Engineering and technology solutions company Cyient has reported a ₹46.2 crore consolidated net profit for the quarter ended March, which, when compared to the ₹176 crore of the corresponding period of previous fiscal is a 73.75% decline. The steep fall in the net profit came on the back of Hyderabad-headquartered firm’s total income declining over 9% at ₹1,127.5 crore (₹1,241.8 crore). For 2019-20, the consolidated net profit at ₹341.2 crore was 28.48% lower compared to the ₹477.1 crore registered in the previous fiscal. Total income declined 3.48% to ₹4,585.7 crore (₹4,751.5 crore). We continue to tap opportunities for automation, pyramid rationalisation, subcontracting cost optimisation and other cost levers,” he said.

Source: The Hindu May 07, 2020 17:25 UTC