Under the agreement, Cyient will provide project delivery and implementation services for EA Technology’s Asset Investment Management (AIM) software solution. EA Technology has expertise in electrical asset management in the global electric utility market.
Cyient operates in the underpenetrated ER&D outsourcing market and has long-term relationships with its top clients. Cyient’s core businesses - aerospace and defence are expected to drive its revenues going forward. Additionally, acquisition of BlomAerofilms will help it gain higher service opportunities.
The company is expected to register ~12% US$ revenue CAGR over FY17-20E and currently trades at a P/E of 12.5x FY20E (as per Bloomberg estimates). We have a positive outlook on the stock.
The stock ended at Rs 591.2, up by Rs 7.65 or 1.31% from its previous closing of Rs 583.55 on the BSE.
The scrip opened at Rs 583 and touched a high and low of Rs 605.25 and Rs 577.2 respectively.
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