We believe that this will not have any impact on business from UTC group. We also believe that the stake sale is likely to be a investment decision. We remain confident of Cyient achieving its FY18 guidance of a double digit growth for the services business, 20%+ growth in DLM. Our forecast factors FY17-19E revenue (US$)/EPS CAGR of 13%/13.9%. We maintain BUY and TP of Rs598 based on PER of 14x FY19E. Key Highlights and Investment Rationale UTC group has been and remains an strategic customer for Cyient...