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Anand Rathi Report
To reduce concentration and thus raise expectations of steady organic revenue growth, Cyient Ltd. diversified its services portfolio in FY23 via acquisitions.
It is working toward building a sharper sales organisation to benefit from its wider services. Order intake (in Q2) has yet to improve notably but the large-deal pipeline ($1 billion plus) reflects early gains.
Cyient's services margins are likely to touch 15% with operational rigor (mostly higher offshore) and capex is likely to be lower, converging to peers, thus raising free cash flow.
Design led manufacturing would be an additional value driver, with growth acceleration ahead, suggested by Q2 orders.
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