We expect LTI to continue to outperform the sector and forecast FY17-20E revenue (US$) and EPS CAGR of 13.9% and 12.7% with an average RoE of ~29%. Our FY19/20 EPS is 6%/12% above consensus. Strong surplus cash of Rs19.4 bn in FY18E (~10% of CMP) augers well for M&A; which would provide upside triggers to our forecast. Excellent track record as regards large clients and deals LTI's Minecraft' program for account mining and ADEA' (Analytics & Digital in Every Account) has enabled it to drive growth in large clients. LTI already has 54 fortune 500 clients (5 added since Q1FY17) which provide its strong potential for growth. In...