Choice Equity Broking maintains Outperform rating on Cyient

Choice Equity Broking has outperform call on Cyient with a target price of Rs 1198. The current market price of Cyient is Rs 888.

Cyient, incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 9784.32 Crore) operating in IT Software sector.

Cyient key Products/Revenue Segments include Software Development Charges for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 1645.70 Crore, up 16.23 % from last quarter Total Income of Rs 1415.90 Crore and up 36.52 % from last year same quarter Total Income of Rs 1205.50 Crore. Company has reported net profit after tax of Rs 156.00 Crore in latest quarter.

The company’s top management includes Mr.B V R Mohan Reddy, Mr.Vivek Narayan Gouir, Mr.Vinai Thummalapally, Mr.Vikas Sehgal, Ms.Matangi Gowrishankar, Mr.Alain De Taeye, Mr.Ajay Aggarwal, Mr.Karthikeyan Natarajan, Mr.Krishna Bodanapu, Mr.M M Murugappan, Mr.Ramesh Abhishek. Company has S R Batliboi & Associates LLP as its auditors. As on 30-09-2022, the company has a total of 11 Crore shares outstanding.

Investment Rationale Improvements to the brokeage's EPS expectations leads the brokerage to continue ascribing an OUTPERFORM rating with a target price of Rs 1198.

Promoter/FII Holdings
Promoters held 23.37 per cent stake in the company as of 30-Sep-2022, while FIIs owned 34.04 per cent, DIIs 23.69 per cent.