Questions across 7 calls

Krishna Bodanapu

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Cyient Limited

Cyient Limited CC-Jun26.pdf · 2026-05-26

On the funding, Cyient remains committed, like I said, to the $100 million. We've already put in about $30 million. So, rest of the money is available. Depending on what opportunities are available, and what is the best use of capital, etc . we will definitely put in more funding if it comes to that. But we think that at this point, it is best that Cyient Semiconductor has its own capital structure, because if I may just draw a parallel to Cyient DLM the way semiconductor business works is more like a DLM kind of a structure where you do have a higher capital investment, you have design, which takes upfront capital or upfront money, etc. So, we think it's better that Cyient Semiconductor has its own independent capital structure with the kind of investors that want to participate in that capital structure, and we thought this was a good starting point. Therefore, we will take any decisions in that construct or keeping that in mind. But if required or not just as required, if it makes sense for Cyient, especially if there is something around design that Cyient would want to co -invest with Cyient Semiconductor. In that case, absolutely, we would be willing, able to support with the res t of that $70 or so million that's available.

And I'll just say that from a Board perspective and a Cyient investment perspective also. I think what we are seeing is the opportunity is very, very significant. Of course, we'll have to make the trade-off in the right sort of balance between growth and p rofitability. But at this point, I we won't let go of an opportunity or we won't not invest in an opportunity because I think the opportunity set that is available to us is very, very significant. So, I just want to say, I mean, our intent, of course, remains that we br eak even quickly. But I would just say maybe a quarter or two shift, we wouldn't worry too much or I wouldn't worry too much as an investor because just the opportunity set is also here and now, and we don't want to lose out because we don't have any investment dollars. And creating that investment dollars is also obviously one of the key reasons why we've gone down the fund-raising path.

Cyient Limited CC-Sep25.pdf · 2025-10-16

Thank you very much everyone for taking the time for this call this evening. I thought it was important to give you all a good overview of the semiconductor business considering it is very strategic and it is still in investment mode. I also thought it was important for Sukamal to give an overview of the state of the business and the way forward. And if I may say, the way forward looks very promising thanks to a very strong focus Sukamal has brought on operations, leadership, and technology adoption. Sukamal will of course keep you updated periodically on the progress of these changes. The board also strongly believes in the growth prospects signaled by the increase in the interim dividend. So, all in all, I believe we find ourselves in a good place and well positioned to deliver as Sukamal and Prabhakar said a stronger H2 both in revenue growth and margins compared to H1. Thank you for your support and I look forward to speaking to you again next quarter.

Cyient Limited CC-Mar25.pdf · 2025-04-24

I think that's a very good question. I think right now, we're not seeing any significant impact on the aerospace side. I think we will start to see some of that as we go forward. But at least as we see because a lot of the work that we do that relates to MRO is based on flying hours. The flying hours have not really decreased very significantly. So in that sense, the impact is quite minimal at the moment.

I think we haven't really announced the size of the deal, but I'll say it is meaningful. It does have an impact on the energy vertical. I'll just -- also, if I may just clarify to what Sukamal said. The sustainability vertical going forward, we will speak about it in 3 pieces, which is minerals and mining, energy and utilities and geospatial because that's the more meaningful way of looking at that business. But anyway, with that caveat, it will be significant for the energy business, and the ramp-up is in the process of happening. And we're already seeing some -- we're seeing the first of the revenues that we'll continue to see that over the quarters. But it is a meaningful deal for the overall business, not just for energy.

Cyient Limited CC-Sep24.pdf · 2024-10-24

I think one other point to look at is our business is a bit project -based. So because of how the project starts and stops happen, there are projects where we will b ill - individual projects where we will b ill $5 million, $6 million, $7 million even in a quarter. So because of that project based nature and when the start-stop happens to these projects, you will always see that movement happen.

So we are still confident that we have a line of sight towards a flattish year. So the 2 things that we talked about, the flattish year and a 16% EBIT margin. We do have a line of sight towards that, and we're quite confident that we will get to flattish and 16%. It was expected that Q1, Q2 were going to be a little bit weaker. H1 was going to be a little bit weaker. H2 is going to be much stronger, but also in H2, as I think we pointed out that Q3 is seasonally weak. But having said that, I think that's where some of the project nature of the business actually kicks in because it's not really furloughs or closures that impact. The work is already there and it's really about the execution. And if you look at, I think last year also, we had a fairly strong Q3. So taking all that into account, the growth outlook stays.

