairman and Managing Director, said, "Cyient Group witnessed positive Q2 FY25 results, with quarterly Group Revenue at US$ 220.7 Mn, growth of 2.6% YoY in constant currency. At a strategic level, we are making strong and continued progress towards unlocking the potential of our Semiconductor business. The partial divestment of our stake in Cyient DLM gives us the flexibility to use the proceeds towards fulfilling our capital requirements across organic and inorganic initiatives in our recently launched Semiconductor business to drive accelerated growth."
The earnings were announced after market hours on Thursday.
Cyient stock ended 3.10% higher at Rs 1775.75 against the previous close of Rs 1722.35 on BSE.