CyanConnode has released interim results for the period ending September 2022 in-line with full-year estimates, leading us to keep forecasts unchanged. Revenues will be weighted towards H2/23E as shown by Q3/23E revenues being on course to be at least 3x higher than H1/23A. Q4/23E revenue is expected to be c2x that of Q3/23E revenues, which aligns with Q4 consistently being the busiest quarter each year as there is a flurry of activity before the 31 March year-end for Indian companies. Since we ....
