Cyient DLM Q3 result: Cyient DLM reported a 25.8% sequential rise in its net profit to ₹18.44 crore in the October-December quarter of financial year 2023-24. The company had reported a net profit of ₹14.65 crore in the year-ago period.
The electronic manufacturing services (EMS) company had reported a net profit of ₹5.7 crore in the year-ago period. The company’s revenue increased by 10% QoQ to ₹321 crore in Q3 FY24 against ₹292 crore reported in the previous quarter. Cyient DLM’s total income stood at ₹330 crore during the quarter under review.
The company’s earnings per share (EPS) for Q3 FY24 stands at ₹2.33, indicating a significant increase from its previous quarter.
Cyient DLM Q3: Utilisation of net IPO proceeds
Cyient DLM has utilized ₹80 crore of IPO funds for funding incremental working capital requirements of the company, according to its BSE press release. The company has dedicated a total of ₹291 crore for its IPO funding. The company has utilized the full amount of the IPO kept for the object of repayment/prepayment of certain borrowings of the company. Out of the total IPO amount of ₹656 crore, the company has utilized ₹240.7 crore. The company shares closed 2.10% down at ₹646.3 per share on BSE on Tuesday. The company’s share value has declined by 8.68% in the past month.
About Cyient DLM
Cyient DLM is a subsidiary of the software firm Cyient. The company entered into the Indian stock market in June last year. The ₹592 crore IPO was subscribed 67 times during the bidding period till June 30. The Qualified institutional buyers bought shares more than 90 times. For retail investors and high-net worth individuals, they bought the IPO shares 49.22 times and 45.05 times their allotted quotas.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.