Moneycontrol PRO
Upcoming Event:Join us for New HorAIzon from Oct 6-7, 2pm and be a part of exciting conversations on tech & innovation

Buy Cyient; target of Rs 440: ICICI Direct

ICICI Direct is bullish on Cyient recommended buy rating on the stock with a target price of Rs 440 in its research report dated October 16, 2020.

October 16, 2020 / 02:52 PM IST
  • bselive
  • nselive
Todays L/H

ICICI Direct's research report on Cyient

Cyient Ltd (Cyient) reported a decent set of Q2FY21 numbers. Dollar revenues increased 3.4% QoQ (1.3% in constant currency terms) led by 1.7% QoQ growth in services revenues and 13.3% QoQ growth in DLM revenues. The growth in services revenues was led by communication (28.4% of revenues), up 7.7% QoQ and transportation (14.3% of revenues) up 21.6% QoQ, partially offset by a decline in aerospace & defence (27% of revenues), down 11.5% QoQ and semiconductor, IoT and analytics (5.3% of revenues) down 2.3% QoQ. In terms of margin, services EBIT margins increased 542 bps QoQ to 12.2% led by higher utilisation, lower subcontracting cost and lower restructuring cost.


Hence, we upgrade the stock from HOLD to BUY with a revised target price of Rs 440 (10x FY23E EPS).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Oct 16, 2020 02:52 pm

stay updated

Get Daily News on your Browser
ISO 27001 - BSI Assurance Mark