Watch | Cyient hits 52-week high; firm fixes June 12 as record date for final dividend
Cyient share price: In its regulatory filing on May 31, the company informed exchanges that June 12, 2023, has been fixed as the cut-off date for the purpose of the final dividend and e-voting in connection with the annual general meeting (AGM) of the company, scheduled to be held on June 21, 2023.
Cyient dividend: Shares of mid-tier IT company Cyient hit a fresh 52-week high of Rs 1,525.55 apiece on the BSE on Friday, June 2. The stock surged as much as 11.22 per cent to the 52-week high level in the morning trade. It finally ended at Rs 1,458.90, up 6.36 per cent on the BSE.
In its regulatory filing on May 31, the company informed exchanges that June 12, 2023, has been fixed as the cut-off date for the purpose of the final dividend and e-voting in connection with the annual general meeting (AGM) of the company, scheduled to be held on June 21, 2023.
"It is further informed that the board of directors of the company has recommended a final dividend of Rs 16 per equity share (320%) on a par value of Rs 5.00 per share for the financial year ended March 31, 2023, to those members as of the record date of June 12, 2023, subject to the approval of members at the ensuing Annual General Meeting of the company. The dividend will be paid within 30 days from the date of the AGM," the company said in its release.
Cyient: Q4 numbers
The Hyderabad-headquartered firm posted a net profit of Rs 176 crore for the fourth quarter of fiscal year 2022–23, up 8.1 per cent QoQ and 14.1 per cent YoY. The group's revenue rose 48.3 per cent YoY and 8.2 per cent QoQ to Rs 1,751.4 crore, as per the company's release.
Further, the group's revenue growth in constant currency terms stood at 6.6 per cent QoQ and 39.1 per cent YoY and its consolidated services segment revenue stood at Rs 1,448.9 crore, with QoQ growth of 5 per cent and YoY growth of 47.3 per cent. Further, the group's EBIT came in at Rs 249.4 crore, with a margin of 14.2 per cent, the company said. Its Core Services order Intake grew by 13.3 per cent YoY and offshoring for Core Services was 53.4 per cent.
Post the Q4 results, analysts at IDBI Capital said, "Cyient reported strong organic growth in services revenues in Q4FY23 led by transport vertical. Going forward, the company has guided services revenue growth of 15-20 per cent and 100-200 bps improvement in margins. We have conservatively built-in revenue growth of 17 per cent due to macro uncertainty and possible delay in revenue conversion. The growth in revenues is expected to be driven by strong double-digit growth in aerospace, communication and inorganic contribution. Further, we have taken the lower end of margin expansion of nearly 100 bps improvement in services margins. Despite this conservative assumption, our EPS has been upgraded by 5 per cent in FY25E. Hence, we maintain a 'BUY' rating on the stock with a revised target price of Rs 1,265 (17x FY25E EPS)
Cyient's share price history
The shares of the company have zoomed 92 per cent in the last one year (from June 2, 2022, to June 2, 2023), BSE data show.
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