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Cyient Ltd: A dull performance - Views on News from Equitymaster
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Cyient Ltd: A dull performance
Jan 18, 2016

Cyient Ltd has announced its third quarter results for FY16. The company's sales increased by 1.3% QoQ. The net profit decreased by 11.9% QoQ for the quarter.

Performance summary

  • Consolidated net sales increased by 1.3% QoQ during 3QFY16. In US dollar terms, the topline was flat sequentially. In constant currency terms, the topline was up 0.2% QoQ.
  • The operating performance was not good. The operating margin in 3QFY16 came in at 14% compared to 15.2% in 2QFY16. The operating profit decreased by 6.6% QoQ.
  • Depreciation charges were up 14.6% QoQ while other income down 13.8% QoQ. This contributed to the fall in the profit before tax (PBT) by 9.9% QoQ.
  • The net profit was down by 11.9% QoQ while the net margin fell sequentially to 11.1%

Consolidated financial snapshot

(Rs m) 2QFY16 3QFY16 Change 9MFY15 9MFY16 Change
Sales 7,716 7,818 1.3% 20,059 22,797 13.7%
Operating expenditure 6,544 6,723 2.7% 16,953 19,608 15.7%
Operating profit (EBDITA) 1,172 1,095 -6.6% 3,106 3,190 2.7%
Operating profit margin (%) 15.2% 14.0%   15.5% 14.0%  
Finance costs 57 32 -43.3% 29 130 345.7%
Other income 289 249 -13.8% 840 827 -1.5%
Depreciation 193 222 14.6% 527 598 13.4%
Profit before tax 1,211 1,090 -9.9% 3,389 3,289 -3.0%
Tax 285 227 -20.2% 924 796 -13.9%
Associate profit & minority interest 60 6 -90.8% 130 109 -16.6%
Profit after tax/(loss) 985 868 -11.9% 2,595 2,602 0.3%
Net profit margin (%) 12.8% 11.1%   12.9% 11.4%  
No. of shares (m)         112.5  
Diluted earnings per share (Rs)*         31.5  
P/E ratio (x)*         13.7  

* On a trailing 12-months basis

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