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Cyient Ltd: A quarter of good profitability - Views on News from Equitymaster
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Cyient Ltd: A quarter of good profitability
Oct 16, 2015

Cyient Ltd has announced its second quarter results for FY16. The company's sales increased by 6.2% QoQ. The net profit increased by 31.7% QoQ for the quarter.
Performance summary
  • Consolidated net sales decreased by 6.2% QoQ during 2QFY16. In US dollar terms, the topline was up 3.6% QoQ. In constant currency terms, the topline was up 4.2% QoQ.
  • The operating performance was good. The operating margin in 2QFY16 came in at 15.2% compared to 12.7% in 1QFY16. The operating profit increased by 27.1% QoQ.
  • Depreciation charges were up 5.8% QoQ while other income was flat sequentially. The strong operating performance contributed to the rise in the profit before tax (PBT) by 22.5% QoQ.
  • The net profit was up by 31.7% QoQ while the net margin improved sequentially to 12.8%
  • The company has declared an interim dividend of Rs 3 per share. The record date and payout date for the same are 28 Oct 2015 and 04 Nov 2015 respectively.

Consolidated financial snapshot

(Rs m) 1QFY16 2QFY16 Change 1HFY15 1HFY16 Change
Sales 7,263 7,716 6.2% 12,941 14,980 15.8%
Operating expenditure 6,341 6,544 3.2% 10,991 12,885 17.2%
Operating profit (EBDITA) 922 1,172 27.1% 1,950 2,094 7.4%
Operating profit margin (%) 12.7% 15.2%   15.1% 14.0%  
Finance costs 40 57 42.0% 16 97 500.6%
Other income 289 289 -0.1% 472 578 22.5%
Depreciation 183 193 5.8% 354 376 6.4%
Profit before tax 988 1,211 22.5% 2,053 2,199 7.1%
Tax 284 285 0.4% 550 569 3.3%
Associate profit & minority interest 44 60 36.2% 85 103 21.8%
Profit after tax/(loss) 748 985 31.7% 1,587 1,734 9.2%
Net profit margin (%) 10.3% 12.8%   12.3% 11.6%  
No. of shares (m)         112.4  
Diluted earnings per share (Rs)*         32.7  
P/E ratio (x)*         16.9  

*On a trailing 12 months basis

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