Cyient shares surged over 9 percent on Friday after the firm posted a bigger-than-expected rise in its fourth-quarter revenue driven by a strong services deal pipeline.
The stock rose as much as 9.4 percent to its intra-day high of ₹1,194.
The company’s consolidated revenue from operations rose 48.3 percent year-on-year (YoY) to ₹1,751 crore in the March quarter, beating analyst estimates of ₹1,729 core, according to Reuters.
Meanwhile, its net profit jumped 5.5 percent YoY to ₹163 crore in the quarter under review as against a profit of ₹154.2 crore in the year-ago period. Its net profit was also higher than Street expectations.
The company also said that it expects consolidated services revenue growth in the range of 15-20 percent (YoY) on a constant currency basis for FY24.
We won five large deals in the core services (segment) with a strong total contract potential of $185.1 million this quarter,” said Krishna Bodanapu, executive vice chairman and managing director at Cyient.
The positive results of the firm come after IT majors TCS and Infosys reported weaker than estimates earnings in Q4.
