The Hyderabad-based company reported a 45% rise in consolidated net profit of 1.68 billion rupees ($20.53 million)for the first quarter ended June 30th 2023, compared with 1.16 billion rupees a year ago.
Analysts, on average, were expecting Cyient to earn 1.73 billion rupees ($21.14 million), as per Refinitiv data.
Cyient said its U.S. subsidiary incurred legal costs of 111 million rupees ($1.36 million) during the quarter, and overall expenses rose 30%.
For Cyient, revenue from its biggest Digital, Engineering and Technology (DET) segment rose to 14.5 billion rupees ($177.09 million), up from 10.6 billion rupees($129.58 million)a year earlier.
Consolidated revenue from operations rose 35% to 16.9 billion rupees ($206.40 million) for the quarter.
Persons:
Cyient, Krishna Bodanapau, Rishika
Organizations:
U.S, Infosys, Tata Consultancy Services, Wipro, Engineering, Technology, Thomson
Locations:
HYDERABAD, Hyderabad