For the quarter ended March 31, 2023, the company reported a net profit of Rs 163 crore, higher by 6% as against Rs 154 crore it posted in the same quarter of the last year.
On a sequential basis, the net profit rose 4% from Rs 156 crore in the preceding December quarter. Revenue from operations during the quarter surged as much as 48% to Rs 1,751 crore against Rs 1,181 crore in the year-ago period.
Axis Securities has increased the price target of Cyient from Rs 1,050 to 1,260 per share. “With strong growth potential backed by robust deal wins and superior execution capabilities, we upgrade our recommendation on the stock to buy,” the domestic brokerage said in a note.
Axis also values the stock at 16X FY25E P/E from an earlier valuation of 15X FY24E.
Stock broking company Dalal & Broacha recommends a buy in Cyient for a price target of Rs 1,363 19 estimating a 19% upside on the Friday closing price.
The stock has given returns of 44.6% over a 12-month period outperforming Nifty50, which has given nearly 1.4% returns during the period according to Trendlyne data.Further, the company has informed the exchanges that the board took note of retirement of Ajay Aggarwal, Chief Financial Officer of the company effective April 20.
The company also appointed Prabhakar Atla as new Chief Financial Officer with effect from April 20.
Before the CFO role, Prabhakar Atla steered the strategy, operations, sales, and P&L of the aerospace, rail, and communications business units at Cyient.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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