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ICICI Securities Report
Revenue growth (up 4.7% quarter-on-quarter, constant currency) and normalised Ebit margin (12.6%) were ahead of our estimates.
Sequentially, growth was driven largely by design-led-manufacturing while strong operational improvements in services business led around 140 basis points Ebit margin expansion.
Within services, aerospace and defence and energy and utilities fared well. Strong increase in order intake ($238 million, around 22% QoQ) came as a surprise.
This strength seems to reflect structural changes the company had undertaken in the recent past.
For FY22, the outlook of double-digit growth in services and 20% in DLM was maintained.
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