Maintain BUY with a TP to Rs 850, implying 16x Sep-20 earnings. Cyient delivered strong performance in 2QFY19, both on the revenue and margin front. Revenue at USD 168.9mn was up 5.0% QoQ and 6.5% CC (higher than our est. of USD 166.6mn) led by strong DLM (14% of rev, +27% QoQ). Services (86% of rev, +3.5% QoQ CC) growth was in-line with expectations. Communication (+4.5% CQGR) & Transportation (+6.0% CQGR) are fueling growth while the largest vertical, Aerospace & Defence (+1.7%) growth will pick-up from 4QFY19E.