CYIENT · Information Technology
Cyient Ltd. reported revenue of ₹1,926 cr for October to December 2024, +5.8% on the year and +4.2% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹278 cr, a margin of 14.4%, −347 bps on the year and −163 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 14.4% to 18.7%). Operating costs grew +10.2%, faster than revenue at +5.8%, so operating profit grew less than sales.
Net profit was ₹128 cr, −16.3% on the year and −31.6% on the quarter, with earnings per share of ₹11.02. Profit before other income, one-offs and tax fell 17.7%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average.
On earnings per share of ₹57.19 over the last four quarters, the stock at ₹1,092.60 trades at 19.1 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,778 cr | ₹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 |
| YoY | — | — | — | −1% | +4% | +6% | +3% | +2% | −4% | −4% | +1% | +21% |
| EBITDA margin | 18.3% | 17.9% | 18.0% | 15.8% | 16.1% | 14.4% | 15.6% | 13.3% | 12.0% | 12.7% | 11.5% | 12.7% |
| Other income, % of PBT | 3% | −16% | 9% | 11% | 20% | −10% | 16% | 33% | 36% | −8% | −47% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 23% | 24% | 24% | 27% | 26% | 26% | 26% | 27% | 30% | 31% | 36% |
| Net profit | ₹184 cr | ₹153 cr | ₹197 cr | ₹148 cr | ₹187 cr | ₹128 cr | ₹186 cr | ₹157 cr | ₹143 cr | ₹97.0 cr | ₹66.0 cr | ₹109 cr |
| YoY | — | — | — | −12% | +2% | −16% | −6% | +6% | −24% | −24% | −65% | −31% |
| Core profit YoY | — | — | — | −21% | −13% | −18% | −11% | −17% | −38% | −21% | −34% | +14% |
| EPS | ₹16.10 | ₹13.28 | ₹17.06 | ₹12.97 | ₹16.14 | ₹11.02 | ₹15.35 | ₹13.85 | ₹11.48 | ₹8.26 | ₹4.93 | ₹9.37 |
| 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 ₹1,926 cr (+5.8% on the year) and net profit of ₹128 cr (−16.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −17.7% on the year, against −16.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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