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Cyient Ltd: Ends the Year on a Positive Note - Views on News from Equitymaster
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Cyient Ltd: Ends the Year on a Positive Note
Apr 26, 2017

Cyient Ltd has announced results for 4QFY17 and full year FY17. In 4QFY17, the company has reported a 2.6% QoQ increase in sales, while the net profit fell by 16.8% QoQ. Here is our analysis of the results.

Performance summary
  • Consolidated sales increased by 2.6% QoQ in 4QFY17. In constant currency terms, the topline was up 3.6% QoQ. In US$ terms, the topline was up 3.8% QoQ.
  • The operating performance was muted due to a 9.4% QoQ jump in SG&A costs. The operating margin came in at 12.7% compared to 13.2% in 3QFY17. The operating profit decreased by 1% QoQ.
  • Depreciation was up 5% QoQ. Other income was down 2.6% QoQ. Finance costs were down 5.7% QoQ.
  • The net profit was down by 16.8% QoQ due to a one-off exceptional provision arising out of the expensing of newly granted stock options. The net margin fell sequentially to 8.3%.
  • The company declared a final dividend of Rs 5 per share.

    Consolidated Financials
    (Rs m) 3QFY17 4QFY17 Change FY16 FY17 Change
    Sales 9,171 9,409 2.6% 31,021 36,065 16.3%
    Operating expenditure 7,962 8,213 3.1% 26,880 31,293 16.4%
    Operating profit (EBDITA) 1,208 1,196 -1.0% 4,141 4,772 15.2%
    Operating profit margin (%) 13.2% 12.7% 13.3% 13.2%
    Finance costs 35 33 -5.7% 164 172 4.9%
    Other income 318 310 -2.6% 1,085 932 -14.1%
    Depreciation 243 255 5.0% 888 953 7.3%
    Exceptional item 0 -261 -87 -261
    Profit before tax 1,249 957 -23.4% 4,087 4,318 5.7%
    Tax 322 219 -31.9% 1,011 1,045 3.4%
    Associate profit & minority interest 15 46 215.1% 179 165 -7.8%
    Profit after tax/(loss) 942 784 -16.8% 3,255 3,438 5.6%
    Net profit margin (%) 10.3% 8.3% 10.5% 9.5%
    No. of shares (m) 112.6
    Diluted earnings per share (Rs)* 30.5
    P/E ratio (x)* 17.4
    * On a trailing 12-months basis

    Segment-wise Performance (IT services)
    Verticals 3QFY17 4QFY17 Change
    Aerospace & Defense 2,908 2,977 2.4%
    Transportation 768 809 5.4%
    Semiconductor 319 350 10.0%
    Medical & Healthcare 147 150 2.1%
    Utilities & Geospatial 1,405 1,543 9.8%
    Communications 1,854 1,785 -3.7%
    Industrial, Energy & Natural resources 768 726 -5.5%
    Total IT services revenue 8,169 8,340 2.1%
    Geography
    Americas 5,457 5,373 -1.6%
    Europe, Middle East, Africa (EMEA) 2,258 2,362 4.6%
    Asia Pacific 1,694 1,675 -1.1%

    Segment-wise Performance (DLM)
    Verticals 3QFY17 4QFY17 Change
    Aerospace & Defense 464 98 -78.8%
    Medical 113 104 -8.4%
    Communications 241 634 163.6%
    Industrial 171 220 28.5%
    Others 13 13 -1.5%
    Total DLM revenue 1,002 1,069 6.7%
    Geography
    Americas 112 157 40.0%
    Europe, Middle East, Africa (EMEA) 883 901 2.1%
    Asia Pacific 7 11 52.4%
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