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IDBI Capital Report
Cyient Ltd.'s results were above our expectations. Going forward, we expect the company's revenues to continue to improve led by improving growth in communication, mining and new growth areas (like automotive and healthcare). This coupled with acquisition will further boost revenues.
Hence Cyient has guided revenue growth of 19%-22% (of which organic growth will be 13%- 15%). In addition, the company has guided margins of 13-14% led by automation, pricing and scale benefit.
Further, the company's acquisition has far higher margins than organic margins. Hence, we have built in a revenue/profit after tax compound annual growth rate of 21%/18% over FY22-FY24E.
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