Maintain BUY with TP of Rs 2,195, 22x Sep-20E and top pick in midcap-IT, supported by >50% RoIC and >4.5% FCF yield. L&T; Infotech (LTI) posted in-line revenue (Retail, CPG & Pharma and Energy & Utilities verticals-led) and better operating performance (higher utilisation and offshoring). Top accounts were steady (in-line with company avg on CC basis) and net-new deal wins continue to be strong (USD 55mn net-new TCV).