Cyient Reports revenue growth of 16.8% for FY 2018

Cyient Reports Fourth Quarter And Annual Results For FY 2018

Revenue growth of 12.9% in $ terms at $ 607.4 Mn; 11.7% in Constant Currency

Operating profit growth of 13.3% at Rs. 5,492 Mn

Net profit growth of 16.1% at Rs. 4,296 Mn

Highest ever cash balance at Rs. 10,937 Mn (US$ 168.0 Mn)

Dividend for the full year at Rs. 13/share – highest ever

HYDERABAD, IndiaApril 20, 2018  :  Cyient, a global provider of engineering, manufacturing, geospatial, networks, and operations management services to global industry leaders, today  reported its consolidated financial results for the fourth quarter (Q4) of FY 2018 ending March 31, 2018 along with the annual results.

Commenting on the results, Mr. Krishna Bodanapu, MD & CEO, said, “Q4 FY18 performance was in line with our expectations. We recorded our highest ever revenue and operating profit in the quarter. We delivered a $ growth of 16.8% YoY and 8.3% QoQ. Growth in our services business was driven by Communications and Semiconductor, IoT and Analytics Business units. The Design Led Manufacturing (DLM) business was positively impacted by the seasonality in the business and delivered a growth of 36.0% YoY and 80.5% QoQ. This quarter we were awarded with ‘Boeing Supplier of the Year’ Award for the fourth time in six years and ‘Rail & Road Transport Award’ and ‘Best Railway Signalling Design Company 2018’ for the second consecutive year.

For the year we delivered a strong performance. We witnessed a $ revenue growth of 12.9% YoY with growth led by Communications, Transportation and Aerospace and Defense business units. Our DLM business grew by 13.2% over the year with broad based growth across customers. This year we gained momentum in strategy execution resulting in acquisition of B&F Design Inc. in line with our Design, Build, and Operate & Maintain strategy. We also signed a MoU with Israel based Bluebird Aerosystems Ltd to address UAV based opportunities.

Our outlook for FY19 is strong, backed by a strong pipeline and order backlog. We expect a double digit growth in our services business while DLM business is expected to grow in the range of 20%. We expect a double digit growth in our operating profit.

Mr. Ajay Aggarwal, President & CFO, said, “I am pleased to share that for FY18, we saw a strong and a well-rounded growth of 12.9% in $ revenue, operating margin expansion of 58 bps at 14.0% and net profit growth of 16.1% for FY18. Healthy conversion of Free Cash Flow to EBITDA continues translating into a highest ever cash balance of $168 Mn. We also declared a final dividend of ₹4/share in Q4 FY18, taking the total dividend for the year to ₹13/ share, highest ever.

Going ahead in FY19, we expect the business momentum to continue. We remain deeply focused on growth through organic and inorganic investments, improvement in operating margin, cash generation and thus maximizing value for our shareholders.

KEY HIGHLIGHTS : FY 2018

Financial Highlights

  • Revenue growth of 12.9% in $ terms at $ 607.4 Mn; 11.7% in Constant Currency
  • Operating profit growth of 13.3% at  Rs. 5,492 Mn
  • Net profit growth of 16.1% at Rs. 4,296 Mn
  • Highest ever cash balance at  Rs. 10,937 Mn (US$ 168.0 Mn) with continued healthy cash generation post one acquisition and increased dividend payout
  • Dividend for the full year at  Rs. 13/share – highest ever

Business Highlights

  • Well rounded growth across all Business Units and Geographies
    • All eight BUs have witnessed growth in YoY terms
    • EMEA and APAC grew  22% and 16%  YoY
  • Lowest Attrition in last four years

KEY HIGHLIGHTS : Q4 FY 2018

Financial Highlights

  • YoY $ revenue growth of 16.8%; 8.3% QoQ  highest ever at $164.6 Mn
  • YoY $ services growth of 14.3%; 2.0% QoQ growth  highest ever at $142.7 Mn
  • Operating profit at  Rs. 1,492 Mn –  QoQ growth of 4.3%, YoY growth of 19.6%
  • Operating margin at 14.1% – up 79 bps YoY
  • Net profit YoY growth of 16.2%; QoQ growth of 11.8% – at Rs. 1,215 Mn
  • DLM highest ever quarterly revenue and operating profit in recent years
  • Company declared a final dividend of  Rs. 4.0/ Share

Business Highlights

  • Well rounded growth across all Business Units and Geographies
    • All eight BUs have witnessed growth in YoY terms
    • EMEA, APAC and Americas grew  31%,  13%  &  9%  YoY in  $  terms
  • Completed acquisition of B&F Design Inc.
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