LTI's strong pedigree is reflected in its (1) Marquee account base (66 in F-500), (2) Strong client mining (supported by ADEA and Minecraft programs), (3) Sub-vertical strategy (eg insurance), (4) BFS scale-up (Temenos alliance) supported by acquisitions, and (5) Leading margin/return metrics vs. peers. Strong pipeline and order book, large deal wins with traction in core modernization projects provides visibility. Expect rev/EPS CAGR of 12/9% and upside to current valuations (currently at 16x FY21E). Key risks include INR appreciation and sustained slowdown in BFS (top account). We maintain BUY on L&T; Infotech (LTI) post a slight miss in 4QFY19. Pipeline, order wins (ex-top a/c) provide growth visibility. Our TP at Rs 2,095 is based on 20x FY21E EPS.