20 April 2017
Q4FY17 Results Update | Sector: Technology
Cyient
Buy
BSE SENSEX
29,422
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
Financials & Valuations (INR b)
S&P CNX
9,136
CYL IN
113
56.6 / 0.9
…cemented by strong momentum and order book
555 / 416
Continued traction in Services:
Cyient’s (CYL) 4QFY17 revenue grew 3.8%
5/-6/-14
QoQ (+3.6% QoQ in constant currency) to USD141m, marginally above our
50
estimate of USD140m. Services business grew 3.3% QoQ and included
77.8
CMP: INR503
TP: INR620(+23%)
Double-digit growth guidance for FY18…
Y/E Mar
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2017 2018E 2019E
36.1
4.9
3.7
30.6
-0.2
188.9
16.2
15.9
16.4
2.7
40.2
5.5
4.2
37.8
23.4
215.4
17.6
16.2
13.3
2.3
46.2
6.5
4.9
44.1
16.6
246.2
17.9
16.4
11.4
2.0
Estimate change
TP change
Rating change
Quarterly Performance (Consolidated)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Ma rgi n (%)
Other i ncome
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Uti l i ncl . tra i nees (%)
Attri ti on (%)
Offs hore rev. (%)
1Q
114
-2.6
7,263
16.8
35.4
22.7
918
12.6
10.1
298
28.7
748
-20.3
9.2
6.7
75.4
18.8
44.7
FY16
2Q
118
3.6
7,717
14.8
36.6
21.6
1,164
15.1
12.6
299
23.5
985
31.7
9.2
8.8
76.1
21.6
44.6
USD0.8m in revenue from recently acquired Certon, implying organic growth
of 2.7%. Rangsons grew by 8% QoQ to USD16m, falling short by USD4m on
its 50% growth target of USD59m for FY17.
Margins beat, guidance of 50bp expansion in FY18:
CYL’s EBITDA margin
during the quarter contracted by 10bp to 13.3%, against our expectation of
12.8% (-60bp). While margins in the Services business expanded by 20bp,
those in Rangsons shrunk by 230bp. Led by improvement in operational
efficiencies, and stable profitability in Rangsons, overall EBITDA margins are
guided to expand by 50bp in FY18. Adjusted PAT was INR1b (+11.2% QoQ).
The quarter included an exceptional item of INR261m, which relates to the
impact of additional costs led by its RSU program.
Double-digit growth guidance for FY18:
CYL guided for double-digit growth
in its Services business for FY18, similar to that achieved in FY17 (13% YoY
CC). Revenue in Rangsons is expected to grow by 20% YoY. Achievement of
guidance does not seem far-fetched given [1] the required CQGR for Services
is 3% (v/s 4% achieved in FY17), [2] the health and prospects of top clients
have been intact and [3] order book has grown by 32% YoY to USD751m.
Industry-leading growth coupled with long-term opportunities:
We have
increased our earnings estimates by 0.6/2.4% for FY18/19E to factor in the
slight beat on estimates in this quarter and visibly continued traction. At
current momentum, we expect CYL to continue leading industry growth
(~13% YoY CC in FY18E), and over the longer term, it remains well placed to
address opportunities in the Engineering and Defense segments. Our price
target of INR620 discounts FY19E earnings by 14x.
Buy.
4Q
121
2.1
8,158
11.7
34.2
21.1
1,063
13.0
9.4
222
20.4
844
-2.8
-10.1
7.5
73.3
18.4
41.0
1Q
125
3.1
8,349
15.0
35.0
22.0
1,090
13.1
10.4
116
25.5
740
-12.3
-1.1
6.6
75.5
19.9
42.9
FY17
2Q
137
9.5
9,136
18.4
34.4
20.4
1,283
14.0
11.5
184
22.6
973
31.5
-1.2
8.7
77.2
22.7
42.4
FY16
3Q
136
-0.5
9,171
17.3
34.0
20.6
1,228
13.4
10.7
309
25.8
940
-3.4
8.3
8.4
74.8
22.6
42.6
4Q
141
3.8
9,410
15.3
34.4
21.1
1,249
13.3
10.6
264
18.1
785
-16.5
-7.0
7.0
74.0
15.6
41.5
472
5.6
30,955
13.1
35.1
21.4
4,247
13.7
10.8
1,065
23.4
3,446
-1.9
30.7
FY17
538
14.0
36,065
16.5
34.4
21.0
4,848
13.4
10.8
874
24.2
3,699
7.4
32.9
Est. Var. (% /
4QFY17
bp)
140
0.5
3.3
54bp
9,342
0.7
14.5
84bp
33.3
111bp
20.4
68bp
1,200
4.0
12.8
42bp
10.7
-9bp
50
429.3
23.5
816
-3.8
-13.2
-328bp
-3.3
-365bp
7.3
76.4
-235bp
43.5
-199bp
3Q
118
0.0
7,818
9.8
34.4
20.3
1,102
14.1
11.3
246
20.8
869
-11.8
-13.9
7.7
76.7
20.6
43.3
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Sagar Lele
(Sagar.Lele@MotilalOswal.com); +91 22 6129 1531
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 6129 1530

