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ICICI Direct Report
Cyient Ltd.'s Q1 FY22 was marred by supply issues due to Covid-19.
Total 10% of the manpower was impacted by Covid-19 during the quarter. $3 million revenue was impacted due to this.
Adjusted for this, services would have reported 2.3% QoQ growth.
The company has given wage hike during the quarter, which had an impact on margins (176 basis points impact), which was offset by operational efficiencies (up 93 bps) and savings in selling, general and administrative expenses (up 176 bps).
Performance in April and May was weak but it has bounced back in June 2021.
Cyient expects a U-shaped recovery in aerospace, which, as per the management is at the bottom. It will take four to six quarters for growth to return.
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