Cyient posted rev of US$ 118.4mn (flat QoQ, 0.2% CC), below our est by 3%. The core biz continued to falter, with rev down 0.1% QoQ (USD terms). We believe the company could face growth headwinds in the key aerospace biz (new programs falling), as well as issues in off-highway equipment (mining), semiconductor and energy (totally ~53% of rev).