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ICICI Direct Report
Cyient Ltd. reported a decent set of Q2 FY21 numbers.
Dollar revenues increased 3.4% QoQ (1.3% in constant currency terms) led by 1.7% QoQ growth in services revenues and 13.3% QoQ growth in design-led manufacturing revenues.
The growth in services revenues was led by communication (28.4% of revenues), up 7.7% QoQ and transportation (14.3% of revenues) up 21.6% QoQ, partially offset by a decline in aerospace and defence (27% of revenues), down 11.5% QoQ and semiconductor, Internet of Things and analytics (5.3% of revenues) down 2.3% QoQ.
In terms of margin, services Ebit margins increased 542 basis points QoQ to 12.2% led by higher utilisation, lower subcontracting cost and lower restructuring cost.
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