Hold Cyient Ltd; target of Rs 545: ICICI Direct

ICICI Direct’s research report on Cyient Ltd

US$ revenues declined 0.3% QoQ to $140.6 million and w ere below  our 2.2 % QoQ growth and  US $144.2 million estimate  Revenues in rupees declined 3.6% QoQ to | 907 crore and w ere below our | 929 crore estimate  EBITDA margins declined 50 bps QoQ to 12.8% and w ere above our  12.5% estimate mainly due to lower sub - contractor cost (down  11.3% QoQ) and material cost (down 28.7% QoQ) offset by currency  headwind and partial wage hike.

Outlook

We continue to maintain our  HOLD recommendation with a revised target price of | 545 (at 13 x FY1 9 E EPS ) .

For all recommendations report, click here

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

Read More