Cyient Limited Q1 FY25 Earnings Conference Call Summary
Key Executives
• Participants: Krishna Bodanapu (Executive Vice Chairman), Karthik Natarajan (CEO), Prabhakar Atla (CFO)
Performance Overview
• Operational Challenges: Weaker performance due to project delays and macroeconomic uncertainties.
• Recovery Outlook: Confidence in recovery starting Q2, supported by strong order backlog and new client acquisitions.
Financial Highlights
• Q1 FY25 Group Revenue: INR 1,676 crores (slight year-on-year decline).
• PAT: Rs. 141 crores.
• DET Segment Revenue: 5% quarter-on-quarter decline.
• Transportation Segment: $49.3 million revenue (7% QoQ decline, 8% YoY decline).
• Connectivity Segment: $37.5 million revenue (7.6% QoQ decline, 16.9% YoY decline).
• Sustainability Segment: $56.2 million revenue (8.8% YoY increase).
• Total Order Intake: $182.7 million (down 5.4% YoY).
Strategic Developments
• New Subsidiary: Established for turnkey ASIC design and chip sales to leverage the semiconductor market.
• Flexible Hiring Strategies: Focus on managing capacity and project delays.
Management Insights
• Revenue Guidance: Acknowledgment of revenue miss; refined forecasting processes.
• Margin Expectations: Dependent on revenue growth; cautious optimism for returning to previous levels by fiscal year-end.
• Long-term Demand: Strong demand in aerospace and defense, despite supply chain challenges.
Questions and Concerns
• Performance Relative to Peers: Addressed by strengthening leadership and customer engagement.
• Increased G&A Expenses: Attributed to technology investments and one-off costs.
• Geospatial Vertical: Reclassification discussed with marginal impact on reported units.
Conclusion
• Outlook: Confidence in strong growth starting Q2, with a balanced view on risks and opportunities for the remainder of the fiscal year.

Cyient Limited Q4 FY24 Earnings Conference Call Summary
Key Executives Present
• Executive Vice Chairman: Krishna Bodanapu
• CEO: Karthik Natarajan
• CFO: Prabhakar Atla
Significant Achievements
• Strategic partnership with Deutsche Aircraft Group for new aircraft design.
• Long-term contract with Airbus for Cabin Information Display System.
• Recognized as a leader in ER&D services in North America and Europe.
• Final dividend announced: INR 18 per share, totaling INR 30 for the year (highest ever).
Financial Performance Highlights
• Q4 FY24 Revenue:
• Digital Engineering and Technology (DET) segment: $179.3 million (YoY increase).
• Group revenue: INR 1,861 crores (6.2% YoY growth).
• Full-Year FY24 Revenue:
• DET: $713.9 million (12.6% YoY growth).
• Group: $863 million (15.6% increase, highest in company history).
• PAT: INR 735 crores (30% rise).
• EBIT margin for Q4: 16%, consistent with previous quarters.
Strategic Focus
• Emphasis on margin improvement, sustainable growth, and ESG initiatives.
• Score of 72 on the Dow Jones Sustainability Index.
• Significant debt reduction.
Digital and Technology Solutions Update
• Inauguration of a customer experience center.
• Partnerships in aerospace sector.
• Notable deals:
• Five-year digital aftermarket platform project.
• Next-generation intelligent smart meter deal.
• Year-on-year growth of 12.6% in constant currency.
Revenue Guidance and Market Outlook
• Expected growth in sustainability, aerospace, semiconductors, automotive, and recovery in connectivity.
• Cautious optimism due to macroeconomic uncertainties.
• Strong order book for FY24 with a 15% YoY increase.
Sector-Specific Insights
• Aerospace: Consistent growth; anticipated as a key growth driver for FY25.
• Transportation (Rail): Facing challenges; demand for air travel rebounding but supply chain issues persist.
• Geopolitical uncertainties affecting customer spending.
Q&A Session Highlights
• Concerns about revenue guidance reliability and macroeconomic impacts.
• Acknowledgment of challenges in providing specific quarterly guidance.
• Focus on organic investments rather than mergers and acquisitions for future growth.
Conclusion
• Overall, FY24 was a pivotal year for Cyient, demonstrating resilience and a commitment to long-term growth despite challenges in certain sectors. Confidence in financial outlook remains, with a focus on maintaining growth momentum in FY25.

