Cyeint - Attractive Valuation Key Positive: IDBI Capital
Company is focusing on five pillars namely digital, network, geo spatial, embedded and VLSI and aims to accelerate mega trends.
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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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