Cyient Q4 Review - Welcome Consistency In Performance, Outlook: ICICI Securities 
Attendees working on laptop computers. (Photographer Victor J. Blue/Bloomberg)

Cyient Q4 Review - Welcome Consistency In Performance, Outlook: ICICI Securities 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Revenue growth (up 4.7% quarter-on-quarter, constant currency) and normalised Ebit margin (12.6%) were ahead of our estimates.

Sequentially, growth was driven largely by design-led-manufacturing while strong operational improvements in services business led around 140 basis points Ebit margin expansion.

Within services, aerospace and defence and energy and utilities fared well. Strong increase in order intake ($238 million, around 22% QoQ) came as a surprise.

This strength seems to reflect structural changes the company had undertaken in the recent past.

For FY22, the outlook of double-digit growth in services and 20% in DLM was maintained.

Click on the attachment to read the full report:

ICICI Securities Cyient Q4FY21 Results Review.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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