Cyeint - Attractive Valuation Key Positive: IDBI Capital

IDBI Capital Report

We attended Cyient Ltd.'s analyst meet. The key highlight was that the company is focusing on five pillars namely digital, network, geo spatial, embedded and very-large-scale integration and aims to accelerate mega trends (currently 20% of revenues to 50%).

Cyient won $530 million large deals in H1 FY23 and has large deal pipeline of $1 billion. As a result the company has reiterated its guidance of 33-35% YoY growth in FY23E including acquisition.

Company has guided $1 billion revenue run rate in FY24E and Rs 60 per share in FY24E.

Healthcare, communication, automotive is expected to do well; expect rail and utility to do well in H2 FY23E. This coupled with Ebit margin guidance of 15% led by automation, pricing and utilisation is expected to drive profitability.

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