Cyient Limited Q3 FY24 Earnings Conference Call Summary
Key Highlights
• Date of Call: January 25, 2024
• Participants: Krishna Bodanapu (Executive Vice Chairman), Karthik Natarajan (CEO), Prabhakar Atla (CFO)
• Settlement: Civil antitrust lawsuit settled for $7.4 million; $6 million provision made in Q3 FY24.
• Partnership: Collaboration with SkyDrive Inc. for urban air mobility.
• New Center: Inauguration of CyientifIQ Experience Center in Hyderabad.
Financial Performance
• DET Business Revenue: $179.2 million, 1.1% QoQ and 5.4% YoY growth.
• Group Revenue: $218.8 million, 10.1% YoY increase.
• Normalized EBIT Margin: 14.3%, with PAT of INR 186 crores (up 14% YoY).
• Free Cash Flow: Improved by 51.3% YoY.
• Debt Reduction: DET's debt decreased by $6 million QoQ and $15 million YoY.
Growth Drivers
• Aerospace: Over 24% growth, leading the overall growth.
• Sustainability: 8.2% QoQ and 22.1% YoY growth.
• Communications: Signs of recovery noted.
Future Outlook
• Revenue Growth Forecast: Adjusted to 13% to 13.5% for FY24.
• Market Recovery: Anticipated in aerospace and sustainability sectors in H2 2024.
• New Growth Areas: Focus on generative AI and digital platforms.
Q&A Session Insights
• Aerospace Industry: Increased scrutiny may raise costs; outsourcing remains prevalent.
• Rail Segment: Underperformance due to geopolitical tensions.
• Healthcare Sector: Slowdown post-pandemic.
• Automotive Growth: 25% YoY growth expected to continue.
• Sustainability: Multi-year growth opportunity driven by energy transition initiatives.
• Connectivity Outlook: Positive traction in fiber and wireless segments.
Closing Remarks
• Business Momentum: Positive trends in Sustainability and Aerospace sectors.
• Medium-Term Growth: Expected at 10% to 20%.
• Antitrust Lawsuit: No admission of guilt; resolution affirmed.
• Next Steps: Invitation to reconnect in the next quarter.

Cyient Limited Q2 FY24 Earnings Conference Call Summary
Key Executives
• Participants: Krishna Bodanapu (Executive Vice Chairman), Karthik Natarajan (CEO), Prabhakar Atla (CFO)
• New Appointment: Nitin Prasad as Independent Director, focusing on sustainability.
Awards and Recognition
• Multiple awards for sustainability contributions.
• Innovations in hydrogen fuel delivery and fuel-efficient aircraft engines.
Business Performance
• Aerospace Growth: 27.5% year-on-year growth, six consecutive quarters of growth.
• Communications Sector: 11% decline.
Financial Highlights (Q2 FY24)
• Cyient DET Segment:
• Revenue: $178.4 million (1% QoQ, 17.1% YoY growth).
• EBIT Margin: 16.5%, highest in 11 years.
• Normalized PAT: Rs.173 crores (70.8% YoY growth).
• Free Cash Flow: Increased by 156% YoY.
• Group Revenue: $214.9 million (22.3% YoY growth).
• Interim Dividend: INR 12 announced.
Business Segment Insights
• Transportation: 2.7% QoQ, 22.1% YoY growth.
• Connectivity: 8.1% QoQ decline.
• Sustainability: 4.9% QoQ, 71.6% YoY growth.
• Order Intake: 40% YoY increase.
Future Outlook
• Growth Guidance: 15% to 20% for FY24.
• Challenges: Anticipated softness in communications due to capital expenditure slowdown.
• Geopolitical Concerns: Limited exposure in Israel; employee safety prioritized.
Market Trends
• Aerospace and Sustainability: Expected growth in Q3 and Q4.
• Defense Spending: Anticipated growth over the next few years.
• Automotive Sector: Aspiration for double-digit revenue growth.
Investor Engagement
• Investor Day: Scheduled for December 8, 2023, in Hyderabad.
• Closing Remarks: Emphasis on a robust and de-risked portfolio amid uncertainties.

