Cyient is a leader in Engineering Services with presence in diverse sectors such as Aerospace, Communications, Railways, Semi conductors etc. Inspite of seasonally weak quarter, company reported 4.4% constant currency growth in services (~90% of revenue) in Q3FY17. Management guided for double digit growth in services and DLM segment backed by strong pipeline and order backlog. We recommend hold rating with TP of INR598 (15x FY19E EPS). Strong growth in services revenue Cyient reported consolidated revenue growth of 7.6% YoY and 2% QoQ to INR 9833mn (US$ 152mn) in Q3FY18. Core services business continued with its strong performance and reported...