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Last Updated : Apr 26, 2019 10:31 AM IST | Source: Moneycontrol.com

Cyient jumps 8% on robust Q4 nos; Morgan Stanley maintains overweight rating

According to research house the operating performance was better than its lowered expectations.

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Share price of Cyient rose 8 percent intraday Friday after company reported robust numbers for the quarter ended March 2019.

Its Q4FY19 profit rose 90 percent to Rs 176 crore against Rs 92.5 crore reported in December 2018.

Meanwhile, revenue fell 2.1 percent to Rs 1,163 crore versus Rs 1,187 crore.

The board of directors has recommended a final dividend of 200 percent i.e. Rs 10 per share on a face value of Rs 5 each, for the financial year 2018-19.

Morgan Stanley has maintained overweight rating on Cyient with a target at Rs 720 per share.

According to research house the operating performance was better than its lowered expectations.

The company expects growth to bounce back from Q2 and sees full-year growth in services in high-single digits.

It expects flat margin for FY20, implying upside risks and maintained margin assumption for FY20 at 11.4% versus 11.5% in FY19.

The research house raised FY20 EPS estimate by 2 percent.

At 10:18 hrs Cyient was quoting at Rs 603.30, up Rs 16.95, or 2.89 percent on the BSE.

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First Published on Apr 26, 2019 10:30 am
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