Cyient Misses Profit Estimates and Approves Buyback
The Indian engineering firm reported a fourth-quarter profit of 548 million rupees which fell short of analyst expectations. The company approved its first share buyback since 2019 while revenue grew to 19.54 billion rupees.
The engineering and research services firm CYIENT LTD reported a fourth-quarter net profit that significantly trailed market expectations, weighed down by a substantial one-time exceptional charge and rising operational expenses. Based in India, the company posted a consolidated net profit of 548 million rupees ($5.82 million) for the period ending March 31, falling short of the 1.64 billion rupees projected by analysts according to LSEG data.
The earnings miss was primarily attributed to a 712 million rupee exceptional charge linked to a proposed acquisition that the firm ultimately decided not to pursue. Additionally, total expenses for the quarter climbed 5.4% to reach 17.86 billion rupees. Despite the profit shortfall, the company outperformed on the top line, recording total revenue of 19.54 billion rupees, which surpassed the analyst consensus of 17.57 billion rupees.
