SIEM's 1QFY21 revenue growth of 15% YoY suggests a gradual recovery, in line with the trend across peers. EBITDA grew 13% as EBIDTA margin declined 30bp YoY. Adjusted for strong cut in other expenses (5.6% of sales v/s 9.6% in 1QFY20), the margin trend seems to be under pressure and needs monitoring over next 1-2 quarters. Other income declined 33% YoY to INR570m, despite nearly 10% YoY increase in the cash balance, suggesting the impact of declining interest rate on excess cash on the Balance Sheet. Smart infrastructure and Digital Industries witnessed a strong rebound....