Upgrade LTT to BUY with TP of Rs 1,130, 18x Dec-19E EPS (17x earlier). L&T; Technology Services (LTT) posted strong revenue growth, supported by ramp-up of large deals (Hi-Tech vertical). Revenue came at USD 151mn, 8.3% QoQ CC led by robust growth in top accounts (Top-10/20/30 accounts grew 12.2/11.3/10.5% QoQ). EBITDA% stood at 15.3%, +7bps QoQ as wage increase (-120bps impact) and other expense increase (sub-con and software expense impact of -183bps) was offset by sharp increase in utilisation (+270bps QoQ). APAT came at Rs 1.16bn, 5.9/7.2% QoQ/YoY (adjusted for non-recurring licence sale).