Cyient delivered better revenue growth in Q4FY18. Revenue grew by 12.8% YoY, largely on account of strong growth in Design Led Manufacturing (DLM) business. EBITDA margins was at 14.1% (down 50bps QoQ), impacted by lower utilisation (down 190bps). Adj. PAT grew by 16% YoY on the back of better margins and revenue growth. Management remains optimistic about Cyient's growth prospects. They guided double-digit growth in the core business, ~35% YoY growth in Design Led Manufacturing (DLM) but guided flat margins for FY19E. Revenue and PAT to grow at 14% and 17% CAGR respectively over FY18-20E led by double digit growth in core IT services and higher participation from DLM business....