Cyient Q1 Review - Double-Digit Growth In Services To Drive Re-rating: Motilal Oswal
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Motilal Oswal Report
Cyient Ltd.’s Q1 FY22 revenue de-grew 4% QoQ in U.S. dollar terms (in line with our estimate).
This was led by 20% QoQ decline in the design-led manufacturing business (on negative seasonality) and a flattish performance in the services business.
The $3 million impact during the quarter was attributable to supply-led issues.
Cyient's management retained its guidance for double-digit growth in the services business and 20% YoY growth in the DLM business in FY22.
Within the services business, growth in utilities (4.4% QoQ), aerospace (2% QoQ), and communications (2% QoQ) was offset by decline in rail transportation (2.5% QoQ).
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