Cyient has reported a disappointing performance in 1QFY19, with its USD revenue declining by 2.3% QoQ (-1.4% in CC terms) to US$160.8mn (3.1% below our estimate). Core services revenue rose by 1.1% QoQ in CC terms (+0.1% QoQ in USD terms), while DLM business USD revenue declined by 17.8% QoQ owing to seasonality. However, on YoY basis, DLM surged by a healthy 52.6%. From vertical perspective (core services), Transportation (+4% QoQ in USD terms) and Semiconductor (+40.2% QoQ) saw robust growth, while Medical & Healthcare (-4.1% QoQ), Utilities & Geospatial (-12.1% QoQ) and Communications (-3.3% QoQ) dragged revenue. Segment-wise, ENGG saw a healthy 4% QoQ growth in USD revenue, while DNO revenue...