Core Business Enthuses, But DLM Biz Plays Spoilsport Cyient's USD revenue declined by 0.3% QoQ to US$140.6mn in 1QFY18 vs. our estimate of 2.9% QoQ growth. However, core business showed a decent 3% QoQ growth, which comes on top of a 3.3% QoQ growth in 4QFY17. The core ENGG business grew by a solid 4% QoQ in USD terms, which comes on top of a 3.5% QoQ growth in 4QFY17. On the other hand, the DNO business clocked 1.7% QoQ growth in USD revenue (3% QoQ growth in 4QFY17). However, the DLM segment (Rangsons) has reported a disappointing 26.2% QoQ decline in USD revenue. On the positive side, on a YoY basis, DLM revenue grew 17.2%....