How does patching work in SQL Server?
Ref:


Description of the security update for SQL Server 2014 SP2 GDR: January 16, 2018
Description of the security update for SQL Server 2014 SP2 CU10: January 16, 2018
ADV180002 | Guidance to mitigate speculative execution side-channel
vulnerabilities


On January 16, 2018 ADV180002 | Guidance to mitigate speculative execution side-channel vulnerabilities was released as a standalone patch. Build number 12.00.5214 and file version 2014.120.5214.6. This patch was applicable to servers with service pack 2 and no CU installed. Because there are shops who do not want install cumulative updates but still wants to install the security hotfix.

You can see it here. 



One the same day the same patch was released as CU10 for those who wanted all cumulative update since service pack 2. Build number 12.00.5571 and file version    2014.120.5571.0.

You can see it here. 




  Do I still need to apply meltdown patch for those servers with build
  2014.120.5532.0 or are they covered for meltdown.


Yes if you want to mitigate mitigate speculative execution side-channel vulnerabilities also know as Meltdown and Spectre.  In that case you will be applying CU10 which will include all updates you from 12.00.5532to 12.00.5571. Latest available update is CU14, build versin 12.00.5600.

As a side not MS-136 was also release with a non-CU and CU version.