Cyient

₹1721.6 -31.8 | 1.8%

WEBSITE BSE:532175 NSE : CYIENT 10 May, 16:01

Market Cap ₹19093 Cr.

Stock P/E 27.9

P/B 4.5

Current Price ₹1721.6

Book Value ₹ 384

Face Value 5

52W High ₹2457

Dividend Yield 1.74%

52W Low ₹ 1188.6

Edit Ratio

Cyient Research see more...

Equity Research: Cyient Ltd

Overview Inc. Year: 1991Industry: IT - Software

Cyient Ltd provides geospatial, engineering layout, IT solutions, and statistics analytic offerings in North America, Europe, and the Asia Pacific. The employer operates thru segments, Services and Design Led Manufacturing. It offers engineering services, which includes structures, mechanical, electric, manufacturing, plant, community, and field engineering, as well as aftermarket, embedded systems, and intellectual property and allied services. The organization also offers electronic and mechanical production offerings; and analytics, big data consulting, and Internet of Things and M2M offerings. In addition, it offers geospatial offerings, which includes data acquisition, remote sensing, photogrammetry, navigational facts mapping, and region-primarily based services. Further, the organisation provides digitization of drawings and maps, laptop aided layout/engineering, layout and modelling, repair development engineering, reverse engineering application software development, software program products development, consulting, analytics, and implementation services. The corporation serves aerospace and defense, automobile, communications, energy, geospatial, commercial and heavy system, medical technology and healthcare, mining, oil and gas, energy era, rail transportation, semiconductor, and utilities industries. The organization was previously known as Infotech Enterprises Ltd and changed its name to Cyient Ltd in May 2014. Cyient Ltd was incorporated in 1991 and is founded in Hyderabad, India.

Cyient Share Price

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Peer Comparison

Cyient Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	1183	1181	1250	1396	1618	1751	1687	1779	1821	1861
Other Income	22	49	34	20	28	19	10	25	19	23
Total Income	1206	1231	1284	1416	1646	1770	1697	1804	1840	1884
Total Expenditure	972	969	1057	1192	1335	1448	1371	1464	1495	1526
Operating Profit	234	262	227	224	311	323	326	339	345	359
Interest	11	10	16	31	26	26	28	27	29	32
Depreciation	49	43	51	63	70	73	68	66	66	67
Exceptional Income / Expenses	0	0	0	-22	-9	-16	-11	-6	-50	0
Profit Before Tax	175	209	160	109	206	208	219	240	200	259
Provision for Tax	43	54	43	29	50	44	50	57	47	62
Profit After Tax	132	154	116	79	156	163	169	184	153	197
Adjustments	0	0	0	0	0	0	-1	-5	-6	-8
Profit After Adjustments	132	154	116	79	156	163	168	178	147	189
Adjusted Earnings Per Share	12	14	10.5	7.2	14.1	14.8	15.2	16.1	13.3	17

Cyient Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1873	2206	2736	3094	3586	3914	4618	4427	4132	4534	6016	7148
Other Income	40	52	131	112	107	152	153	158	167	112	83	77
Total Income	1914	2259	2867	3206	3693	4066	4770	4586	4299	4647	6099	7225
Total Expenditure	1533	1832	2344	2684	3122	3379	4004	3879	3584	3717	5014	5856
Operating Profit	380	427	523	523	570	687	767	707	715	930	1085	1369
Interest	0	1	6	16	17	20	33	49	43	39	100	116
Depreciation	64	72	71	89	95	105	111	188	195	192	257	267
Exceptional Income / Expenses	-2	0	0	-9	-26	-5	-4	0	0	0	-47	-67
Profit Before Tax	315	354	446	421	444	541	620	468	477	698	681	918
Provision for Tax	97	103	110	101	105	138	143	127	113	176	167	216
Profit After Tax	218	251	336	320	340	403	477	341	364	522	514	703
Adjustments	13	15	17	5	4	2	1	1	0	0	0	-20
Profit After Adjustments	231	266	353	326	344	405	479	343	364	522	514	682
Adjusted Earnings Per Share	20.7	23.8	31.4	29	30.5	36	43.3	31.1	33.1	47.3	46.5	61.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	33%	11%	9%	12%
Operating Profit CAGR	17%	15%	10%	11%
PAT CAGR	-2%	15%	5%	9%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	37%	32%	24%	19%
ROE Average	16%	15%	16%	17%
ROCE Average	20%	20%	20%	22%

Cyient Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1323	1588	1844	1831	2117	2344	2564	2561	2957	3117	3467
Minority's Interest	0	0	12	7	3	0	-2	-3	-3	-3	-3
Borrowings	0	0	47	68	49	63	112	86	88	2	494
Other Non-Current Liabilities	39	218	357	141	472	610	725	765	810	385	519
Total Current Liabilities	245	489	759	667	1089	1146	1349	1539	1494	1262	2023
Total Liabilities	1606	2296	3020	2713	3730	4163	4748	4948	5346	4763	6500
Fixed Assets	335	337	789	657	751	798	978	1305	1361	1345	2825
Other Non-Current Assets	151	349	495	265	650	736	826	725	707	520	484
Total Current Assets	1119	1610	1736	1792	2329	2630	2945	2918	3278	2897	3191
Total Assets	1606	2296	3020	2713	3730	4163	4748	4948	5346	4763	6500

