ER&D firm Cyient’s Q1 profit declines 23.8% to Rs 144 crore

Engineering service provider Cyient reported a 23.8% sequential drop in its first-quarter net profit at Rs 144 crore. On a year-on-year (YoY) basis, the profit for the Hyderabad-based firm declined 18.6%.

Unlike the previous quarter when the firm saw deal wins from Airbus and Deutsche Aircraft, the ER&D (engineering and research and development) firm’s revenue was impacted by greater-than-anticipated delays and right shifts in project execution in the connectivity segment. Its Q1 revenue was down 0.6% YoY and 9.9% sequentially at Rs 1,675.7 crore.