Cyient
4QY17:
Pick-up seen post a seasonally weak quarter
CYL’s 4QFY17 revenues at USD141m grew by 3.8% QoQ v/s est. of USD140m. CC
revenue growth was 3.6% QoQ, implying a tailwind of 20bp because of cross-
currency movements.
In Rupee terms, revenues were INR9.4b, +2.6% QoQ, compared to our estimate
of 1.9% QoQ.
Exhibit 1: Traction in Services business got pulled back up
Revenue (USDm)
7.8
6.6
3.5
2.4
(2.6)
104
111
115
117
114
118
118
121
125
137
3.6
-
2.1
Growth (QoQ, %)
3.1
(0.5)
9.5
3.8
136
141
Source: Company, MOSL
The Services business grew by 3.3% QoQ during the quarter. There was a
contribution of USD0.8m from the integration of Certon, which was recently
acquired. Excluding this, revenue grew by 2.7% QoQ – a pick-up compared to
the 0.5% decline seen in 3QFY17.
Growth in Rangsons picked up, towards the company’s guidance of a bulkier 2H.
Revenue at USD16m grew by 8% QoQ, but fell short of expectations. This led to
FY17 revenue of USD54m (+40% YoY), against the initial guidance of 50%
growth.
Exhibit 2: 40% growth in Rangsons in FY17
Revenue (USDm)
67
55
39
54
Pre acqusition
4QFY15*
FY16
FY17
*annualized; Source: Company, MOSL
EBITDA margin declined by 10bp QoQ at 13.3%, above our estimate of 12.8%.
The Services business saw an expansion in margins of 20bp, which was partly
offset by a 230bp decline in that of Rangsons.
20 April 2017
2

Cyient
Exhibit 3: EBITDA margins flattish in 4QFY17
EBITDA margin (%)
56.7
56.1
56.3
Onsite revenue (% of total)
59.3 59.3 59.9 59.6
56.6
60.8
52.2
53.5
55.2
14.1
16.1
16.3
12.3
12.6
15.1
14.1
13.0
13.1
14.0
13.4
13.3
Source: Company, MOSL
Adjusted PAT was INR1b (+11.2% QoQ). The quarter included an exceptional
item of INR261m which relates to the impact of additional costs led by its RSU
program.
Order intake at USD256m compares with USD203m in the previous quarter and
USD172m in 4QFY16. FY17 order intake stands at USD751m, up 32% YoY
compared to FY16. The order intake signifies continued momentum in the
business.
Guidance: Double-digit revenue growth; 50bp margin expansion in FY18
CYL guided for double-digit growth in the Services business, similar to what was
achieved in FY17 (14.9% CC YoY). We reckon this would include incremental
revenue of USD8m (1.5pp) from the full integration of Blom (2.5 quarters) and
Certon (3 quarters) in FY18.
For Rangsons, the growth guidance stands at 20%, after it having achieved 39%
YoY growth in FY17.
Margins are expected to expand by 50bp led by operational efficiency
improvements. DLM margins are expected to be at current levels.
Exhibit 4: Traction in top clients gives confidence towards double-digit growth in FY18
Revenue growth (YoY, %)
29.7
24.2
16.2
10.8
3.9
FY09
FY10
FY11
FY12
24.1
17.2
1.5
FY13
FY14
6.5
5.3
1.0
FY15
23.0
21.3
5.6
0.1
FY16
FY17
26.0
14.0
Revenue growth in top 10 customers (YoY, %)
12.1
Source: Company, MOSL
20 April 2017
3

