Maintain BUY with TP of Rs 2,030, at 22x Dec-20E. L&T; Technology Services (LTTS) reported strong revenue and operating performance, in-line with expectations and increased its FY19E rev guidance to 24% (21% earlier). A blip emerges with decline expected in a large account in FY20E. However, growth outlook is a robust mid-teens for FY20E with improvement in margins (CC terms), supported by continuity in strong deal momentum and a robust pipeline. Revenue came at USD 185.7mn, 4.8/23.0% QoQ/YoY and EBITDA% stood at 18.4%, +28bps QoQ.