Moderate Capex Leads to Healthy Free Cash Flow Generation: During FY16, Cyient has recorded a cash balance of Rs.7741Mn (cash balanceincluding the liquid investments) after the four acquisitions made during FY15-FY16. Operating cash flow after adjusting the working capital changes, has picked up to 60.0% levels of EBITDA; it has witnessed 90.2% of EBITDA duringFY15. Cash per share has grown by 12.5% CAGR during FY12-FY16. Moderate capex (Capex/EBITDA multiple of 3.2x, 5.0x and 5.1x during FY16, FY17E and FY18E respectively) behind the healthy free cash flow generation.