Cyient
Segmental
performance: Strong YoY growth across verticals
Strong traction across business units was substantiated by the double-digit
growth seen in most of them. Only Aerospace and Defense (5% YoY), Industrial
(-3% YoY) and Semiconductor (9% YoY) exhibited single-digit growth/decline.
In terms of geographies, growth was uniform with the highest contribution
coming from EMEA (6.6% QoQ growth).
Exhibit 5: Segmental performance
Business Units
Aerospace and Defense
Communications
Industrial & ENR
Medical & Healthcare
Semiconductor
Transportation
Utilities and Geospatial
Design Led Manufacturing
Geographies
North Americas
EMEA
Asia Pacific
QoQ
3.5
-2.8
-3.5
3.9
10.7
6.1
10.8
8.7
QoQ
2.7
6.6
2.0
YoY
5
40
-3
29
9
11
26
27
YoY
10.5
18.1
34.1
Source: Company, MOSL
Takeaways from Management Commentary
Strong traction in the core business:
Most verticals have been demonstrating
strength, leading to confidence of continued traction in the overall services
business. FY18 growth is hence expected to be similar to that achieved in FY17.
Top clients too have been showing traction, which lends confidence to the
achievement of this guidance.
Rangsons to deliver 20% growth:
Rangsons fell a tad short of its initial guidance
of 50%, led by some disappointment towards the end of the year. However, the
order book looks strong, and solutions are being well accepted by customers.
The business is expected to grow by 20% in FY18. However, profitability is
expected to remain steady here.
Vertical-wise commentary:
Aerospace & Defense: The focus of the industry has
been shifting from design to manufacturing and aftermarket and CYL’s growth
has been coming from the newer areas; Medical: On a small base, CYL has seen
this practice strengthening the deal pipeline here has grown by 4x; Utilities and
Geospatial: Traction has been good, and the Blom acquisition has been
complementing its current portfolio; Communication: This vertical been the star
in FY17, and FY18 looks in line with that.
Minimal visa impact:
CYL expects no impact resulting out of the recent visa
changes in Australia. The company has 50% of its onsite employees in this
geography on visas. However, new regulations become effective April 1, 2018
onwards, leaving ample time for the company to adjust its model. Moreover,
new visas are expected to be launched, which will ensure continuity of business
without impact.
U
U
U
U
U
U
U
U
20 April 2017
4

Cyient
Change in estimates: Factoring Services traction and margin outlook
During the quarter, while revenue from Services beat our expectations, the
performance in Rangsons was a little disappointing. Moreover, before the
company guided for 20% growth in Rangsons in FY18E, we were baking in 30%+
growth given its low base, compared to when it was acquired.
Factor these differences led us to increase our growth estimates for the Services
business, and make those for Rangsons relatively lower. The result has been an
increase in our revenue growth estimates for FY18/19E by 0.5/1.9%.
We have slightly tweaked our margin estimates to accommodate for the
quarter’s beat. Consequently, our earnings estimates have increased by
0.6/2.4% for FY18/19E.
Exhibit 6: Change in estimates
Change in Estimates
INR/USD
USD Revenue - m
USD revenue growth (%)
EBITDA Margin (%)
EPS - INR
FY17
67.0
538.0
14.0
13.4
30.6
Revised
FY18E FY19E
66.3
67.3
606.2 686.3
12.7
13.2
13.8
14.0
37.8
44.1
FY17
67.0
537.3
13.8
13.3
30.9
Earlier
FY18E FY19E
67.0
68.5
603.2 673.8
12.3
11.7
14.0
14.0
37.6
43.1
FY17
0.1
0.1
20bp
10bp
-0.9
Change
FY18E FY19E
-1.1
-1.8
0.5
1.9
40bp 150bp
-20bp 10bp
0.6
2.4
Source: Company, MOSL
Valuation and view – A combination of industry-leading growth and long-
term prospects
CYL is a market leader in Engineering Services in the Aerospace and Railways
verticals, which constitute to 50% of its total revenue. Its relationships with
marquee clients, years of experience, and partnering with customers in critical
parts of their development programs have helped CYL sustain its leadership
position.
To further boost its positioning, CYL is geared to tap the potential in three areas
that are all at the cusp of a multi-year growth trajectory: [1] Electronic
Manufacturing Services, [2] MRO, and [3] Defense. Together, these three areas
increase its addressable market by ~12x (from USD1b in Aerospace Engineering
Outsourcing to USD12.3b in the three additional areas).
This should help turn around growth performance going ahead, following two
years of subdued numbers caused by client-specific headwinds. With most
issues behind, we expect revenue growth to bounce back going ahead, leading
to 12% CAGR over FY17-19, in the core business, and 13% in overall revenue.
Revival of growth has showed up in performance over the last year, and
validates the expectation of continued improvement over the course of FY18.
Margins declined by ~400bp in FY15, thanks to pricing pressure, change in
business mix, reinvestments in the restructuring, and acquisition of lower
margin business; and a further 100bp in FY16. We expect margin recovery to be
more gradual and play out over time – expansion of 60bp over FY17-19 on the
back of revenue growth revival, turnaround in Rangsons, higher offshoring, and
improved utilization.
20 April 2017
5

