While CYL's Q2FY21 consolidated revenue growth of 3.4% QoQ in US$ was in-line with our forecast, EBIT margin improvement of a whopping 590bps QoQ to 11% was a big beat to our forecast of 9.2%. EPS of Rs7.6, +3%/-14.8% QoQ/YoY was also a beat. CYL expects growth to improve in H2FY21 and expects low-teens YoY decline in revenue for FY21. It expects DLM to grow faster than the services segment. Also, CYL is confident of Q4FY21 EBIT margin being similar to that in Q2FY21. We factor EBIT margin beat in Q2FY21 and increase our FY21/22 EBIT margin by 80bps/125bps to 9.2%/11.4% and also increase EPS by ~8% for both the years. We...