OCTOBER 22, 2018

Result Update CYIENT LTD

Stock Details
PRICE RS.654 TARGET RS.785 BUY
Market cap (Rs mn) : 75631
52-wk Hi/Lo (Rs) : 887 / 520 Cyient 2QFY19 revenue grew by 5.1% QoQ in USD term to USD 169mn ahead
Face Value (Rs) : 5
of our estimate of USD 166.4mn. Services grew by 2.3% QoQ and DLM
3M Avg. daily vol (Nos) : 331,620
Shares o/s (mn) : 113
revenue grew by ~27% sequentially in USD terms. EBITDA margin expanded
Source:Bloomberg 152bps QoQ to 13.7% (65bps beat) on INR depreciation and operating
efficiencies.
Financial Summary
Y/E Mar (Rs mn) FY18 FY19E FY20E Key Highlights
Revenue 39,177 47,147 52,811
 Cyient revenue grew by 5.1% sequentially in dollar terms v/s our estimate of
Growth (%) 8.8 20.3 12.0
EBITDA 5,494 6,588 7,963
3.5%. Revenue from services grew by about 2.3% in USD terms sequentially
EBITDA margin (%) 14.0 14.0 15.1 and DLM grew by ~27% QoQ. Service revenue included revenue from AnSem
PAT 4,286 4,593 5,889 acquired during the year which is expected to scale further its offerings and
EPS 38.0 40.8 52.3 client base.
EPS Growth (%) 13.0 7.2 28.2
 Margins at 13.7% were about 65bps above our estimates. Margins were 152
BV (Rs/share) 208 235 274
Dividend/share (Rs) 13.0 13.0 13.0 bps higher QoQ but down 90 bps YoY, including the NBA (New Business
RONW (%) 19.2 18.4 20.5 Accelerator) impact. Services margins expansion was a function of currency
ROCE (%) 24.4 24.0 26.0 benefits (+80bps), operating efficiency (+130bps), SGA optimization
P/E (x) 17.2 16.0 12.5 (+100bps) offsetting wage hike (-100bps). Cyient has revised its FY19 margin
EV/EBITDA (x) 11.6 8.9 7.3 guidance by 50bps if the INR stays at Rs.72/USD for the rest of the year
P/BV (x) 3.1 2.8 2.4
without any cross currency headwinds, but we build in flat margins for FY19
Source: Company, Kotak Securities - PCG
due to business investments (NBA) and seasonal weakness in 3Q.
Shareholding Pattern (%)  The total order intake during the quarter grew by ~65% YoY and stood at USD
(%) Sep-18 Jun-18 Mar-18 196mn. Service order intake was at USD 157mn up 46% YoY and that for DLM
Promoters 22.1 22.2 22.2 was at USD 39mn up 233% YoY. Healthy order wins and growth in non Top 5
FII 43.1 41.4 57.0
clients reaffirm strong growth momentum, in our view.
DII 22.9 20.3 7.3
Others 21.8 16.1 13.6
Quarterly performance table
Source: Company
1QFY19 2QFY19 QoQ (%) 2QFY18 YoY (%)
Price Performance (%) Income in USD 161 169 5 150 13
(%) 1M 3M 6M Income 10,800 11,870 10 9,654 23
Cyient Ltd (8.5) (3.7) 2.9 Expenditure 9,486 10,244 8,244
Nifty (8.6) (6.2) (0.9) EBDITA 1,315 1,626 24 1,410 15
Source: Bloomberg Depreciation 285 288 259
EBIT 1,030 1,338 30 1,151
Price chart (Rs)
Interest 82 97 57
950
Other income 170 568 406
825 PBT 1,118 1,809 62 1,500 21
700 Tax 303 539 427
PAT 814 1,270 56 1,073 18
575
Sh of profit 1 1 19
450
MI & Exp items 9 0 17
Oct-17 Feb-18 Jun-18 Oct-18
Adj PAT 824 1271 54 1109 15
Source: Bloomberg
EPS (Rs) 7 11 10
Margins (%)
EBDITA 12 14 15
EBIT 10 11 12
PAT 8 11 11

Nipun Gupta Source: Company

nipun.gupta@kotak.com
+91 22 6218 6433

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OCTOBER 22, 2018

Valuation & outlook

We believe Cyient is well placed to address opportunities in ER&D over long term
and expect a CAGR of ~11% revenue growth in USD terms and ~17.5% in
earnings over FY18-20. We believe Cyient’s performance in FY19 will be better
than that of its peers, and execution of its strategy of design plus manufacturing
should be reflected in financials from FY19. We value stock at 15x FY20E earnings.
We recommend BUY with a target price of Rs.785 (Rs.810 earlier).

