Cyient stock price up by more than 6%

21 Apr 2023 , 12:19 PM

The shares of Cyient limited  surged by more than 9% in Friday’s trade after the board of directors  recommended the final dividend of Rs 16 per share (approximately 320%) for financial year ended on March 31, 2023.   

The company has clocked a 5.83% year-on-year (YoY) rise in net profit at Rs 163.20 crore for the March quarter compared with Rs 154.20 crore in the same quarter last year. Excluding one-off expenses, normalised profit was up 8.2% YoY at Rs 176 crore, Cyient said. 

Krishna Bodanapu, Executive Vice Chairman & Managing Director, Cyient commented on the results, “This quarter, we won five large deals worth over USD 185 million and saw a 38.4% CC YoY growth in Consolidated Services Revenue. We also completed three strategic acquisitions to extend our service offerings portfolio and enter newer markets. I thank our dedicated associates, trusted partners, and customers for enabling us to have a successful FY23.”

Following the development, the stock rose 9.40% to Rs 1,194.10. At 12.18 p.m., the scrip was trading 4.84% higher on the NSE at Rs 1,144.05.