Cyient DLM shares rallied 13% on Wednesday at the day’s high of Rs 779.55 after the company yesterday reported an 80.2% year-on-year (YoY) surge in net profit at Rs 22.7 crore for the fourth quarter that ended March 31, 2024.
The company\’s Q4 revenue stood at Rs 362 crores, with quarter-on-quarter (QoQ) growth of 12.7% and YoY growth of 30.5%.
“Cyient DLM business focus remains on strengthening our capabilities and expanding our customer base. The robust growth for this year was led by Aerospace and Defence (A&D) segments. Large deals in A&D constitute a major portion of the order book and pipeline and are expected to contribute towards FY25 & FY26 growth,” commented Anthony Montalbano, CEO, Cyient DLM.
The CEO said that they have added two new logos in A&D and won key large deals in FY24 and have a strong pipeline for the future years.
During the year, the company inaugurated two new facilities, strengthening capabilities, and adding capacity. The precision machining facility in Bengaluru will cater to incremental demand from existing customers and will enable new opportunities and partnerships. The new EMS facility in Mysore is intended to focus on growth in key segments like medical and industrial sectors.
Domestic brokerage firm Motilal Oswal also covered Cyient DLM post the Q4 results wherein they suggested to ‘buy’ the stock with a revised target of Rs 840, on the back of the company reporting another quarter of strong revenue growth.
Also read: How GQG\’s $11 billion India empire is growing fast beyond Adani
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
