External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We recommend a HOLD and assign a 23x P/E multiple to its FY23E earnings of Rs 44.9 per share which gives a TP of Rs 1,030/share, an upside of 9% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a HOLD and assign a 23x P/E multiple to its FY23E earnings of Rs 44.9 per share which gives a TP of Rs 1,030/share, an upside of 9% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cyient: Outlook Improves, Albeit Lackluster Results

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.</p><ul><li>Cyient has 300 customers across 14 countries</li><li>Net debt free and healthy cash flow with OCF/EBITDA ~80%</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.Cyient has 300 customers across 14 countriesNet debt free and healthy cash flow with OCF/EBITDA ~80%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cyient Ltd: Healthy Revenue, Margin Trajectory

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Double-digit growth in Services to drive re-rating Valuations inexpensive; maintain Buy Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Double-digit growth in Services to drive re-rating Valuations inexpensive; maintain Buy Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Double-digit growth in Services to drive re-rating

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/cyient-ltd" target="_blank" data-smartkarma-citation="entities:17956:1" rel="noopener">Cyient Ltd (CYL IN)</a> operational performance remains subdued over the past few years. The company has reported muted result for the quarter ending March 31, 2021, on the other hand other IT companies reported robust result. </p>
<p>The analysis of financial statement depicts poor working capital management, probable aggressive revenue recognition policy coupled with fragile quality of receivables, poor capital allocation etc.   </p>

Cyient Ltd (CYL IN) operational performance remains subdued over the past few years. The company has reported muted result for the quarter ending March 31, 2021, on the other hand other IT companies reported robust result. 
The analysis of financial statement depicts poor working capital management, probable aggressive revenue recognition policy coupled with fragile quality of receivables, poor capital allocation etc.   

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Beijing Shiji Information Technology Co., Ltd. (002153 CH)

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Cyient Ltd (CYL IN)

Cyient: Outlook Improves, Albeit Lackluster Results

We recommend a HOLD and assign a 23x P/E multiple to its FY23E earnings of Rs 44.9 per share which gives a TP of Rs 1,030/share, an upside of 9%...

Axis Direct

Cyient Ltd: Healthy Revenue, Margin Trajectory

Cyient Ltd (Cyient) offers engineering & development services to aerospace & defence, transportation, E&U, communication and others.

ICICI Securities Limited

HSIE Results Daily: Cyient, Wipro

Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services...

HDFC Securities

Double-digit growth in Services to drive re-rating

Double-digit growth in Services to drive re-rating Valuations inexpensive; maintain Buy Motilal Oswal values your support in the Asiamoney Brokers...

Motilal Oswal

Forensic Analysis: Cyient Limited

The analysis of financial statement depicts poor working capital management, probable aggressive revenue recognition policy coupled with fragile...

Nitin Mangal

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