HYDERABAD : India's Cyient Ltd reported a 45 per cent rise in quarterly profit on Tuesday that just missed analysts' estimates as rising expenses at the engineering and IT services company offset strong order pipeline and demand recovery in some sectors.
The Hyderabad-based company reported a 45 per cent rise in consolidated net profit of 1.68 billion rupees for the first quarter ended June 30th 2023, compared with 1.16 billion rupees a year ago.Cyient said its U.S. subsidiary incurred legal costs of 111 million rupees during the quarter, and overall expenses rose 30 per cent.
The company's results come after bigger rivals like Infosys Ltd, Tata Consultancy Services and Wipro have either cut forecast or missed estimates as the country's IT industry faces slowing demand for services and cancellation of orders prompted by fears of a global recession. For Cyient, revenue from its biggest Digital, Engineering and Technology segment rose to 14.5 billion rupees , up from 10.6 billion rupeesa year earlier. Consolidated revenue from operations rose 35 per cent to 16.9 billion rupees for the quarter.
"We won 6 large deals in DET with a total contract potential of $48.8 million in this quarter. The order intake stood at $193.2 million, up 32.5 per cent year-on-year. Our pipeline for the year looks robust," Cyient's Managing Director Krishna Bodanapau said on Tuesday.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rain in Port of Spain denies India series sweepIndia were denied the chance of a 2-0 series sweep over West Indies on Monday when rain wiped out the final day of the second test at Queen's Park Oval in Port of Spain, resulting in a draw.The tourists, who won the first test by an innings and 141 runs in Dominica, looked well-placed to push for victory
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US deeply concerned by India sexual assault case in viral videosWASHINGTON: The United States said on Sunday (Jul 23) it was deeply concerned by reports of viral videos showing two women paraded naked in India's northeastern state of Manipur, a sexual assault case that enraged the country. The assault, in which a mob allegedly raped and paraded the naked women, took pl
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
West Indies recall Hetmyer, Thomas for India ODIsWest Indies have recalled left-handed batsman Shimron Hetmyer and fast bowler Oshane Thomas for the three-match One Day International series against India beginning at the Kensington Oval in Barbados on Thursday. Former captains Nicholas Pooran and Jason Holder were not available for selection, while all-
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
India's test transition begins smoothly in West IndiesIndia would be reasonably pleased with the smooth start to the transition of their test team against the West Indies, even if a 1-0 series victory against a side seven rungs below them in the official rankings may not sound impressive.Persistent rain in Port of Spain did not allow any play on Monday, resu
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Panic buyers load up on rice supplies as India bans exportsFrom the US to Canada and Australia, reports of overseas Indians stocking up are going viral. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
India suspends another drugmaker's licence over tainted cough syrupNEW DELHI: India has suspended a drugmaker's manufacturing licence after the World Health Organization (WHO) flagged contamination in its cough syrups found in the Mashall Islands and Micronesia in Apr
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »