# CyanConnode “To See Many Years of High Double Digit Revenue Growth”, Bob Liao

- Link: https://www.directorstalkinterviews.com/cyanconnode-to-see-many-years-of-high-double-digit-revenue-growth-bob-liao/4121138264
- Published: 2024-01-12T09:41:45+00:00
- Author: Ethan Davis

**[CyanConnode Holdings](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)**(
[LON:CYAN](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l))
announced this week an order for 1m units, it is the largest order this financial
year to date. The contract will help underpin revenues for FY24 but, to a greater
extent, will support the Zeus Capital forecast for 111% revenue growth in FY25. 
CyanConnode is poised for many years of strong growth as it continues to win a significant
share of India’s scheme to implement 250m smart meters.

Bob Liao, Analyst at Zeus Capital talking about the order book and units delivered
said: “CyanConnode stated that its cumulative order intake has risen to 6.3m units
with 3.9m units in backlog. In comparison, the cumulative order intake was 5.3m 
and backlog was 3.2m after the last contract announcement on 10 October. Therefore,
cumulative units delivered have risen to 2.4m from 2.1m, indicating 0.3m units has
been delivered since 10 October, significantly adding to H2 FY24 revenue.”

When talking about the valuation of CyanConnode he said: “The potential of the Indian
smart meter market is far from being realised, particularly by subcontractors. To
date, tenders for 222m smart meters have been sanctioned and approximately 98m smart
meters have been awarded to prime bidders. We expect these orders to filter down
to orders for subcontractors such as CyanConnode soon. There is typically a delay
of a few months between the award of the contract to the prime bidder and the subsequent
award to subcontractors. We believe CyanConnode will see many years of high double
digit revenue growth.”

**CyanConnode Holdings Plc** ([LON: CYAN](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l))
is a world leader in the design and development of Narrowband RF mesh networks that
enable Omni Internet of Things (IoT) communications. With a wealth of expertise 
and experience in smart technology, the Group provides customers with long-range,
low-power, end-to-end networking solutions and high-performance applications that
help them enhance service delivery, improve business efficiency and save energy.

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