Cyient Q4 Review - Re-Rating To Continue On Double-Digit Services Growth In FY22: Motilal Oswal
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Motilal Oswal Report
Cyient Ltd.’s Q4 FY21 revenue growth at 6% quarter-on-quarter in U.S. dollar terms (in line with our estimate) was led by a 16.4% increase in design-led manufacturing (seasonal rebound in aerospace and defense) and 3.7% QoQ (2.5% QoQ organic) growth in the services business.
The management guided at double-digit growth in FY22 (DLM to grow over 20% YoY), despite a decline in 1QFY22, on seasonality in DLM.
Services is expected to post double-digit growth in FY22.
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