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Cyient Ltd: A Strong Operating Performance... - Views on News from Equitymaster
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Cyient Ltd: A Strong Operating Performance...
Jul 19, 2016

Cyient Ltd has announced its first quarter for FY17. The company's sales increased by 1.8% QoQ. The net profit increased by 12% QoQ for the quarter.

Performance summary
  • Consolidated net sales increased by 1.8% QoQ in 1QFY17. In constant currency terms, the topline was up 2.2% QoQ. In US$ terms, the topline was up 2.6% QoQ.
  • The operating performance was very good despite wage hikes. The operating margin came in at 13.2% compared to 12.5% in 4QFY16. The operating profit increased by 7.6% QoQ.
  • Depreciation charges were down 24.4% QoQ. Other income was down 58.9% QoQ. Finance costs were flat QoQ.
  • The net profit was up by 12% QoQ while the net margin improved sequentially to 8.9%.

    Consolidated financial snapshot
    (Rs m) 4QFY16 1QFY17 Change
    Sales 8,158 8,306 1.8%
    Operating expenditure 7,140 7,210 1.0%
    Operating profit (EBDITA) 1,018 1,096 7.6%
    Operating profit margin (%) 12.5% 13.2%
    Finance costs 49 49 0.6%
    Other income 258 106 -58.9%
    Depreciation 295 223 -24.4%
    Exceptional item -87 0
    Profit before tax 845 929 10.0%
    Tax 190 237 24.4%
    Associate profit & minority interest 6 47
    Profit after tax/(loss) 661 740 12.0%
    Net profit margin (%) 8.1% 8.9%
    No. of shares (m) 112.5
    Diluted earnings per share (Rs)* 28.9
    P/E ratio (x)* 16.7

    * On a trailing 12-months basis

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