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Cyient is trying to turn around by cutting costs, rejigging verticals. But legacy issues are a drag. - TechiLive.in

Cyient is trying to turn around by cutting costs, rejigging verticals. But legacy issues are a drag.

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BVR Mohan Reddy, executive chairman, Cyient

Synopsis

To get the company growing again, new COO Karthikeyan Natarajan has prioritised verticals and merged units to optimise asset use. But Cyient is disproportionately dependent on a few clients, and on the aviation sector. The company is still building capabilities in sectors that are driving growth in engineering R&D. Will it be able to overcome the handicaps?

In July 2019, Cyient executive chairman BV Mohan Reddy was in an unenviable position. Successive quarters of weak performance had culminated in a terrible first quarter of FY20. In his address to analysts during post-earnings conferences, Reddy would typically list the highlights of the quarter, but there were none for that quarter. He told analysts that he was rephrasing it to “lowlights”.The company’s revenue had dropped, its margins had

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