Cyient Q2 Review - Strong Margin Outlook To Drive Further Re-Rating: Motilal Oswal
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Motilal Oswal Report
Cyient Ltd.’s Q2 FY22 revenue grew 4.6% QoQ in U.S. dollar terms (moderately higher than our estimate of 4% QoQ growth).
This was led by broad-based growth in services (up 4.4%) and design-led manufacturing (up 5.4%).
The recent acquisition of Workforce Delta contributed 0.7% to services revenue in Q2 FY22.
Cyient's management retained its double-digit growth guidance in FY22 in the services business, while design-led manufacturing growth is expected to be 15– 20% (versus the 20% growth guidance earlier).
Within the services business, growth in aerospace (4% QoQ) and utilities (27% QoQ) drove performance, partially offset by decline in communication (down 4% QoQ).
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