Cyient stock declines ~6% after Q1FY19 profit declines

The company has reported a 30.3% qoq decline in PAT to Rs83cr against the consensus estimate of Rs103cr.

Jul 13, 2018 08:07 IST India Infoline News Service

Cyient
Shares of Cyient declined over 5% after the company's numbers for Q1FY19 were below street expectations.

Revenue in rupee terms grew 1.7% qoq to Rs1,080cr, which is broadly in-line with the consensus estimate of Rs1,088cr. Its US revenue declined 2.3% qoq to $161mn. EBIT came in at Rs103cr, down 16.5% qoq against the consensus estimate of Rs121cr; EBIT declined by 208bps qoq to 9.5%.

The company has reported a 30.3% qoq decline in PAT to Rs83cr against the consensus estimate of Rs103cr. There were exceptional items during Q4FY18 of Rs3.2cr pertaining to the issuance of RSUs, while the adjusted decline on qoq basis was 32.1%.

Cyient Ltd is currently trading at Rs698, down Rs44, or 5.93%, from its previous close of Rs742 on the BSE.
The scrip opened at Rs716 and has touched a high and low of Rs733.50 and Rs690, respectively. So far, 17,59,215 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs8,379.71cr.

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