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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.</li><li>Cyient has 300 customers across 14 countries. Net debt free and healthy cash flow with OCF/EBITDA ~80%</li><li>Target Price and Valuation: We value Cyient at Rs 1,200 i.e. 18x P/E on FY24E EPS</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>

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 countries. Net debt free and healthy cash flow with OCF/EBITDA ~80%Target Price and Valuation: We value Cyient at Rs 1,200 i.e. 18x P/E on FY24E EPSContent 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: DLM Impacted, Services to Drive Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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<ul><li>Cyient reported robust Q3FY22 results with revenue for the quarter at Rs 1,183 Cr, improving by 6.5 % QoQ and 11.7% YoY</li><li>Operating Margins declined by 170bps QoQ to 13.9%. Services operating margins grew by 10bps QoQ to 15.6% </li><li>We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100/share.</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>

Cyient reported robust Q3FY22 results with revenue for the quarter at Rs 1,183 Cr, improving by 6.5 % QoQ and 11.7% YoYOperating Margins declined by 170bps QoQ to 13.9%. Services operating margins grew by 10bps QoQ to 15.6% We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100/share.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

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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<p>Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC) and DLM (+12.8% QoQ USD). Services growth was driven by Portfolio (10.0% QoQ), Aerospace (3.9% QoQ), and Communication (3.5% QoQ), while Rail Transportation (-9.5% QoQ) was weak. The 3Q EBIT margin saw a minor 14bps QoQ drop to 13.9% (above expectation), with improvement in Services (+14bp QoQ), compensated by weaker margins in DLM (-80bps QoQ).</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 (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC) and DLM (+12.8% QoQ USD). Services growth was driven by Portfolio (10.0% QoQ), Aerospace (3.9% QoQ), and Communication (3.5% QoQ), while Rail Transportation (-9.5% QoQ) was weak. The 3Q EBIT margin saw a minor 14bps QoQ drop to 13.9% (above expectation), with improvement in Services (+14bp QoQ), compensated by weaker margins in DLM (-80bps QoQ).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.

DLM impacted, but Services to drive performance

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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<p>Cyient: Cyient reported a good quarter; revenue was up 5.9% QoQ CC (higher than our estimate) and margin performed better than expected. The services segment reported double-digit YoY growth after thirteen quarters (+4.4/12.4% QoQ/YoY CC), led by recovery in aerospace (+3.9/14.5% QoQ/YoY). The worst phase of commercial aerospace is over and, going ahead, growth will be led by Avionics and MRO revival. The management has maintained its double-digit growth guidance for services but lowered the DLM growth guidance (single digit vs.</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 good quarter; revenue was up 5.9% QoQ CC (higher than our estimate) and margin performed better than expected. The services segment reported double-digit YoY growth after thirteen quarters (+4.4/12.4% QoQ/YoY CC), led by recovery in aerospace (+3.9/14.5% QoQ/YoY). The worst phase of commercial aerospace is over and, going ahead, growth will be led by Avionics and MRO revival. The management has maintained its double-digit growth guidance for services but lowered the DLM growth guidance (single digit vs.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.

HSIE Results Daily: Hindustan Unilever, Asian Paints, Cyient, Mastek

<ul><li>Cyient Ltd (Cyient) – headquartered in Hyderabad, is India’s leading ER&amp;D services provider</li><li>Cyient reported robust results in Q2FY22 with revenue for the quarter at Rs 1,112 Cr, improving by 4.6 % QoQ and 11.2% YoY</li><li>We recommend a BUY rating on the stock with a target price of Rs 1,200/share</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>

Cyient Ltd (Cyient) – headquartered in Hyderabad, is India’s leading ER&amp;D services providerCyient reported robust results in Q2FY22 with revenue for the quarter at Rs 1,112 Cr, improving by 4.6 % QoQ and 11.2% YoYWe recommend a BUY rating on the stock with a target price of Rs 1,200/shareContent 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.

India

Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

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Cyient Ltd (CYL IN)

Cyient Ltd: DLM Impacted, Services to Drive Growth

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

ICICI Securities Limited

Cyient: Robust Results; Healthy Outlook

We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100...

Axis Direct

DLM impacted, but Services to drive performance

Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC)...

Motilal Oswal

HSIE Results Daily: Hindustan Unilever, Asian Paints, Cyient, Mastek

Cyient: Cyient reported a good quarter; revenue was up 5.9% QoQ CC (higher than our estimate) and margin performed better than expected. The...

HDFC Securities

Pick of the Week: Cyient Ltd

Cyient Ltd (Cyient) – headquartered in Hyderabad, is India’s leading ER&D services provider. We recommend a BUY rating on the stock with a target...

Axis Direct

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Cyient Ltd: DLM Impacted, Services to Drive Growth

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

ICICI Securities Limited

Cyient: Robust Results; Healthy Outlook

We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100...

Axis Direct

DLM impacted, but Services to drive performance

Cyient (CYL)&#x27;s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC)...

Motilal Oswal

HSIE Results Daily: Hindustan Unilever, Asian Paints, Cyient, Mastek

Cyient: Cyient reported a good quarter; revenue was up 5.9% QoQ CC (higher than our estimate) and margin performed better than expected. The...

HDFC Securities

Pick of the Week: Cyient Ltd

Cyient Ltd (Cyient) – headquartered in Hyderabad, is India’s leading ER&D services provider. We recommend a BUY rating on the stock with a target...

Axis Direct

Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC)...