Cyient hits a new high

Cyient, which had closed yesterday at Rs.1091.45, opened much higher today at Rs.1136.25 and went on to further hit a new 52-week high at Rs.1194.10.

With the market cap reaching almost 12,700 crore, the market has give the earnings of the company a big thumbs up.

The provider of technology solutions, focusing on industry consulting, the company reported numbers which exceeded all expectations.

Its consolidated revenue for the quarter came in at Rs.1751 crore, up over 8% (QoQ), on which its net profit was at Rs.163 crore, up 5%.

EBIT for the quarter was at Rs.249 crore, rising 17% while margins improved from 13.19% to 14.24%.

The Board also announced a final dividend of Rs 16/share for FY23.