Cyient (532175) Q3 24/25 earnings summary

Executive summary

• CEO Karthikeyan Natarajan resigned, with Krishna Bodanapu assuming interim operational leadership; board is evaluating succession options.

• Unaudited consolidated revenue for Q3 FY25 was ₹19,264 million, up from ₹18,491 million in the previous quarter and ₹18,214 million YoY.

• Founder chairman received major awards for leadership and governance.

• Opened a new center of excellence for semiconductors and a new office in Sydney, supporting growth and local presence.

• Completed two acquisitions and one strategic investment, expanding presence in the US and UAE.

Financial highlights

• Group revenue: INR 1,926 crores, up 4.2% QoQ and 5.8% YoY; Group PAT down 28.4% QoQ and 31% YoY.

• DET segment Q3 FY25 revenue: $175.2M, up 2.4% QoQ in constant currency, down 1.9% YoY; INR 14,799 million.

• DET EBIT margin: 13.5%, down 32–72 bps QoQ, impacted by wage hikes and currency headwinds.

• DET PAT: INR 124 crores, down 30% QoQ and 28% YoY; EPS at 11.25.

• Group FCF: INR 294 crores, up 83.6% YoY; DET FCF: INR 245 crores, up 39% QoQ, with FCF to PAT conversion near 200%.

Outlook and guidance

• FY25 expected to end with ~2.7% revenue degrowth due to deal ramp-up delays; Q4 to see muted but positive growth.

• Q4 exit EBIT margin guided at 13.5%, with margin improvement expected in FY26 as new deals ramp up.

• FY26 expected to be strong, with high order intake and improved execution visibility.

• Margin target of 16% to be achieved again in FY26, subordinated to revenue growth.

• Current quarter and period numbers may not be directly comparable to previous periods due to recent acquisitions.