CYIENT · Information Technology
Cyient Ltd. reported revenue of ₹1,712 cr for April to June 2025, +2.1% on the year and −10.3% on the quarter. Over the last four quarters revenue comes to ₹7,396 cr, +3.6% on the four before.
Operating profit (EBITDA) was ₹228 cr, a margin of 13.3%, −249 bps on the year and −229 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.3% to 18.3%). Operating costs grew +5.2%, faster than revenue at +2.1%, so operating profit grew less than sales.
Net profit was ₹157 cr, +6.1% on the year and −15.6% on the quarter, with earnings per share of ₹13.85. Profit before other income, one-offs and tax fell 17.2%, so 23 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹658 cr, −3.5% on the four before.
On earnings per share of ₹56.36 over the last four quarters, the stock at ₹1,092.60 trades at 19.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,821 cr | ₹1,861 cr | ₹1,676 cr | ₹1,849 cr | ₹1,926 cr | ₹1,909 cr | ₹1,712 cr | ₹1,781 cr | ₹1,848 cr | ₹1,927 cr | ₹2,076 cr | ₹2,235 cr |
| YoY | — | — | −1% | +4% | +6% | +3% | +2% | −4% | −4% | +1% | +21% | +25% |
| EBITDA margin | 17.9% | 18.0% | 15.8% | 16.1% | 14.4% | 15.6% | 13.3% | 12.0% | 12.7% | 11.5% | 12.7% | 13.8% |
| Other income, % of PBT | −16% | 9% | 11% | 20% | −10% | 16% | 33% | 36% | −8% | −47% | 4% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 24% | 24% | 27% | 26% | 26% | 26% | 27% | 30% | 31% | 36% | 33% |
| Net profit | ₹153 cr | ₹197 cr | ₹148 cr | ₹187 cr | ₹128 cr | ₹186 cr | ₹157 cr | ₹143 cr | ₹97.0 cr | ₹66.0 cr | ₹109 cr | ₹132 cr |
| YoY | — | — | −12% | +2% | −16% | −6% | +6% | −24% | −24% | −65% | −31% | −8% |
| Core profit YoY | — | — | −21% | −13% | −18% | −11% | −17% | −38% | −21% | −34% | +14% | +49% |
| EPS | ₹13.28 | ₹17.06 | ₹12.97 | ₹16.14 | ₹11.02 | ₹15.35 | ₹13.85 | ₹11.48 | ₹8.26 | ₹4.93 | ₹9.37 | ₹10.92 |
| Flags | · | · | ✓ | ✓ | 1 | ✓ | 2 | 2 | ✓ | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cyient Ltd. reported revenue of ₹1,712 cr (+2.1% on the year) and net profit of ₹157 cr (+6.1% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −17.2% on the year, against +6.1% for reported profit.
2 checks raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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