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Cyient Ltd: An Excellent Performance - Views on News from Equitymaster
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Cyient Ltd: An Excellent Performance
Oct 24, 2016

We present herewith the September 2016 quarterly result analysis of Cyient Ltd.

Performance summary
  • Consolidated net sales increased by 9.4% QoQ in 2QFY17. In constant currency terms, the topline was up 10.3% QoQ. In US$ terms, the topline was up 9.5% QoQ.
  • The operating performance was excellent despite adverse forex movements, wage hikes, and one-time costs incurred for the company's 25th anniversary celebration. The operating margin came in at 13.9% compared to 13.1% in 1QFY17. The operating profit increased by 16.1% QoQ.
  • Depreciation charges were up 4% QoQ. Other income was up 85.5% QoQ. Finance costs were up 9.7% QoQ.
  • The net profit was up by 31.5% QoQ. The net margin improved sequentially to 10.6%.
  • The company has declared an interim dividend of Rs 3 per share. The record date and payment date for the same are 25 October 2016 and 03 November 2016 respectively.

    Consolidated financial snapshot
    (Rs m) 1QFY17 2QFY17 Change 1HFY16 1HFY17 Change
    Sales 8,349 9,136 9.4% 14,996 17,485 16.6%
    Operating expenditure 7,254 7,865 8.4% 12,913 15,118 17.1%
    Operating profit (EBDITA) 1,096 1,272 16.1% 2,083 2,367 13.7%
    Operating profit margin (%) 13.1% 13.9% 13.9% 13.5%
    Finance costs 49 54 9.7% 97 104 6.5%
    Other income 106 197 85.5% 578 304 -47.5%
    Depreciation 223 232 4.0% 374 455 21.7%
    Exceptional item 0 0 0 0
    Profit before tax 929 1,183 27.3% 2,189 2,112 -3.5%
    Tax 237 267 12.6% 569 504 -11.4%
    Associate profit & minority interest 47 56 130 104
    Profit after tax/(loss) 740 972 31.5% 1,751 1,712 -2.2%
    Net profit margin (%) 8.9% 10.6% 11.7% 9.8%
    No. of shares (m) 112.5
    Diluted earnings per share (Rs)* 28.8
    P/E ratio (x)* 17.9

    *On a trailing 12-month basis

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DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT:
For the terms and conditions for research reports click here.

DETAILS OF ASSOCIATES:
Details of Associates are available here.

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report
  2. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company.
  3. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.
  4. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report.
  5. Equitymaster's technical team/other research services have given a 'HOLD' view on Cyient
DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION:
  1. Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months.
  2. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months.
  3. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  4. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  5. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report.
GENERAL DISCLOSURES:
  1. The Research Analyst has not served as an officer, director or employee of the subject company.
  2. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company.
Definitions of Terms Used:
  1. Buy recommendation: This means that the subscriber could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service.
  2. Hold recommendation: This means that the subscriber could consider holding on to the shares of the company until further update and not buy more of the stock at current market price.
  3. Buy at lower price: This means that the subscriber should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service.
  4. Sell recommendation: This means that the subscriber could consider selling the stock at current market price keeping in mind the objective of the recommendation service.
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