This Article is From Jul 16, 2015

Cyient Falls 5% Post Q1 Earnings

Cyient Falls 5% Post Q1 Earnings
Shares of Cyient, which provides engineering, operations and network solutions fell as much as 5 per cent to hit intraday low of Rs 528 after the company reported its earnings for the first quarter of FY2016.

Cyient reported a net profit of Rs 75 crore, up 9 per cent annually on revenues of Rs 726 crore for the April-June quarter. The company had reported a net profit of Rs 69 crore on sales of Rs 622 crore in the corresponding quarter of previous fiscal.

Its earnings were broadly in-line with Street estimates. Analysts polled by NDTV had estimated its net profit at Rs 72 crore on revenues of Rs 745 crore.

However, Cyient's net profits were supported by forex gain of Rs 29 crore, which surged nearly 120 per cent annually.

Cyient shares closed 4.74 per cent lower at Rs 531.95 apiece, compared to 1 per cent gains in the broader Nifty.