In Q4FY18, LTI has secured 2 large deals with net new TV of US$50 mn+. Reported EBIT margin declined by ~210bps QoQ to 12.8%. This included impact of -310bps one-time commercial settlement with a client. Excluding the same, EBIT margin was up 95bps QoQ to 15.9%. Raise TP to Rs1,711 based on 20x FY20E; Downgrade to HOLD We are very confident of LTI's ability to drive a 34% CAGR over FY18-20E in digital solutions. We believe this would enable it to grow faster than the industry and at revenue CAGR of 15.1%. M&A; would provide upside trigger to our forecast....