In intraday trading on Friday, shares of engineering research and development company Cyient dropped as much as 8.99%, to 1724 per share on the BSE.
This happened after Cyient, an engineering provider company, reported a 23.8% sequential decline in net profit for the first quarter of the fiscal year 2024-25 (Q1FY25), totalling Rs 144 crore. Year on year (YoY), profit fell by 18.6%.
Cyient’s revenue for the first quarter dropped by 9.9% sequentially and 0.6% YoY to Rs 1,675.7 crore. The digital, engineering and technology (DET) section, which accounts for more than 80% of the company’s revenue, reported Rs 1,414 crore, down 5% quarter on quarter and 2.8% year on year.
Furthermore, the DET segment’s earnings before interest and tax (Ebit) margin remained at 13.5%, down 260 basis points year on year.
Cyient shares were down 8.40% at Rs 1,735.05 on the NSE as of 11:24 AM.
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