Cyient
Revenue visibility is high in CYL because of on-going traction in top customers
and key verticals. This suggests CYL’s turnaround on that front is playing out as
expected, and over the longer term it remains well placed to address
opportunities in the Engineering and Defense segments. In FY18E, at ~14% YoY
CC growth, it will be leading industry standards. Our FY19E target price of
INR620 discounts earnings by 14x, considering the company’s relatively better
growth prospects and visibility. Maintain Buy.
Key triggers
Continued momentum in organic revenue growth
Revival in Softential and sustained pick-up in Rangsons
Uptick in margins led by operational efficiency
Key risk factors
Client specific issues leading to a pause in traction
Dampening of outlook in Rangsons hampering confidence in S3 strategy
Integration of acquisitions not going as planned
Exhibit 8: 1-year forward PB band
4.0
3.0
PB (x)
Median(x)
Exhibit 7: 1-year forward PE band
30
20
PE (x)
Median(x)
Peak(x)
Min(x)
24.0
Avg(x)
Peak(x)
Min(x)
Avg(x)
3.3
11.6
10
2.8
0
11.6
12.0
2.0
1.0
0.0
0.5
1.8
1.7
2.0
Source: MOSL, Bloomberg
Source: MOSL, Bloomberg
20 April 2017
6

Cyient
Story in charts
Exhibit 9: Revenue growth picking up meaningfully
Revenue (USDm)
23.0
Growth (YoY, %)
Exhibit 10: S3 strategy to propel positioning
14.0
5.6
447
FY15
472
FY16
538
FY17
12.7
13.2
5.3
363
FY14
606
FY18E
686
FY19E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Most client specific issues now behind
Revenue growth (YoY, %)
Revenue growth in top 10 customers (YoY, %)
29.7
24.2
16.2
24.1
17.2
10.8
3.9
1.5
6.5
5.3
1.0
23.0
21.3
26.0
5.6
0.1
14.0
Exhibit 12: Margin recovery expected gradually…
EBITDA margin (%)
18.2
18.6
14.7
13.7
13.4
13.8
14.0
12.1
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Source: Company, MOSL
FY13
FY14
FY15
FY16
FY17
FY18E
FY19E
Source: Company, MOSL
Exhibit 13: Revenue growth has been key to profitability
sustenance
Service revenue growth (YoY, %)
Services EBITDA margin (%)
16.1 16.3
14.1
20.9
26.5 22.9 12.2
4.1
13.1 13.2
(2.3) (6.1)
16.1
15.1
13.9
0.5
5.8
14.8
15.4
14.8 15.0
Exhibit 14: …In turn compounding earnings growth
Net profit (INRm)
43.0
18.6
14.2
(4.6)
32.0
10.5
14.7
16.6
Growth (YoY, %)
13.7 12.3 14.9
1,628
FY12
Source: Company, MOSL
2,329
FY13
2,660
FY14
3,511
FY15
3,349
FY16
3,700
FY17
4,244
4,948
FY18E FY19E
Source: Company, MOSL
20 April 2017
7

