Maintain NEUTRAL with a TP of Rs 805, 15x Sep-19E EPS. L&T; Technology (LTT) posted strong revenue numbers (large accounts-led), while operating performance was in-line with estimates. Revenue came in at USD 139mn, 9.1% QoQ (5.6% organic), supported by strong growth in the Top-5 accounts (60% of incremental sequential growth in 2Q). EBITDA% came in at 15.3%, -2bps QoQ (15.5% est.), supported by lower SG&A;, which offset the negative impact of high onsite growth. APAT came in at Rs 1.1bn, 12.3% QoQ.