We maintain BUY with a TP to Rs 755, implying 15x FY20 earnings. Cyient delivered strong revenue growth in 4QFY18 but disappointed on margin front. Revenue at USD 164.6mn was up 8.3% QoQ (higher than our est. of USD 163.3mn, +7.4%) led by strong growth in DLM (13% of rev, +81% QoQ). Core IT services (87% of rev, +2.0% QoQ) growth was below expectations.