External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<ul><li>We cut our FY25/FY26/FY27E EPS estimates significantly by 31.2%/27.5%/16.8% to factor in low margins given the ECL provision in Q3FY25, M&amp;A expenses, and delay in order inflow from major clients.</li><li>We have revised TP to Rs692 (Rs831 earlier), based on 30x FY27E earnings.</li><li>CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&amp;A and ECL provision, and muted order inflow.</li></ul>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.

We cut our FY25/FY26/FY27E EPS estimates significantly by 31.2%/27.5%/16.8% to factor in low margins given the ECL provision in Q3FY25, M&amp;A expenses, and delay in order inflow from major clients.We have revised TP to Rs692 (Rs831 earlier), based on 30x FY27E earnings.CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&amp;A and ECL provision, and muted order inflow.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 DLM - Disappointing Results, Margin Contraction Continues

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

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Cyient DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY.</li><li>However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution).</li><li>Standalone revenue (excl. Altek – recently acquired) grew only ~11% YoY in 3QFY25. </li></ul>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 DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY.However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution).Standalone revenue (excl. Altek – recently acquired) grew only ~11% YoY in 3QFY25. 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 DLM - Slowdown in Order Flows Dampens Growth Visibility Earnings Below Our Estimates

<ul><li>DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth.</li><li>Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 6.45 QoQ cc).</li><li>EBIT margin of the DET business was up 75bp QoQ/down 232bp YoY at 14.2%, above our estimates of 12.7%.</li></ul>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.

DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth.Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 6.45 QoQ cc).EBIT margin of the DET business was up 75bp QoQ/down 232bp YoY at 14.2%, above our estimates of 12.7%.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 - Decent Quarter, but Uncertainties Remain

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Weak growth prospects: The weak outlook for the vertical business, impacted by first-quarter challenges, along with slower ramp-ups in the DET vertical, diminishes our confidence in the company's growth prospects for the upcoming quarters.</li><li>Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times. </li><li>Multiple order wins in recent quarters: The management is confident of achieving demand momentum and margin improvement in the medium term, supported by orders secured in recent quarters. </li></ul>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.

Weak growth prospects: The weak outlook for the vertical business, impacted by first-quarter challenges, along with slower ramp-ups in the DET vertical, diminishes our confidence in the company's growth prospects for the upcoming quarters.Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times. Multiple order wins in recent quarters: The management is confident of achieving demand momentum and margin improvement in the medium term, supported by orders secured in recent quarters. 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 - Results Inline with Estimates; Weak Outlook

<ul><li>Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.</li><li>Margins were flat YoY at 8.1%.</li><li>However, the order book continued its downward trend, with 13% YoY/ 7% QoQ decline in 2Q to INR19.8b.</li></ul>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 DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.Margins were flat YoY at 8.1%.However, the order book continued its downward trend, with 13% YoY/ 7% QoQ decline in 2Q to INR19.8b.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 DLM - Defense Momentum Fuels Growth Trajectory

India

Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

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Cyient Ltd (CYL IN)

Cyient DLM - Disappointing Results, Margin Contraction Continues

CYIENTDL Q3FY25 EBITDA was much below our estimates due to higher expenses related to M&A and ECL provision, and muted order inflow.

Prabhudas Lilladhar

Cyient DLM - Slowdown in Order Flows Dampens Growth Visibility Earnings Below Our Estimates

We estimate CYIENTDL to report a CAGR of 27%/34%/43% in revenue/ EBITDA/adj. PAT over FY24-27E. We retain our BUY rating on the stock with a TP of...

Motilal Oswal

Cyient - Decent Quarter, but Uncertainties Remain

DET business reported 2QFY25 revenues of USD173m, up 1.3% QoQ in CC vs. our estimate of 1.0% growth. Cyient reported broad-based growth in revenues...

Motilal Oswal

Cyient Ltd - Results Inline with Estimates; Weak Outlook

Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times.

Axis Direct

Cyient DLM - Defense Momentum Fuels Growth Trajectory

Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY)...

Motilal Oswal

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