Maintain BUY with a TP to Rs 790, implying 16x Dec-20 earnings. Cyient delivered weak performance in 3QFY19 on revenue front while margin expansion was a positive. Revenue at USD 165.1mn was down 2.2% QoQ, -1.5% in CC (vs our est. of USD 168.1mn). Services (88% of rev, -0.2% QoQ CC) growth was below expectation while DLM (12% of rev, -10.3% QoQ) fall was less than expected. Aerospace & Defence (34.3% of rev, +0.5% QoQ) has been stable in a seasonally weak quarter.