Cyient DLM reports earnings for first time since market debut; stock zooms 8%

Shares of Cyient DLM Ltd zoomed over 8% in early trade after the industrial products firm reported its quarterly earnings for the first time since listing on bourses. Cyient DLM shares rose 8.62% to Rs 748 against the previous close of Rs 688.60 on BSE. Cyient DLM market cap climbed to Rs 5630.73 crore.

Cyient DLM shares opened higher at Rs 714.85 today. The share has gained 39% in three months. The firm saw 0.48 lakh shares changing hands amounting to a turnover of Rs 3.53 crore on BSE.

In terms of technicals, the relative strength index (RSI) of Cyient DLM stands at 58.7, signaling it's trading neither in the overbought zone nor in the oversold zone.

Cyient DLM shares are trading higher than the 5 day, 10 day, 20 day, 30 day and 50 day moving averages. Cyient DLM reported a 105.63% rise in quarterly profit to Rs 14.6 crore in the second quarter of the current fiscal against Rs 7.1 crore in the year ago period. The company's logged a profit of Rs 5.26 crore in the June quarter.

Cyient DLM logged a 77.67% rise in income at Rs 301.12 crore and 76.64% rise in its quarterly expenses to Rs 2,813.58 crore.

For the half year ended September 2023, Cyient DLM logged a 50% rise in net profit to Rs 20.12 crore. Income for the first half of this fiscal came at Rs 519.18 crore and expenses came at Rs 492.43 crore.

The shares of the electronics manufacturing services and solutions provider debuted at a premium of 52% on July 12. The company listed at Rs 403 on NSE, a premium of 52% against its issue price of Rs 265 apiece on the National Stock Exchange (NSE). The stock listed at a premium of 51% at Rs 401 on the BSE.

Cyient DLM offers end-to-end (E2E) manufacturing, assembly and repair capabilities and re-engineering services with a focus on sectors like aerospace, defence, medical, energy, railways and other industries.

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