Cyient
Operating metrics
Exhibit 15: Operating metrics
2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17
Geographic Mix - %
Americas
Europe
Asia Pacific
Vertical Mix - %
Aerospace
Transportation
Off highway products
Semiconductor
Medical & electronics
Utilities
Communications
Energy & natural resources
Commercial and geospatial
Industrial, ENR
Utilities & Geospatial
Others
Revenue Mix - %
Onsite
Offshore
Utilization - %
Engineering
DNO
Overall
Client Buckets
USD1m+
USD5m+
USD10m+
USD20m+
Client Contribution - %
Top 5
Top 10
Product Realisation Business
Geographic Mix - %
Americas
EMEA & India
Asia Pacific
Vertical Mix - %
Aerospace and Defense
Industrial
Medical
Communication
Transportation
63.9
27.4
8.7
33.3
10.4
5.1
6.1
1.3
10.9
15.4
7.1
9.4
65.0
26.8
8.2
31.2
10.1
4.5
5.9
1.2
12.1
18.3
6.9
8.8
63.7
25.8
10.5
34.5
10.4
5.0
5.6
1.5
11.0
16.4
7.0
7.8
64.0
24.0
12.0
35.8
10.4
5.2
5.6
1.4
10.6
16.2
6.6
7.3
64.1
24.1
11.8
36.2
10.6
5.2
5.3
1.5
9.1
18.4
6.2
6.7
63.6.
23.2
13.2
37.7
10.2
4.8
4.3
1.5
8.8
19.4
6.0
6.9
60.2
25.5
14.3
38.9
10.0
4.5
4.4
1.7
7.6
17.6
5.8
9.2
60.0
24.6
15.4
38.7
10.3
4.4
1.9
15.8
59.1
24.0
16.9
36.8
9.4
4.1
1.9
21.8
58.0
24.0
18.0
35.6
9.4
3.9
1.9
22.7
58.0
24.0
18.0
35.7
9.7
4.2
1.9
21.4
1.0
53.5
46.5
70.7
78.0
74.7
54
20
9
3
34.4
48.7
1.0
55.2
44.8
70.9
80.6
76.0
56
20
9
4
40.3
50.1
0.8
56.7
43.3
72.4
75.2
73.8
55
20
8
4
34.9
49.5
0.9
56.1
43.9
72.5
78.2
75.4
59
22
8
4
35.7
51.2
0.8
56.3
43.7
73.3
78.9
76.1
60
21
9
4
35.3
50.1
0.4
56.6
43.4
72.9
80.4
76.7
60
19
10
2
34.7
49.4
0.3
59.3
40.7
66.1
80.0
73.3
62
20
11
2
35.7
51.1
10.0
15.8
0.1
59.3
40.7
9.3
16.7
0.0
59.9
40.1
9.3
17.2
0.0
59.6
40.4
8.7
18.5
0.0
60.8
39.2
75.5
60
19
10
3
40.2
55.7
78.0
56
19
10
3
42.7
57.0
78.3
60
21
11
3
43.5
58.0
77.4
62
20
9
5
42.9
56.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29.2
15.5
55.3
58.2
24.7
13.1
2.6
1.4
44.6
37.0
18.4
19.0
39.0
20.3
15.3
6.4
23.5
28.7
47.8
49.5
22.4
11.0
16.1
1.1
22.3
51.0
26.7
51.3
20.7
11.6
15.0
1.4
10.5
81.0
8.5
29.7
21.0
10.1
26.2
13.0
13.3
74.3
12.4
16.3
32.9
12.3
36.7
1.8
14.2
76.4
9.4
10.7
29.5
12.4
46.4
1.1
11.2
88.1
0.7
46.3
17.1
11.3
24.0
1.3
14.7
84.3
1.0
9.2
20.6
9.7
59.3
1.2
Source: MOSL, Company
20 April 2017
8

Cyient
Financials and Valuations
Key assumption
INR/USD Rate
Revenues (USD m)
Offshore Revenue (%)
Total Headcount
Per Capita Productivity (USD)
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2012
48.0
324
8,693
37,248
2012
15,530
30.7
2,689
17.3
494
2,195
7
175
0
2,363
835
35.3
-100
1,628
1,628
18.6
2012
557
11,018
11,575
486
0
12,060
6,404
3,345
3,059
198
222
10,558
0
3,675
4,496
2,387
1,976
1,499
477
8,581
12,060
2013
54.3
345
50.5
9,797
35,205
2013
18,731
20.6
3,416
18.2
635
2,780
12
398
0
3,166
967
30.5
-129
2,329
2,329
43.0
2013
558
12,667
13,225
426
0
13,651
7,301
3,973
3,328
228
610
11,934
0
4,007
4,939
2,988
2,449
1,964
484
9,486
13,651
2014
60.7
363
49.7
11,265
32,250
2014
22,064
17.8
4,101
18.6
720
3,381
29
187
0
3,538
1,030
29.1
-152
2,660
2,660
14.2
2014
560
15,325
15,885
433
0
16,318
7,976
4,634
3,342
71
400
15,652
0
4,800
6,886
3,966
3,147
2,523
625
12,505
16,318
2015
61.2
447
45.6
11,529
38,757
2015
27,359
24.0
4,014
14.7
713
3,301
80
1,236
0
4,457
1,096
24.6
-150
3,511
3,511
32.0
2015
562
17,879
18,441
1,103
0
19,666
9,318
5,696
3,622
96
336
21,732
606
5,336
5,704
10,086
6,120
5,164
956
15,612
19,666
2016
65.6
472
42.9
11,569
40,799
2016
30,955
13.1
4,247
13.7
893
3,354
199
1,065
0
4,220
986
23.4
-115
3,349
3,349
-4.6
2016
562
20,382
20,944
1,504
0
22,448
10,618
6,589
4,029
70
800
23,687
819
6,191
7,808
8,870
6,138
5,538
600
17,550
22,449
2017
67.0
538
42.3
12,847
41,877
2017
36,066
16.5
4,850
13.4
953
3,897
189
873
0
4,581
1,047
22.9
-166
3,700
3,700
10.5
2017
563
20,636
21,199
1,874
0
23,073
12,039
7,542
4,497
0
925
25,942
935
6,496
8,781
9,730
8,291
7,632
659
17,651
23,073
2018E
66.3
606
43.6
14,097
43,001
2018E
40,162
11.4
5,528
13.8
898
4,630
2019E
67.3
686
43.5
15,597
44,004
2019E
46,159
14.9
6,474
14.0
1,019
5,455
Income Statement
(INR Million)
142
824
0
5,312
1,248
23.5
-180
4,244
4,244
14.7
2018E
563
23,607
24,170
1,615
0
25,785
13,039
8,440
4,599
70
1,125
28,356
1,075
8,032
7,238
12,011
8,365
7,606
759
19,991
25,785
126
825
0
6,154
1,446
23.5
-240
4,948
4,948
16.6
2019E
563
27,070
27,633
1,715
0
29,348
14,039
9,459
4,579
70
1,325
32,593
1,237
9,232
9,518
12,606
9,219
8,360
859
23,374
29,348
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
20 April 2017
9

