Shares of Cyient dipped as much as 6.46 per cent on Friday after the IT company reported a 24 per cent quarter-on-quarter (QoQ) drop in net profit for quarter ended March 2016. The company posted a consolidated net profit of Rs 66.06 crore in the quarter under review against Rs 86.84 crore in the sequential quarter ended December 2015.
At 12.30 pm, shares of Cyient were trading 5.22 per cent down at Rs 457. The scrip opened at Rs 473.10 and has touched a high and low of Rs 473.10 and Rs 451, respectively.
Later, the scrip closed 5.75 per cent down at Rs 454.45.
The company had reported net profit of Rs 98.52 crore in the corresponding quarter a year ago.
IT firm Cyient, formerly known as Infotech Enterprises, reported 4.36 per cent qoq growth in gross sales figures at Rs 815.84 crore. The company reported gross sales of Rs 781.78 crore in the quarter ended December 2015.
For the financial year 2015-16, bottomline of the company slid 7.6 per cent at Rs 326.2 crore while revenue grew 13.1 per cent to Rs 3,095.6 crore compared with the previous fiscal.