Maintain BUY with TP of Rs 1,500, 22x FY20E EPS. L&T; Technology (LTT) posted strong growth with revenue at USD 162mn, 7.5% QoQ (5.5% QoQ excluding the one-time revenue from Esencia IP sale). Growth was broad-based with Transportation vertical (30.8% of rev) leading the growth at 7.2% QoQ. EBITDA% came in-line at 15.5%, +22bps QoQ (16.1% adjusted for Rs 55mn one-off). Margin improvement was supported by better offshore-mix and higher utilisation (80.7% in 4Q).