IT firm Cyient on Thursday said its net profit has grown by 46.8 per cent to Rs 110.7 crore for the March 2021 quarter.
The Hyderabad-based company had posted a net profit (normalised) of Rs 75.4 crore in the year-ago period, Cyient said in a regulatory filing.
Its revenue grew 1.8 per cent to Rs 1,093.2 crore for the period under review as against Rs 1,073.6 crore in the fourth quarter of FY20, it added.
On sequential basis, the net profit was higher by 16 per cent from Rs 95.4 crore, while revenue was higher by 4.7 per cent from Rs 1,044.3 crore in December 2020 quarter.
"PAT increased by 16 per cent quarter-on-quarter primarily from higher EBIT partially offset by higher tax from higher profits," it said.
In dollar terms, Cyient's revenue was at USD 149.9 million, while profit was at USD 15.2 million in the March 2021 quarter.
The company said it expects to grow double digit in FY22. "We don't have a specific range to provide yet. We will see how H1 shapes up and comment once we have better visibility for the full year," it added.
Cyient's net profit (normalised) declined marginally to Rs 371.4 crore for FY21, while revenue dipped 6.7 per cent to Rs 4,132.4 crore from the previous fiscal.
Krishna Bodanapu, Managing Director and Chief Executive Officer of Cyient, said the performance in the March quarter was in line with the company's expectations.
"We continue to strengthen our capabilities across key focus areas...We will continue to invest in our key growth areas such as Digital, Embedded Software, Geospatial, and Networks," he added.
Cyient President and CFO Ajay Aggarwal said the company embarked on initiatives for cost optimisation, operational efficiency and profit improvement.
"These initiatives, coupled with our enhanced digital capabilities and process optimisation, bolstered the growth of Cyient this year and would continue to yield good results in future," he added.
Aggarwal stated that the company will continue to pursue avenues for organic and inorganic investments.
"We are confident of delivering a strong performance in FY22. Cyient remains relentless in its focus on sustainable and profitable growth, operational efficiency and margin improvement initiatives to accomplish its endeavour to maximise the shareholder's wealth," he said.
The Board has recommended a final dividend of Rs 17 per share for fiscal 2020-21.
Cyient also announced the appointment of MM Murugappan as the Non-Executive Chairman. He succeeds BVR Mohan Reddy, who will continue to be a part of the board as a Non-Executive Director and will play an active role in mentoring and guiding the Cyient leadership team.
"I am delighted and honored to have served Cyient since its inception for 30 years, first as the Chairman and Managing Director and later as the Executive Chairman. It has been a gratifying endeavor to build an enduring institution with a market value of over a billion dollars. We have created employment for about 14,000 professionals worldwide, several of whom have been associated with me for over 25 years," Reddy, Founder Chairman of Cyient, said.
He added that the role of Chairman will transition to MM Murugappan, who - with an impeccable track record - has been associated with the company as a lead independent director since its IPO in 1997.
"I am very certain that Cyient, with its younger, competent, and agile leadership and their unwavering commitment to values, will chart newer heights in this technology-driven digital world," he added.
Cyient also appointed Karthikeyan Natarajan, President and COO and Ajay Aggarwal, President and CFO as executive directors.