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Cyient - Margin and value play! - ICICI Securities

Posted On: 2020-10-16 00:27:17


Cyient's reported EBIT margin for Q2FY21 was 200bps ahead of our estimate led by strong margin expansion in both services (540bps QoQ) and DLM (-930bps QoQ). Operational improvements and lower direct costs were the key margin tailwinds. Revenues werein line with our estimates. While A&D (-11.5% QoQ in USD terms, Services) continued to struggle, communications (+7.7% QoQ, USD) and transportation (+21.6% QoQ, USD) saved the day. For FY21, the company now expects low double-digit revenue decline. Margins are expected to be flat YoY. Even as A&D (31.6% of revenues) should drag performance over the next 12-18 months, we expect its impact to be more than offset by strong growth acceleration in other verticals like communications (24% of revenues). Some of the impending structural changes in the organisation should augur well for improvement in both growth and profitability. Large room for margin expansion and undemanding valuations (10.5x FY22E EPS) are the key rationale behind our BUY rating.

Shares of Cyient Limited was last trading in BSE at Rs.366.95 as compared to the previous close of Rs. 374.4. The total number of shares traded during the day was 35490 in over 1159 trades.

The stock hit an intraday high of Rs. 383.95 and intraday low of 365.25. The net turnover during the day was Rs. 13271363.


Source: Equity Bulls

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