CYL's Q4FY20 consolidated revenue was in-line with our forecast, however, EBIT margin and EPS was a miss. Consolidated revenue of US$149.2 mn declined by 3.9% QoQ mainly on account of a 5.6% QoQ decline in Services business (88.7% of revenue). Consolidated EBIT margin declined by 120bps QoQ at 8.4% vs. our forecast of 8.9%. Recurring EPS of Rs6.9, declined by 30%/59% QoQ/YoY. CYL expects both services and DLM business to see a sharp QoQ decline in Q1FY21 due to the impact of Covid-19. It expects Aerospace & Defense vertical to be impacted the most. However, it expects stability in Q2FY21....