4.2% QoQ growth in Services was a significant beat to our estimate of -0.7% QoQ, especially given the aggravated seasonal weakness CYL faces. A 23% QoQ decline in Rangsons to USD12m was led byan order getting pushed to 4Q, weighing upon overall growth, which at 1.3% QoQ was still above estimates. EBITDA margin at 14.6% was steady, as strong growth provided support. The operational beat resulted in PAT of INR1,086m, a beat of 20% to our estimate. Growth was broad-based, with seven out of eight service units growing in double-digits YoY (11-44% YoY). With this momentum expected to continue into 4Q and no foreseeable threats to existing trajectory even in the next year, CYL should be able to clock 13% YoY growth in Services in both FY18 and FY19. This expectation gets further cemented by 17% YoY growth in the order book in 9MFY18. Although Rangsons saw a steep decline in 3Q, the guidance of 20% volume growth in FY18E was maintained, implying ~USD22m revenue in 4Q