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Cyient Ltd. has guided an organic revenue growth of 13-15% in constant currency terms and another 14-15% due to acquisition in CC terms. The company expects strong growth in aerospace, defence, communication, mining and new growth areas (like automotive and healthcare) to drive this growth.
However, we believe that in the current macro it will be difficult to deliver such robust revenue growth and hence we expect Cyient to register 20% growth in FY23E and 15% in FY24E.
Hence, we have revised our revenue estimates downwards by 3% and 2% in FY23E and FY24E. In addition the company has guided normalised Ebitda margins of 16-17% in FY23E. However, we have conservatively built margin estimates.
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