Cyient
Financials and Valuations
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Fixed Asset Turnover (x)
Debtors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
Ratios
2012
14.5
18.9
103.9
2.5
17.3
0.0
0.0
0.0
0.0
0.0
0.0
13.9
12.7
20.3
1.1
100
0
-0.3
2012
2,689
-682
-749
0
1,259
-790
469
721
0
-69
17
14
-217
-187
1,003
3,492
4,496
2013
20.7
26.4
118.3
4.5
21.7
0.0
0.0
0.0
0.0
0.0
0.0
17.5
16.2
25.7
1.2
95
0
-0.3
2013
3,416
-1,018
-799
0
1,599
-922
676
-13
0
-935
29
-27
-254
-252
412
4,528
4,939
2014
23.7
30.1
141.5
5.0
21.0
21.2
16.7
3.6
2.2
12.0
1.0
16.7
15.5
28.5
1.1
99
0
-0.4
2014
4,101
-1,160
-669
0
2,272
-761
1,511
585
0
-176
52
41
-242
-149
1,947
4,939
6,886
2015
31.3
37.6
164.3
8.0
25.6
16.1
13.4
3.1
1.9
12.9
1.6
19.0
17.4
22.1
1.1
91
0
-0.2
2015
4,014
-731
335
0
3,617
-803
2,814
-4,479
0
-5,282
66
399
17
482
-1,183
6,886
5,704
2016
30.7
38.7
186.6
7.0
22.8
16.4
13.0
2.7
1.6
11.7
1.4
16.5
15.1
18.8
1.1
91
0
-0.3
2016
4,247
-849
495
0
3,892
-1,274
2,619
426
0
-848
1
1
-943
-941
2,104
5,704
7,808
2017
30.6
39.1
188.9
10.5
34.3
16.4
12.8
2.7
1.3
10.0
2.1
16.2
15.9
22.2
1.1
66
0
-0.3
2017
4,850
-1,053
1,328
0
5,125
-1,351
3,774
427
0
-924
1
-43
-3,185
-3,228
973
7,808
8,781
2018E
37.8
45.8
215.4
11.3
30.0
13.3
11.0
2.3
1.2
9.0
2.3
17.6
16.2
23.1
1.2
91
0
-0.2
2018E
5,528
-783
-4,142
0
604
-1,070
-466
338
0
-732
2019E
44.1
53.2
246.2
13.2
30.0
11.4
9.5
2.0
1.0
7.3
2.6
17.9
16.4
23.3
1.2
379
0
-0.3
2019E
6,474
-1,083
-1,003
0
4,388
-1,000
3,388
502
0
-498
Cash Flow Statement
(INR Million)
0
-142
-1,273
-1,415
-1,543
8,781
7,238
0
-126
-1,484
-1,610
2,280
7,238
9,518
20 April 2017
10

Cyient
NOTES
20 April 2017
11

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