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Prabhudas Lilladher Report
Cyient Ltd. reported revenue growth of 4.6% QoQ U.S. dollar (our estimate: 5.2%, consensus: 4.8%).
Revenue tad below estimates due to lower growth in services (4.5% QoQ U.S. dollar) caused by decline in communication (down 4.1% QoQ U.S. dollar) and flattish QoQ growth in rail transportation.
Portfolio (11.7% QoQ U.S. dollar) and utilities (up 27.4% QoQ U.S. dollar) reported strong growth.
Design-led manufacturing business reported growth of (up 5.4% QoQ U.S. dollar).
Cyient is confident of growing double digit in FY22 in services with growth momentum continuing in Q3.
Management mentioned that engineering research and development is at the cusp of secular growth with strong demand from digital transformation, hyper-connectivity, 5G.
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