InCred Equities - Cyient DLM Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	11,919	15,775	19,331	22,656
Operating EBITDA (Rsm)	1,110	1,359	1,966	2,424
Net Profit (Rsm)	612	653	1,245	1,622
Core EPS (Rs)	7.7	9.3	15.7	20.4
Core EPS Growth	92.9%	20.0%	69.6%	30.2%
FD Core P/E (x)	58.56	54.86	28.78	22.10
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	28.65	25.36	17.19	13.50
P/FCFE (x)	(5.41)	(397.10)	28.11	(64.22)
Net Gearing	(44.3%)	(14.0%)	(18.4%)	(24.6%)
P/BV (x)	3.94	3.65	3.24	2.82
ROE	11.1%	7.8%	11.9%	13.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	11,919	15,775	19,331	22,656
Gross Profit	2,719	3,855	4,755	5,596
Operating EBITDA	1,110	1,359	1,966	2,424
Depreciation And Amortisation	(223)	(338)	(359)	(386)
Operating EBIT	887	1,021	1,607	2,038
Financial Income/(Expense)	(344)	(369)	(233)	(245)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	278	304	286	369
Profit Before Tax (pre-EI)	821	955	1,660	2,162
Exceptional Items		(81)
Pre-tax Profit	821	874	1,660	2,162
Taxation	209	221	415	541
Exceptional Income - post-tax
Profit After Tax	612	653	1,245	1,622
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	612	653	1,245	1,622
Recurring Net Profit	612	734	1,245	1,622
Fully Diluted Recurring Net Profit	612	734	1,245	1,622

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,110	1,359	1,966	2,424
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,676)	(1,445)	(598)	(572)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	56	4	5	6
Net Interest (Paid)/Received
Tax Paid	(195)	(221)	(415)	(541)
Cashflow From Operations	(705)	(303)	958	1,317
Capex	(338)	(489)	(529)	(529)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(3,940)	412	746	(1,446)
Cash Flow From Investing	(4,277)	(77)	217	(1,975)
Debt Raised/(repaid)	(1,647)	290	100	100
Proceeds From Issue Of Shares	6,694
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(259)	(110)	7	(21)
Cash Flow From Financing	4,788	180	107	79
Total Cash Generated	(195)	(200)	1,282	(579)
Free Cashflow To Equity	(6,630)	(90)	1,275	(558)
Free Cashflow To Firm	(4,983)	(380)	1,175	(658)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	5,366	3,003	3,766	4,945
Total Debtors	2,259	2,809	3,284	3,848
Inventories	4,642	6,051	7,150	8,069
Total Other Current Assets	992	1,297	1,589	1,862
Total Current Assets	13,259	13,160	15,788	18,724
Fixed Assets	1,901	2,145	2,316	2,459
Total Investments	662	2,572	2,572	2,572
Intangible Assets	30	30	30	30
Total Other Non-Current Assets	181	239	293	343
Total Non-current Assets	2,774	4,987	5,211	5,405
Short-term Debt	589	779	829	879
Current Portion of Long-Term Debt
Total Creditors	3,200	4,106	5,031	5,897
Other Current Liabilities	1,602	1,513	1,854	2,172
Total Current Liabilities	5,391	6,397	7,714	8,948
Total Long-term Debt	747	847	897	947
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	802	1,061	1,301	1,525
Total Non-current Liabilities	1,549	1,908	2,198	2,471
Total Provisions	3	5	6	7
Total Liabilities	6,943	8,310	9,917	11,426
Shareholders Equity	9,090	9,824	11,069	12,691
Minority Interests
Total Equity	9,090	9,824	11,069	12,691

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	43.2%	32.4%	22.5%	17.2%
Operating EBITDA Growth	26.5%	22.4%	44.7%	23.3%
Operating EBITDA Margin	9.3%	8.6%	10.2%	10.7%
Net Cash Per Share (Rs)	50.82	17.37	25.72	39.33
BVPS (Rs)	114.63	123.89	139.59	160.04
Gross Interest Cover	2.58	2.77	6.91	8.32
Effective Tax Rate
Net Dividend Payout Ratio
Accounts Receivables Days	59.35	58.63	57.52	57.45
Inventory Days	176.42	163.71	165.28	162.81
Accounts Payables Days	120.08	111.86	114.40	116.91
ROIC (%)	12.8%	11.0%	15.5%	17.8%
ROCE (%)	11.4%	9.3%	13.3%	14.9%
Return On Average Assets	9.5%	8.5%	11.5%	12.8%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg