Hardman & Co Research: CyanConnode (CYAN): Major new contracts in India and Africa

Hardman & Co Research: Major new contracts in India and Africa

CyanConnode has this week announced two major new orders, one in India, for 152,000 smart meter modules, and the other in Africa for 100,000 modules. Both are plus associated gateways, software licences and maintenance for full Advanced Metering Infrastructure (AMI). In India, the customer is a new one for CyanConnode, while the prime contractor is Schneider Electric (Schneider), one of the largest global manufacturers of infrastructure platforms. The details of the African contract remain confidential. 80%-90% of revenue for both contracts is expected to be recognised in the first two years, leading to upgrades to our FY'22 estimates.

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