Cyient DET has posted a net profit of ₹141 crore in the quarter ended June 30, 2024, registering a decline of 17 per cent over the same quarter last year.
Revenue during the quarter fell to ₹1,414 crore, registering a fall of 3.6 per cent over the revenue in the same quarter last year.
Cyent Executive Vice-Chairman and Managing Director Krishna Bodanapu said the Cyient Group witnessed soft first-quarter results. The company’s EBIT margin stood at 13.5 per cent, down by 260 bps year on year.
“We expect DET revenue growth for the financial year 2024-25 to be flattish YoY in constant currency terms due to the first quarter impact,” he said.
He said the company won five large deals in DET with a total contract potential of $52.4 million in this quarter. “With this, we are confident that we have taken steps to align the supply to the demand. We believe this will translate into improved revenue realisation and drive a sharp recovery of growth through the coming quarters,” he said.
Semiconductor arm
He said the company’s foray into the semiconductor space would help it tap global opportunities.
Karthikeyan Natarajan, Executive Director and Chief Executive Officer of Cyient, said the company faced a challenging first quarter.
“However, we remain confident that with our balanced portfolio and investment in technology solutions, we will achieve growth in the mid-to-long term to deliver value to stakeholders,” he said,.
“We secured five large deals this quarter across connectivity, aerospace, and sustainability. Our pipeline for the year remains strong, and we are committed to delivering intelligent engineering solutions for our customers,” he said in a statement on Friday.