CYL expects Q2FY21 revenue to see QoQ growth and expects low-to-mid-teens YoY decline for FY21. Currently, it has a relatively more positive outlook for DLM. With the cost saving initiatives it expects sharp improvement in EBIT margin to 9%+ in H2FY21. We factor Q1FY21 beat and increase FY21/22 revenue forecast (in US$) by 5.5%/6.9% and EPS by 9.7%/10.2%. Given the improvement in growth outlook, we increase our target PER to 10x (vs. 8x earlier) i.e., ~30% discount to the median PER of 13.8x in the...