Cyient - Q2FY2021 numbers - Angel Broking

Mr. Jyoti Roy - Equity Strategist, Angel Broking Ltd

"Cyient reported a 3.4% qoq growth in revenues to USD 135mn. In rupee terms revenue grew by 1.2% qoq to ₹1,003 crore while EBIT grew by 116.2% qoq off a very low base to ₹110.5 crore. EBIT margins for the quarter expanded by 586bps qoq to 11.0% due to lower employee costs and tight costs control which negated the margin headwinds due to rupee appreciation. Net profit for the quarter grew by 3.0% qoq to ₹83.9 crore. During the quarter the company reported order intake of USD 127.3mn, an increase of 9% qoq. While the company did post a growth in revenues it was well short of the growth posted by larger companies like Infosys and TCS. This was largely due to the continued degrowth in the aerospace and defence segment which is amongst the worst impacted due to the Covid-19 pandemic and degrew by 10.4% qoq. Markets will look forward to management commentary especially on the outlook for the aerospace and defence segment."

Shares of Cyient Limited was last trading in BSE at Rs.366.95 as compared to the previous close of Rs. 374.4. The total number of shares traded during the day was 35490 in over 1159 trades.

The stock hit an intraday high of Rs. 383.95 and intraday low of 365.25. The net turnover during the day was Rs. 13271363.

Source : Equity Bulls

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