Cyient | Market Cap: Rs. 9,700 Cr
CMP 880 | P/E 18x FY23
|
Results |
INR Cr. |
Y-o-Y Growth |
Comments |
|
Revenue |
1,618 |
36.7% |
Group growth at 28.6% CC YoY and 13.4% QoQ Services growth at 34.4% CC YoY and 11.9% CC QoQ. |
|
EBIT |
232 |
25.4% |
Normalised services EBIT margin without acquisitions & exceptional items increased ~190 bps to 15.1% |
|
PAT |
156 |
18.2% |
Net Margin came in at 9.6% from 11.2% (Y-o-Y) |
Key highlights:
·Company received about 5 large deals and 2 of them are coming from Aerospace and 2 from Energy & Utilities and 1 from Automotive & Mobility, leading to about $60 million working contract potential.
·Services growth stood at 11.9% CC QoQ and 11.2% in USD terms where ARC witnessed growth of 1.7% CC QoQ, MEU witnessed growth of 6.8% CC QoQ and New Growth Areas witnessed growth of 8.0% CC QoQ.
·Offshore mix for Q3 at 46.2%, Utilization for Q3 at 90.9%, up by 635 bps QoQ.
·Group witnessed growth of 13.4% cc QoQ and 12.7% in USD terms.
Management Outlook:
·Management sees good momentum in organic business with Q4 organic revenue in constant currency expected to be higher than Q3 driven by growth in Aerospace, Mining, Communications & Automotive.
·Management keen on adding 14-15% in FY23 revenue due to acquisitions in constant currency
·Management expects FY23 normalized EBIT margins for the organic business to be in the range of 13-14% for the group.
·Management expects FY23 normalized EBITDA margins to be in the range of 16-17%for the group.
·Management reiterated that in FY '24, company confident of $1 billion run rate visibility and the EPS next year expected to be Rs. 60.
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