Maintain BUY with TP of Rs 1,990, at 22x FY20E-EPS (20x earlier) supported by improving FCF ahead (FCF/APAT at 89/96% for FY19/20E) and RoIC of ~50%. L&T; Infotech (LTI) posted a strong all-round performance. Revenue came at USD 320mn, 5.1/22.9% QoQ/YoY in CC terms and continuity in acceleration compared to 10.0/14.7% growth in FY17/18. Growth was led by large accounts with top-5 (36.6% of rev) growth at 7.6% QoQ and >75% of incremental growth.