Cyient Limited Q4 FY23 Earnings Conference Call Summary
Conference Call Overview
• Date: May 29, 2023
• Led by: Krishna Bodanapu (Executive Vice Chairman and Managing Director)
• Key executives participated
• Focused on Q4 FY23 earnings and company performance
Financial Performance Highlights
• Q4 Revenues: $213 million (39.1% YoY increase in constant currency)
• Full Year Revenues: Surpassed INR 6,000 crores (32.7% YoY growth)
• Normalized Group EBITDA Margin: Improved to 18.4%
• Normalized PAT for Q4: INR 1,760 million (14.1% YoY increase)
• Dividend: Record INR 26 per share announced
Key Business Insights
• Revenue Growth:
• Services: 3.2% growth in Q4
• DLM: 28% growth
• Core services (excluding acquisitions): 12.1% growth
• Cash Position: INR 1,077 crores with zero net debt
• Order Intake: $720.5 million for the year (18.5% increase YoY)
Sector Performance
• Transportation: Grew 12.9% QoQ and 13.1% YoY
• Connectivity: 3.3% QoQ decline but 27.7% YoY increase
• Sustainability Sector: 125.1% YoY growth
• New Growth Areas: 34% YoY increase despite slight QoQ decline
FY24 Outlook
• Projected Revenue Growth: 15% to 20% YoY
• Normalized EBIT Improvement: 100 to 200 basis points YoY
• Key Focus Areas: Transportation, connectivity, sustainability, and new growth sectors
Management Changes
• New CFO: Prabhakar Atla introduced
• Outgoing CFO: Ajay Aggarwal acknowledged for 12 years of service
Q&A Highlights
• Core Services Growth: Expected consolidated growth of 15-20%
• Railways Outlook: Recovery noted but limited impact on overall growth
• Aerospace and Defense: Strong growth anticipated due to customer demand
• Legal Proceedings: Ongoing defense with expected trial outcome within the quarter
Closing Remarks
• Krishna Bodanapu expressed gratitude for support and highlighted strong performance in key sectors.
• Acknowledged Ajay Aggarwal's contributions and concluded the call.

Cyient Limited Q3 FY23 Earnings Conference Call Summary
Key Executives
• Participants:
• Krishna Bodanapu (Managing Director and CEO)
• Ajay Aggarwal (CFO)
• Kartik Natarajan (COO)
Financial Performance
• Revenue:
• $197 million, 28.6% year-on-year growth in constant currency
• Services revenue: $167.9 million, 34.4% year-on-year increase
• EBITDA Margin:
• Normalized group EBITDA margin: 17.2%
• Normalized PAT: INR 1,627 million, 47.5% year-on-year growth
• Cash Flow:
• Free cash flow: $1,362 million
• Days Sales Outstanding (DSO): 76 days
Segment Performance
• Growth Areas:
• Aerospace: 4.4% growth
• Communications: 1.3% growth
• Rail Transportation: Decline of 4.9%, recovery expected by Q4
• Overall Services Growth:
• 3.7% quarter-on-quarter growth
• Significant contributions from automotive and semiconductors
Future Outlook
• Revenue Projections:
• Anticipated 14-15% revenue increase for FY23
• Q4 normalized EPS projected between INR 15 to INR 16
• Minimum EPS target for FY24: INR 60
• Market Opportunities:
• Positive trends in Aerospace and other sectors
• Focus on clean energy, automotive technology, and healthcare advancements
Management Insights
• Acquisitions:
• Successful integration and focus on profitability
• Ongoing tax optimization efforts
• Challenges:
• Inflation and geopolitical issues impacting growth
• Strategic Goals:
• Align margins with peer averages by FY24
• Reach a $1 billion run rate in the next fiscal year
Q&A Highlights
• Revenue Contribution:
• Honeywell DLM deal expected to double automotive business
• Organic Growth:
• Approximately 11% in constant currency for the first nine months of 2023
• Aerospace Segment:
• Broad-based growth anticipated, with significant potential for sustainability
Conclusion
• Overall Sentiment:
• Management remains optimistic about growth trajectory and market opportunities, particularly in Aerospace.