Cyient is struggling with issues such as (1) Stress in services portfolio, (2) Growth challenges in top accounts (3) Issues in core vertical (A&D), (4) Focus on lower margin DLM business and (5) Lower margins due to higher investments. There could be some recovery in performance (both revenue and margins) but concerns related to slowdown in decision making, trade war risks and higher mix of legacy services remain. Cash generation and collections have improved. We expect USD revenue growth of -3.7/+4.2/+7.2% and EBIT% of 10.0/11.5/12.1% for FY20/21/22E. The stock trades at reasonable valuation of 11.0x FY21E, which is at a steep ~60% discount to LTTS. Re-rating will only happen with growth visibility and better execution (margin). Risk to our thesis includes better US/Europe macro and INR depreciation. We maintain NEU on Cyient post weak 3Q. Services revenue was below estimate while margin performance was inline. Some margin improvement is expected in FY21E but growth in core verticals remains challenged. We have increased EPS est. by 1.0/0.8% for FY21/22E and our TP of Rs 490 is based on 11x Dec-21E EPS.