Cyients delivered a muted quarter both on revenue and margin front due to continued stress in the Core engineering business (54% of revenue, -4.1% QoQ). Growth was largely fueled by Utilities, Geo & Comm (UGC) 2.0% QoQ and Rangsons (DLM) ( 10% QoQ). The management remains optimistic; guided for double digit growth in core business (ex-DLM) and 50% YoY growth in DLM.