Motilal Oswal Suggests Mid Cap Multibagger IT Stock To Buy, Q2 Net Up 132%

Motilal Oswal has recommended investors to buy mid cap IT Software sector stock Cyient Limited with target price of Rs 1980 per share. Current market price of Cyient share on BSE is Rs 1893.80 per share with intraday gain of 2.04%. Cyient shares offered 132% return year-to-date. If you buy Cyient stock at currnt market price of Rs 1893.80 apiece, you can fetch potential gain of 4.55%. In last 12 months Cyient announced an equity dividend amounting to Rs 28.00 per share. Check details below:

Cyient Limited Stock Performance & Return: The stock's 52-week high price is Rs 1945.45 per share and 52-week low price is Rs 765.05 per share, respectively. The company has a market capitalisation of Rs 20,978.69 crore. Cyient shares offered return of 44% in last 6-months, rose 134% in last 1-year, surged 286% in last 3-years, and offered return of 205% in last 5-years.

Cyient Q2: The IT services firm declared its consolidated net profit at Rs 183.6 crore, up 132.11% for the quarter ending September FY 2024 as against Rs 79.1 crore in the corresponding quarter of last year. The company for the quarter ended September 2023 declared its revenue at Rs 1778.5 crore, up 27.38% YoY as against Rs 1396.2 crore declared last year. Its revenue for the FY24 June quarter was Rs 1686.5 crore. Cyient's EBIT margin surged 14.6%, up 272 bps from 11.9% last year. The company declared that it bagged 5 big deals in the DET (Digital, Engineering & Technology) business with a total contract potential of $51.4 million in the quarter, as per the BSE filing.

Cyient Dividend For FY 2023-24: As per the BSE filing issued on October 19, "This is to inform that the Board of Directors of the Company has declared an interim Dividend of Rs. 12/- per equity share (i.e.240%) on par value of Rs. 5/- per share for the financial year 2023-2024. Further, this is to inform that 1 November 2023 is fixed as the record date for the above purpose and the dividend will be paid by 15 November 2023."

Cyient About: Cyient is a global Engineering and Technology solutions company. It collaborates with its customers to design digital enterprises, build intelligent products and platforms and solve sustainability challenges.

Disclaimer:

The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.