Cyient posted a healthy 8.3% QoQ USD revenue growth in 4QFY18 led by DLM business (+81% QoQ), while core services business grew by 2% QoQ. From vertical perspective, Semiconductor (+7.5% QoQ) and Communications (+11%) that saw robust growth. With 1.8% QoQ decline in USD revenue, Aerospace remained subdued. Within the core services business, while DNO revenue surged by 5% QoQ in USD terms, ENGG revenue remained flattish. A positive is a healthy outlook for FY19E, with the Management guiding for double-digit revenue growth in core services business (in-line with FY18 growth), 20% growth in DLM (35% growth including B&F; acquisition) and flattish EBITDA margin, implying healthy double-digit growth in absolute EBITDA. Tax rate is...