InCred Equities - Cyient DLM Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	11,919	16,061	20,475	24,390
Operating EBITDA (Rsm)	1,110	1,553	2,275	2,854
Net Profit (Rsm)	612	954	1,545	2,015
Core EPS (Rs)	7.7	12.0	19.5	25.4
Core EPS Growth	92.9%	56.0%	61.9%	30.4%
FD Core P/E (x)	82.51	52.91	32.68	25.06
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	41.85	30.43	20.97	16.40
P/FCFE (x)	(7.62)	32.07	1,992.08	(53.76)
Net Gearing	(44.3%)	(32.2%)	(24.0%)	(27.2%)
P/BV (x)	5.55	5.03	4.36	3.71
ROE	11.1%	10.0%	14.3%	16.0%
% 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	16,061	20,475	24,390
Gross Profit	2,719	3,659	4,709	5,610
Operating EBITDA	1,110	1,553	2,275	2,854
Depreciation And Amortisation	(223)	(277)	(285)	(319)
Operating EBIT	887	1,276	1,990	2,535
Financial Income/(Expense)	(344)	(348)	(233)	(245)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	278	324	303	397
Profit Before Tax (pre-EI)	821	1,252	2,060	2,687
Exceptional Items
Pre-tax Profit	821	1,252	2,060	2,687
Taxation	209	297	515	672
Exceptional Income - post-tax
Profit After Tax	612	954	1,545	2,015
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	612	954	1,545	2,015
Recurring Net Profit	612	954	1,545	2,015
Fully Diluted Recurring Net Profit	612	954	1,545	2,015

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,110	1,553	2,275	2,854
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,676)	(1,528)	(820)	(705)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	56	4	6	7
Net Interest (Paid)/Received
Tax Paid	(195)	(297)	(515)	(672)
Cashflow From Operations	(705)	(268)	946	1,484
Capex	(338)	(489)	(529)	(529)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(3,940)	2,041	(491)	(1,994)
Cash Flow From Investing	(4,277)	1,552	(1,021)	(2,523)
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)	(69)	64	19
Cash Flow From Financing	4,788	221	164	119
Total Cash Generated	(195)	1,505	90	(921)
Free Cashflow To Equity	(6,630)	1,574	25	(939)
Free Cashflow To Firm	(4,983)	1,284	(75)	(1,039)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	5,366	4,856	4,512	5,524
Total Debtors	2,259	2,860	3,478	4,143
Inventories	4,642	6,160	7,573	8,687
Total Other Current Assets	992	1,320	1,683	2,005
Total Current Assets	13,259	15,197	17,246	20,359
Fixed Assets	1,901	2,145	2,390	2,600
Total Investments	662	892	2,047	2,439
Intangible Assets	30	30	30	30
Total Other Non-Current Assets	181	243	310	370
Total Non-current Assets	2,774	3,312	4,778	5,439
Short-term Debt	589	779	829	879
Current Portion of Long-Term Debt
Total Creditors	3,200	4,180	5,329	6,348
Other Current Liabilities	1,602	1,540	1,963	2,339
Total Current Liabilities	5,391	6,499	8,121	9,566
Total Long-term Debt	747	847	897	947
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	802	1,081	1,378	1,641
Total Non-current Liabilities	1,549	1,927	2,274	2,588
Total Provisions	3	5	6	7
Total Liabilities	6,943	8,431	10,402	12,161
Shareholders Equity	9,090	10,044	11,589	13,604
Minority Interests
Total Equity	9,090	10,044	11,589	13,604

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	43.2%	34.8%	27.5%	19.1%
Operating EBITDA Growth	26.5%	39.9%	46.5%	25.4%
Operating EBITDA Margin	9.3%	9.7%	11.1%	11.7%
Net Cash Per Share (Rs)	50.82	40.74	35.14	46.64
BVPS (Rs)	114.63	126.66	146.15	171.56
Gross Interest Cover	2.58	3.67	8.56	10.35
Effective Tax Rate
Net Dividend Payout Ratio
Accounts Receivables Days	59.35	58.17	56.49	57.02
Inventory Days	176.42	158.97	158.97	158.01
Accounts Payables Days	120.08	108.61	110.08	113.47
ROIC (%)	12.8%	13.6%	18.2%	20.7%
ROCE (%)	11.4%	11.5%	15.9%	17.6%
Return On Average Assets	9.5%	10.5%	13.6%	14.8%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg