Cyient posted revenue of US$ 118.4mn (up 3.6% QoQ, 4.2% CC), which was below our estimate by 1.6%. The services business continues to falter and is down 0.1% QoQ (USD terms). We believe Rangsons? lower profitability and predictability will lead to Cyient stretching margin levers at cost of revenue. Retain SELL with a revised TP of Rs 558 (Rs 528) at 13x one-year forward rolling EPS