Cyient DLM (CYIENTDLM) Q4 23/24 earnings summary

Executive summary

• FY24 revenue reached a record ₹11,919 mn, up 43.2% YoY; PAT rose 92.9% to ₹612 mn, while EBITDA increased 26.5% to ₹1,110 mn.

• Growth was led by Aerospace & Defense customers; planned investment in sales, operations and technology talent weighed on EBITDA growth and margins.

• FY25 outlook remained positive, supported by a strong pipeline, expanded capacity and opportunities in Industrial and MedTech alongside Aerospace & Defense.

Financial highlights

• Revenue from operations was ₹11,918.71 mn vs ₹8,320.33 mn in FY23; other income rose to ₹278.26 mn from ₹63.11 mn, mainly from interest on IPO proceeds.

• EBITDA was ₹1,110 mn, up 26.5% YoY; EBITDA margin was 9.3%, down 124 bps YoY, reflecting higher sales, general administration and employee costs.

• PAT was ₹611.96 mn vs ₹317.27 mn; basic EPS increased to ₹8.42 from ₹7.75 and diluted EPS was ₹8.39.

• Profit before tax rose to ₹821.39 mn from ₹431.60 mn; reported tax expense was ₹209.43 mn, with an effective tax rate of 25.5% vs 26.5%.

Outlook and guidance

• FY25 growth expectations were supported by a strong pipeline, engineering expertise and expanding production capacity; no numerical revenue or margin target was stated.

• Industrial and MedTech opportunities were highlighted, with continued confidence in Aerospace & Defense capabilities and new programs among existing customers.

• NWC days were expected to stabilize over the medium term as supply-chain and operational efficiencies take effect; ROCE was expected to improve through capital utilization and working-capital efficiency.