IT solutions provider Cyient, on July 26, Tuesday posted a 46% YoY increase in consolidated net profit to Rs 168.10 crore in the June quarter of the current fiscal year against the net profit of Rs 116 crore in the year-ago period, the company said in a BSE filing.

The operating revenue increased by 35% to Rs 1,686.5 crore for Q1, against Rs 1,250 crore in the year-ago quarter. However, the revenue for the current quarter declined by 3.7% from Rs 1,751 crore in Q4FY23. 

“In FY24, we expect DET (Digital, Engineering & Technology) revenue growth to be in the range of 15-20 per cent YoY in constant currency terms. We expect FY24 DET normalized. EBIT margins to improve by 150 – 250 basis points (bps) YoY,” Cyient stated.

The company won 6 large deals in DET with a total contract potential of $48.8 million this quarter. The company said its pipeline for the year looks robust, with an order intake of $193.2 million, which is 32.5% up YoY.

At 2:00 Pm, shares of Cyient were trading at Rs 1,461.10 or 0.37% below its previous close on NSE.