Revenue guidance for FY19 maintained, but margin guidance raised

Cyient guided for double digit growth in its service business and 20% growth in
DLM. Including the integration of acquired B&F, DLM business is expected to
grow by 35%. DLM margins will improve slightly but are expected to remain in
low single digit due to backlog of low margin business. Tax rate which was high
at 29.8% during the quarter due to higher other income but is expected to be in
range of 24.4-25.4 %. The higher other income during the quarter was due to
incentives received by the company which are expected to continue in the future.

Vertical wise Performance

Amongst verticals, aerospace and defense (38% of revenue) will grow in high
single digits. Demand outlook remains strong though 3Q is expected to have its
share of seasonal weakness. It will come back in 4Q. Growth in FY19 will be driven
by large clients and strong growth in new accounts. Communication (21.5% of
revenue) has huge opportunity driven by spending around fixed lines and wireless
networks. Management expects double digit growth driven by momentum across
geographies and opportunities around wireless networks. Utilities & Geospatical
(12.3% of revenue) is expected to be flat YoY in FY19 though the company has
managed to build some good offerings and propositions for the market.
Transportation (10% of revenue) is on solid trajectory with rail transportation
industry expected to witness strong growth driven by healthy momentum in
rolling stock and signaling. For FY19, management remains positive on back of
strong growth in focus segments of rolling stock and signaling and growth being
driven by key clients, leading to expectation of double digit growth. Industrial &
Energy (10% of revenue) is seeing good traction from Traditional engineering and
IOT, connected devices capabilities driving good traction. Medical (3% of
revenue) has found good offering in the market with M2M. Lastly Semi conductor
(5% of revenue) growth is driven by demand for AI, IOT, 5G,AR/VR. Cyient has
been gaining traction with new automotive clients and ramp up with existing
clients. Overall growth is expected to be in double digits in FY19.

Vertical wise Growth QoQ in % (ex- Rangson) in dollar terms

Particulars 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19
Aerospace 1.70 2.90 4.10 -1.80 4.70 1.10
Communication 9.90 6.50 1.60 10.80 -3.20 2.30
Utiliites -7.00 -0.50 8.80 -2.20 12.50 0.70
Transportation 11.70 11.80 8.40 8.40 4.50 -0.20
Industrial energy and natural resourcers 0.10 6.10 4.30 -0.20 -3.00 2.40
Semi conductor 11.00 10.20 -6.10 -1.60 39.10 7.90
Medical consumer electronics 6.90 13.60 -2.80 1.00 -17.00 8.00
Source: Company

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OCTOBER 22, 2018

Conference Call Highlights

 Revenue performance during the quarter ended was well within the band of
3-4% as expected at the beginning of the year. Strong pipeline and order
backlog give confidence that though 3Q will be a seasonally weak, 4Q should
be quite strong.
 The JV with Bluebird Aero System, Israel won its first contract from the Indian
army to supply SpyLite mini UAV systems for high altitude aerial surveillance.
The company has identified a $190mn opportunity in this area.
 Other income was Rs.397mn higher QoQ due to benefits from incentives of
Rs.234mn on merchandise and engineering and related services in DLM. This
benefits from incentives would continue through H2 FY19 and FY20. Secondly
there was unrealized gains on forex re statement of Rs.207mn during the
quarter.
 Cyient added seven projects to the New Business Accelerator (NBA) program,
taking the total to 19, and expects accelerated EPS growth from FY21
onwards.
 Reported tax was higher at 29.8% for the quarter. The tax rate is likely to be
24.4-25.4% for FY19 and down to 22-23% for FY20.

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OCTOBER 22, 2018

Financials: Consolidated
Profit and Loss Statement (Rs mn) Balancesheet (Rsmn)
(Year-end Mar) FY17 FY18 FY19E FY20E (Year-end Mar) FY17 FY18 FY19E FY20E
Net Sales 36,023 39,177 47,147 52,811 Sources of Funds
% Growth 16.4 8.8 20.3 12.0 Equity Capital 562 563 563 563
Cost of Services 31,173 33,683 40,559 44,848 Reserves and Surplus 20,637 22,877 25,962 30,341
% of Net Sales 86.5 86.0 86.0 84.9 Shareholders’ Funds 21,199 23,440 26,525 30,905
Total Loan Funds 1,572 1,907 2,057 1,807
EBITDA 4,850 5,494 6,588 7,963 Total Liabilities 22,771 25,347 28,582 32,712
EBITDA Margin (%) 13.5 14.0 14.0 15.1 Appl. Of Funds
Depreciation 953 1,051 1,143 1,161 Gross Block 11,798 13,293 14,493 15,693
Accumulated Depn. 7,301 8,352 9,495 10,656
EBIT 3,897 4,443 5,445 6,802 Net Fixed Assets 4,497 4,941 4,998 5,037
Interest Exps. 189 232 327 304 Capital WIP - - 70 70
Goodwill 3,278 3,549 3,549 3,549
EBT 3,708 4,211 5,118 6,498 Investment 1,032 298 498 698
Exceptional Items 0 0 0 0 Inventories 935 1,312 1,598 1,888
Other Income 874 1,438 1,038 1,180 Sundry Debtors 6,496 6,913 8,105 9,210
Cash and Bank Bal 8,781 9,806 14,819 15,682
PBT 4,583 5,649 6,156 7,678 Other Current Asset 6,245 7,185 6,236 8,241
Tax-Total 1,047 1,387 1,569 1,786 Total Current Assets 22,457 25,216 30,757 35,021
Current Liabilities 8,493 8,656 11,291 11,662
Profit after tax 3,701 4,286 4,593 5,889 Net Current Assets 13,964 16,560 19,467 23,359
PAT Margin (%) 10.3 10.9 9.7 11.2 Total assets 22,771 25,347 28,581 32,713
Source: Company, Kotak Securities – Private Client Research Source: Company, Kotak Securities – Private Client Research

