Published on 16/10/2020 11:17:05 AM | Source: Angel Broking Ltd

Quote on Cyient Q2FY2021 numbers By Mr. Jyoti Roy, Angel Broking Ltd

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Below is the Quote on Cyient Q2FY2021 numbers By Mr. Jyoti Roy - Equity Strategist, Angel Broking Ltd

"Cyient reported a 3.4% qoq growth in revenues to USD 135mn. In rupee terms revenue grew by 1.2% qoq to ₹1,003 crore while EBIT grew by 116.2% qoq off a very low base to ₹110.5 crore. EBIT margins for the quarter expanded by 586bps qoq to 11.0% due to lower employee costs and tight costs control which negated the margin headwinds due to rupee appreciation. Net profit for the quarter grew by 3.0% qoq to ₹83.9 crore. During the quarter the company reported order intake of USD 127.3mn, an increase of 9% qoq. While the company did post a growth in revenues it was well short of the growth posted by larger companies like Infosys and TCS. This was largely due to the continued degrowth in the aerospace and defence segment which is amongst the worst impacted due to the Covid-19 pandemic and degrew by 10.4% qoq. Markets will look forward to management commentary especially on the outlook for the aerospace and defence segment."


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