Cyient DLM gains 6% on strong Q2 results

The company reported a 106.4 percent year- on-year growth in profit at Rs 14.6 and revenue was up 71.5 percent to Rs 291.8 crore in the September quarter

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Cyient DLM opened nearly 6 percent higher on October 17, a day after the electronics manufacturing services and solutions company reported a healthy set of numbers for the September quarter.

In the September quarter, Cyient DLM reported a 106.4 percent year-on-year growth in profit to Rs 14.6. Revenue from operations grew 71.5 percent YoY to Rs 291.8 crore.

Also read: Best IPOs of 2023: Here are the stocks that have gained the most after listing

Net profit or PAT grew 106.4 percent to Rs 41.7 crore for the same period. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter were up 0.5 percent to Rs 2.35 crore. The EBITDA margin, however, fell nearly 580 basis points YoY primarily due to unfavourable business mix and one-off Purchase Price Variance (PPV) gains in Q2FY23, a Motilal Oswal report said.

In the second quarter, the Hyderabad-based company won new projects worth $16.4 million in the aerospace, defence & industrial vertical. These projects are expected to be executed over the the next two-five years.

Also read: Cyient DLM: This differentiated EMS business still has its sunny side up

Analysts at InCred have a “add” call with a target price of Rs 880. The company is likely to see a healthy 140 percent profit growth but the Israel-Hamas war would need to be monitored, they said.

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Analysts at Motilal Oswal, who have maintained “buy” call with a target price of Rs 870, saying they expect Cyient to sustain its growth momentum, aided by strong order book coupled with healthy order inflows, high customer stickiness and strong promoter heritage.

Talking to CNBC-TV18, Cyient DLM CEO Anthony Montalbano said the company was strongly positioned in the aerospace sector, with long-term contracts.

Montalbano added that they have reached out to key clients and suppliers in Israel and have received positive feedback on continued supply for now but will continue to monitor the situation closely.

At 10.41 am, the stock was trading at 709.90 on the NSE, up 3.07 percent from the previous day.

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