Cyient DLM Shares Plummet Amid Profit Decline

Cyient DLM's shares fell over 14% after the company reported a significant drop in its December quarter profit. Revenue grew by 38% YoY, but higher expenses, including employee costs and consolidation with Altek Electronics Inc., impacted overall profitability. The company's order backlog also declined by Rs 152 crore.

Shares of Cyient DLM plunged more than 14% on Wednesday following the electronic manufacturing services firm's disappointing December quarter results.

The company's stock plummeted 14.11% on the NSE to close at Rs 512 and dropped 13.55% on the BSE to settle at Rs 515.70. During intraday trade, the shares hit a 52-week low.

Higher expenses, driven largely by employee costs and the consolidation with Altek Electronics Inc., led to a 41.7% decrease in profit after tax, despite a 38% year-on-year revenue growth to Rs 444 crore. The order backlog decreased by Rs 152 crore to Rs 2,143 crore at the end of December.

(With inputs from agencies.)