Cient’s stock also slipped amidst the fall in the stock market today. Its stock declined more than 1.5 per cent. As far as futures is concerned, HDFC Securities has given a Buy Advice keeping a target price of Rs 1,285 for it. This means the stock is likely to move up 33 percent from Friday’s market price. Whereas from today’s price more than 35 percent profit can be made.
In a report, HDFC Securities said Cient’s dollar earnings grew by 5.2 per cent in the October-December quarter over July-September, as against its forecast of 3.9 per cent growth. The company has secured 7 TCV deals worth $68.80 million during the quarter. Cient’s net profit jumped 38 per cent in the October-December quarter. It made a profit of Rs 131.7 crore in the quarter. The company had made a net profit of Rs 95.4 crore in the year-ago period.
how was the income
Cient’s income grew 13.3 per cent to Rs 1,183.4 crore during the quarter. While it was Rs 1,044.3 crore in the same period of last financial year. Growth in the semiconductor, mining and natural resources, medical technology and healthcare sectors fueled the company’s services business. The company’s earnings in dollars for the quarter stood at $157.90 million, a year-on-year increase of 11.7 percent. Earnings in its constant currency rose 12.1 percent.
Growth in company business
Cient’s core business activities saw double-digit growth, while order volume grew 16 per cent (Rs 1,690 crore) on a year-on-year basis, with several major deals and 18 new logo additions. According to the company’s management, they will continue to focus on building their technology-led capabilities and investing in key technology areas.
31 year old company
Cient (formerly Infotech Enterprises Limited) is an Indian multinational technology company focused on engineering, manufacturing, data analysis and networks and operations. Infotech Enterprises Limited was established in 1991 in Hyderabad. Infotech Enterprises was rebranded as Ciente in 2014 and was included in the top 30 outsourcing companies in the world in 2018. In 1995 the company received its first ISO 9002 certification from BVQI London for its conversion services. Infotech Enterprises started its operation as a private limited to provide engineering services in global markets. The company has employees in Asia, Europe and North America.
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