Cyient recorded $174.3 million revenue in Q2FY23 and $161.6 million revenue in Q1FY23 as against total revenues of $608.2 million in FY22.
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Shares of Cyient recovered from the day's low after trading in the negative for most parts of Monday's trading session.
In an analyst meeting held last week, the company reiterated its commitment to achieving its revenue target of $1 billion by financial year 2024. It also maintained its organic growth guidance of 13-14 percent for the current financial year.
It also expects 14-15 percent incremental revenue growth with the help of acquisitions.
The management mentioned that while 75 percent of its portfolio is growing, the rest is facing challenges. Aerospace, rail, and Energy Utilities are the portfolios that are currently struggling to do well.
Cyient expects the Aerospace business to grow in double digits during this year but it is cautious about its prospects for the upcoming year.
The management also expressed confidence that the auto and healthcare verticals have the potential to cross $100 million in the next few years.
By the financial year 2024, Cyient expects its communications business to be worth $250 million.
On the question of divesting its design-led manufacturing (DLM) business, the management said that part divestment would be completed by the end of the current financial year.
In an interaction with CNBC-TV18 last month, the company's management had said that they would want to remain involved in running the DLM business, even after its divestment.
Cyient's board recently approved the formation of a sub-committee to evaluate the options on part-divestment for the DLM business. Options include an IPO or having a strategic investor on board.
The move is to provide greater flexibility to scale up that particular business and potentially unlock shareholder value. The DLM business contributes to 15 percent of Cyient's topline.
Shares of Cyient recovered from the day's low to end 1 percent higher at Rs 802.