Cyient Limited CC-Mar24.pdf · 2024-04-25

Sorry, Kawaljeet, before Karthik answers, that I just want to also say that what you addressed is very right. I mean, how do we get to that number and that guidance. And the Board also had those questions. And therefore, we did quite a bit of a deep dive internally to look at how the buildup happens. Because what can happen in Q4, really, nobody really knows, but then there are a certain set of assumptions. And we got to the second degree of those assumptions to say what are the orders that we need to win, what is the probability. And therefore, can we come up, can we commit to a number. Of course, it's a bit of a range. but can we commit to a number based on the buildup. So, I think your question is very valid. And also, I just want to highlight that the Board also shared that concern at the budget point and therefore, we went into quite a bit of deep dive both with the management team and then presented the summary to the Board to say how does it add up. Because, of course, to your point, there's absolutely no 100% confidence in this industry or for that matter any industry, but the confidence comes from the fact that we've done a bottom - up rather than just an aspirational top down. I just wanted to leave it at that because I thought that was a good question, but since we also had it and we addressed it.

Look at it as a change in portfolio, right? Because the growth is coming from varying locations. So we also have to look at it in the conjunction that there is a change in our portfolio, I think like-for-like, because some of the acquisitions are going quite well, and that it was a sort of deliberate choice to go down the path of acquiring because those were the growth areas that will make up to some of the softness that we're seeing in other areas, like Rail or Communication. So, I think you've to see it in that conjunction and the fact that it's gone up 7.1% year-on-year is a good sign.

Cyient Limited CC-Dec23.pdf · 2024-01-25

No. That was the only one-off. The settlement amount that we have provisioned for the lawsuit.

Thank you, and thank you very much, everybody, for attending this call. As Karthik and Prabhakar took you through the details, you will see that the business momentum looks quite good. As with any business, there are certain parts of the business that are doing well. There are certain industries where maybe they have a bit more challenges. But that's the whole idea why we're consciously building a balanced portfolio. If you look at it, two out of the four engines are firing very well, Sustainability and Aerospace both having grown over 20% year -on-year. And we believe that the third engine, connectivity, is also starting to ramp up. There might be a quarter delay, but we're very confident that during the course of next year, the third engine will also start firing, and of course, now the objective is to get the fourth and fifth which is part of NGA right now to start firing. So we continue to be quite confident. I will again reiterate what Karthik had said in the Investor Day and then again reiterate it now that 10% to 20% medium -term growth is what we believe the business will deliver. Not just a hope, but we're quite confident based on where we stand with them. So thank you once again for all your support, for all your questions. And again, for the last time, I'd say thank you very much for your support when we navigated through the lawsuits that were associated with the antitrust case, both criminal and civil. I'm very glad that we resolved them as they are. We have not admitted a ny guilt. And also, I'm proud to say that we did not do anything wrong, and therefore, did not admit to any guilt, but we wanted to put the issues behind and move on. So thank you for your support, and we will again speak at the end of next quarter. Have a good long weekend and speak soon. Thank you.

Cyient Limited CC-Sep23.pdf · 2023-10-19

Yes, absolutely. On the Cyient DET business, we do not have much business in Israel. Of course, DLM, we do have business in Israel and about 20% of our revenue and 20% of our supply chain comes from companies in Israel . So, there is a bit of dependency. Of course , the first concern that we had was the safety of our employees, not that we have many, but we have a few in Israel in the DLM business, of course, our suppliers and customers. So that was the first concern and I'm glad to say that everybody is safe, though of course everybody has an impacted family member or an impacted colleague. Having said that, w e don't believe that there is going to be much of an impact on the D ET business in any way in Israel. Similarly, on the DLM business, like I said, 20% of business comes from there . But we're also quite confident that Israel is actually a very resilient cou ntry. Of course, there is going to be sign ificant disruption in what we do in Israel, but we focus on our employees and their families are really safe.

Thank you very much for your support, ladies and gentlemen, and taking the time out to be here this evening. As you know, we are facing some very uncertain times in the world with some of the geopolitical issues that are going on, but I want to assure you that we've built a very robust portfolio and also we've built a very de-risked portfolio as many of you know, while we've had some challenges in aerospace previously, there were other businesses like comms that picked up and now that there are challenges in communications, aerospace is really picking up this time. So, I just want to also highlight that we feel quite confident that we've built the de-risked portfolio, and as Karthik has said, there is some very good visibility towards the guidance that we are providing. So , thank you very much for all the support that you have provided. I also understand that it's been a busy couple of days with a lot of other calls, but may I just take a moment to invite you to our Investor Day, which will now be held on 8th December 2023 in Hyderabad. It will be an all-day session for those of you who have attended our previous investor days, you will recall that it is a great platform to understand our evolution, performance, aspiration and execution plan. On behalf of the entire Cyient team, may I extend our warm invitation to all of you to join this event. It will be our pleasure to host you at the event and hear your perspective and feedback. Our team will be in touch with you to coordinate the logistics. Thank you once again. I look forward to seeing you in December.