We maintain BUY with a TP to Rs 570, implying 13x FY19 earnings. Cyient 1QFY18 numbers were muted led by steep fall in Design Led Manufacturing (DLM) business (~9% of revenue, -26% QoQ), however revival in core IT services (+3.3% QoQ) was encouraging. Management remains optimistic about Cyients growth prospects. It has reiterated its guidance for double-digit growth in the core business, 20% YoY growth in DLM and a 50bps margin expansion despite rupee appreciation.