Cyient's revenue grew by 6.8% QoQ and crossed US$150mn in 2QFY18, exceeding our estimate of 6.2% QoQ growth led by healthy 4.3% QoQ and 33.7% QoQ growth in core and DLM business, respectively. Consistency in core business growth metrics is heartening, in our view especially with 4.3% QoQ growth following 3% QoQ/3.3% QoQ growth in 1QFY18/4QFY17, respectively. While ENGG business grew by a solid 4.3% QoQ in USD terms (following 4% QoQ growth in 1QFY18), DNO business clocked a strong 4.2% QoQ growth in 2QFY18. The DLM business saw a robust 33.7% QoQ USD revenue growth, which is a healthy recovery after the steep 26% QoQ dip in 1QFY18. On a YoY basis, DLM rose by a strong 17.4%....