Cyient Q3 Review - Robust Performance: Prabhudas Lilladher
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Prabhudas Lilladher Report
Cyient Ltd. reported beat in revenue growth of up 5.2% QoQ U.S. dollar (our estimate: 4.2%, consensus: 5%) led by higher than expected growth in both services up 3.6% QoQ USD (our estimate:3%) and design-led manufacturing business up 12.8% QoQ USD. (our estimate: 10%).
Revenue guidance of double digit growth in services remains intact given strong order intake, backlog and deal pipeline (up 27% YoY).
Cyient's design-led manufacturing growth guidance is reduce to low single digit from 15-20% earlier because of order fulfillment challenges due to unavailability or long lead times for semiconductor components.
This lost revenue is expected to be realised in future quarters, however it may take 12- 15 months for supplies to normalise.
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