Cash flow Statement (Rs mn) Ratio Analysis

(Year-end Mar) FY17 FY18 FY19E FY20E (Year-end Mar) FY17 FY18 FY19E FY20E
Net profit before tax 4,583 5,649 6,156 7,678 Per Share (Rs)
Depreciation 953 1,051 1,143 1,161 EPS 32.9 38.0 40.8 52.3
Interest 189 232 327 304 Cash EPS 41.4 47.4 50.9 62.6
Other Income (874) (1,438) (1,038) (1,180) Book value 188.5 208.0 235.4 274.3
Opt Profit bef WC Changes 4,850 5,494 6,588 7,963 Margin (%)
WC Changes 43 (1,295) 1,327 (2,878) EBITDA 13.5 14.0 14.0 15.1
Cash Gene from Op. 4,893 4,199 7,916 5,085 EBIT 10.8 11.3 11.5 12.9
Direct Taxes Paid (1,047) (1,387) (1,569) (1,786) PAT 10.3 10.9 9.7 11.2
Cash from Ope act 3,846 2,812 6,347 3,299 Balance sheet Ratios
Purchases of F.A /CWIP (1,366) (1,495) (1,270) (1,200) Receivable (days) 65.8 64.4 62.7 63.7
Investment (234) 734 (200) (200) Inventories (days) 9.5 12.2 12.4 13.0
Others 934 1,030 858 1,027 Payables (days) 39.7 35.5 37.0 35.6
Cash from Inv Act (667) 269 (612) (373) Debt equity ratio (x)
Proc from Issue of Eq Shares (612) (536) - - Return ratios (%)
Net loans 147 335 150 (250) RONW 18.3 19.2 18.4 20.5
Interest paid (189) (232) (327) (304) RoCE 22.0 24.4 24.0 26.0
Dividend paid & Others (695) (1,623) (545) (1,509) Valuation (x)
Cash from Fin Act (1,349) (2,056) (722) (2,063) P/E 19.9 17.2 16.0 12.5
Net Increase in Cash 1,830 1,025 5,013 863 Price/Book value 3.5 3.1 2.8 2.4
Cash at Beginning 6,951 8,781 9,806 14,819 EV/EBITDA 13.4 11.6 8.9 7.3
Cash at End 8,781 9,806 14,819 15,682 EV/Sales 1.8 1.6 1.2 1.1
Source: Company, Kotak Securities – Private Client Research Source: Company, Kotak Securities – Private Client Research

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OCTOBER 22, 2018

RATING SCALE
Definitions of ratings
BUY – We expect the stock to deliver more than 12% returns over the next 12 months
ACCUMULATE – We expect the stock to deliver 5% - 12% returns over the next 12 months
REDUCE – We expect the stock to deliver 0% - 5% returns over the next 12 months
SELL – We expect the stock to deliver negative returns over the next 12 months
NR – Not Rated. Kotak Securities is not assigning any rating or price target to the stock. The
report has been prepared for information purposes only.
SUBSCRIBE - We advise investor to subscribe to the IPO.
RS – Rating Suspended. Kotak Securities has suspended the investment rating and price target
for this stock, either because there is not a Sufficient fundamental basis for determining, or
there are legal, regulatory or policy constraints around publishing, an investment rating or
target. The previous investment rating and price target, if any, are no longer in effect for this
stock and should not be relied upon.
NA – Not Available or Not Applicable. The information is not available for display or is not
applicable
NM – Not Meaningful. The information is not meaningful and is therefore excluded.
NOTE – Our target prices are with a 12-month perspective. Returns stated in the rating scale are our
internal benchmark.

FUNDAMENTAL RESEARCH TEAM

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TECHNICAL RESEARCH TEAM

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OCTOBER 22, 2018

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