External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Wipro: Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth of 12% QoQ CC (including Capco) was broad-based and Q2FY22 guidance of +5-7% QoQ growth (~1.5-3.5% organic) indicates that the strong momentum would sustain.</p><p>Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Wipro: Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth of 12% QoQ CC (including Capco) was broad-based and Q2FY22 guidance of +5-7% QoQ growth (~1.5-3.5% organic) indicates that the strong momentum would sustain.Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We recommend a HOLD and assign a 23x P/E multiple to its FY23E earnings of Rs 44.9 per share which gives a TP of Rs 1,030/share, an upside of 9% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a HOLD and assign a 23x P/E multiple to its FY23E earnings of Rs 44.9 per share which gives a TP of Rs 1,030/share, an upside of 9% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cyient: Outlook Improves, Albeit Lackluster Results

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.</p><ul><li>Cyient has 300 customers across 14 countries</li><li>Net debt free and healthy cash flow with OCF/EBITDA ~80%</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.Cyient has 300 customers across 14 countriesNet debt free and healthy cash flow with OCF/EBITDA ~80%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cyient Ltd: Healthy Revenue, Margin Trajectory

<p>Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Double-digit growth in Services to drive re-rating Valuations inexpensive; maintain Buy Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Double-digit growth in Services to drive re-rating Valuations inexpensive; maintain Buy Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Double-digit growth in Services to drive re-rating

India

Cyient is an Indian multinational technology company specializing in engineering, manufacturing, and digital transformation solutions. It provides services across various industries, including aerospace, defense, transportation, communications, and healthcare. Cyient was established in 1991 in Hyderabad, India.

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Cyient (CYL IN)

HSIE Results Daily: Wipro, Cyient

Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth...

HDFC Securities

Cyient: Outlook Improves, Albeit Lackluster Results

We recommend a HOLD and assign a 23x P/E multiple to its FY23E earnings of Rs 44.9 per share which gives a TP of Rs 1,030/share, an upside of 9%...

Axis Direct

Cyient Ltd: Healthy Revenue, Margin Trajectory

Cyient Ltd (Cyient) offers engineering & development services to aerospace & defence, transportation, E&U, communication and others.

ICICI Securities Limited

HSIE Results Daily: Cyient, Wipro

Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services...

HDFC Securities

Double-digit growth in Services to drive re-rating

Double-digit growth in Services to drive re-rating Valuations inexpensive; maintain Buy Motilal Oswal values your support in the Asiamoney Brokers...

Motilal Oswal

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