India's Cyient DLM falls on Q2 profit miss, declining order book

Cyient DLM

22/10/2024 09:28

** Shares of electronics manufacturing services company
Cyient DLM  CYIT.NS  shed 4.62% after reporting Q2 profit below
estimates
    ** PAT rose 5.5% to 154.54 mln rupees, below analysts' mean
estimate of 218 mln rupees - LSEG data
    ** PAT missed estimates due to higher interest cost,
according to Motilal Oswal
    ** Core profit margins nearly flat Y/Y at 8.12% compared to
8.07% a year ago
    ** Order book fell 13% Y/Y to 19.79 bln rupees in Q2,
marking the third consecutive quarter of decline
    ** Brokerage factors in a higher-than-anticipated interest
cost in the ongoing fiscal year due to a rise in debt
    ** Cuts FY25 earnings estimates by 5% and says Middle East
conflict is impacting the supply chain
    ** CYIT shares down 1.3% in 2024 so far

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))