Siemens (SIEM)'s 2QFY21 revenue growth of ~28% YoY suggests gradual recovery as the two-year revenue CAGR came in flat. Gross margins contracted YoY, while EBITDA doubled aided by lower employee costs (11% YoY) and other expenses (-33% YoY). Adjusted for strong cuts in other expenses (7.3% of sales v/s 13.8% in 2QFY20), the margin trend seems to be under pressure and needs monitoring over the next 12 quarters. Other income declined 33% YoY to INR540m, despite a healthy cash balance,...