Cyient Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	453	496	689	570	683	857	962	910	900	1399	1112
Cash Flow from Operating Activities	140	227	362	278	420	296	370	582	856	635	554
Cash Flow from Investing Activities	-73	-18	-528	-85	-180	-87	-220	-157	-101	-382	-1033
Cash Flow from Financing Activities	-42	-43	-32	-111	-93	-136	-232	-446	-253	-545	-109
Net Cash Inflow / Outflow	25	167	-198	82	146	74	-82	-21	503	-292	-588
Closing Cash & Cash Equivalent	496	689	570	683	857	960	910	900	1399	1112	550

Cyient Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	20.7	23.76	31.43	28.96	30.53	36	43.34	31.14	33.07	47.31	46.51
CEPS(Rs)	25.24	28.83	36.24	36.38	38.62	45.14	53.31	48.09	50.75	64.72	69.71
DPS(Rs)	4.5	5	8	7	10.5	13	15	15	17	24	26
Book NAV/Share(Rs)	118.47	141.86	164.12	162.68	186.21	206.2	231.61	231.85	267.35	280.2	309.03
Core EBITDA Margin(%)	18.15	16.98	14.32	13.24	12.85	13.67	13.3	12.4	13.27	18.04	16.65
EBIT Margin(%)	16.82	16.1	16.49	14.11	12.79	14.33	14.13	11.67	12.59	16.27	12.99
Pre Tax Margin(%)	16.81	16.04	16.28	13.58	12.31	13.81	13.42	10.58	11.55	15.4	11.32
PAT Margin (%)	11.65	11.37	12.28	10.32	9.42	10.29	10.33	7.71	8.8	11.52	8.55
Cash Profit Margin (%)	15.04	14.63	14.88	13.18	12.06	12.98	12.74	11.95	13.51	15.76	12.82
ROA(%)	14.53	12.85	12.64	11.17	10.54	10.21	10.71	7.04	7.07	10.33	9.13
ROE(%)	17.6	17.23	19.57	17.43	17.3	18.25	19.56	13.36	13.25	17.31	15.8
ROCE(%)	25.37	24.35	25.17	21.68	21.1	22.66	23.47	17.49	16.65	21.96	19.92
Receivable days	74.24	72.32	67.6	67.54	63.97	62.47	59.48	63.48	67.52	61.82	56.44
Inventory Days	0	0	8.08	9.33	9.69	10.47	12.43	16.9	17.02	17.61	21.68
Payable days	0	0	1788.37	565.93	467.23	459.67	327.63	345.69	286.46	313.15	324.98
PER(x)	8.17	13.76	16.02	14.69	15.35	19.13	14.95	7.38	19.61	19.64	21.34
Price/Book(x)	1.43	2.31	3.07	2.61	2.52	3.34	2.8	0.99	2.43	3.32	3.21
Dividend Yield(%)	2.66	1.53	1.59	1.65	2.24	1.89	2.31	6.53	2.62	2.58	2.62
EV/Net Sales(x)	0.74	1.35	1.89	1.39	1.29	1.8	1.42	0.45	1.45	2.05	1.86
EV/Core EBITDA(x)	3.65	6.97	9.92	8.23	8.08	10.27	8.54	2.81	8.38	10.02	10.32
Net Sales Growth(%)	20.6	17.8	24	13.09	15.89	9.15	17.98	-4.12	-6.66	9.73	32.67
EBIT Growth(%)	33.73	12.71	27.07	-3.04	5.42	25.06	16.19	-20.78	0.19	41.76	5.9
PAT Growth(%)	44.12	14.96	33.94	-4.71	6.09	23.16	18.36	-28.48	5.82	43.57	-1.51
EPS Growth(%)	42.94	14.75	32.31	-7.88	5.43	17.92	20.38	-28.16	6.22	43.05	-1.69
Debt/Equity(x)	0	0	0.08	0.12	0.1	0.12	0.14	0.16	0.11	0.11	0.27
Current Ratio(x)	4.57	3.29	2.29	2.69	2.14	2.29	2.18	1.9	2.19	2.3	1.58
Quick Ratio(x)	4.57	3.29	2.21	2.54	2.05	2.18	2.05	1.75	2.09	2.07	1.36
Interest Cover(x)	1096.28	259.81	78.41	26.68	26.82	27.52	20.01	10.63	12.02	18.77	7.81
Total Debt/Mcap(x)	0	0	0.03	0.04	0.04	0.04	0.05	0.16	0.04	0.03	0.09

Cyient Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	23.41	23.41	23.4	23.37	23.36	23.35	23.35	23.19	23.18	23.16
FII	34.72	34.02	32.68	32.62	31.07	32.61	36.55	35.69	34.08	31.05
DII	22.76	23.33	23.88	23.69	24.92	24.88	21.3	21.55	22.67	25.92
Public	19.11	19.25	20.04	20.31	20.64	19.15	18.77	19.52	20	19.87
Others	0	0	0	0	0	0.02	0.04	0.05	0.07	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.58	2.58	2.58	2.58	2.58	2.58	2.58	2.57	2.57	2.57
FII	3.83	3.75	3.61	3.6	3.43	3.61	4.04	3.95	3.78	3.44
DII	2.51	2.57	2.64	2.62	2.75	2.75	2.36	2.39	2.51	2.87
Public	2.11	2.12	2.21	2.24	2.28	2.12	2.08	2.16	2.22	2.2
Others	0	0	0	0	0	0	0	0.01	0.01	0
Total	11.03	11.03	11.04	11.05	11.05	11.06	11.06	11.08	11.08	11.09

Pros

Company is almost debt free.

Cons

Promoter holding is low: 23.16%.
Debtor days have increased from 313.15 to 324.98days.
Stock is trading at 4.5 times its book value.
The company has delivered a poor profit growth of 4% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.