LTI reported a strong Q3FY20. Revenue grew by 8.3% QoQ in CC beating our street-high forecast of +5.7%. EBIT margin of 16.2%, improved 70bps QoQ vs. our forecast of 16.5% and EPS of Rs21.7, grew by 4.7%/0.1% QoQ/YoY. Digital solutions (41% of revenue) continued to lead the growth momentum and grew by 10.4%/26% QoQ/YoY in US$. LTI maintained the large deal momentum and has secured 2 large deals with net new TCV of US$75 mn+ in Q3FY20 (US$219 mn+ YTD). We finetune our FY20/21 forecast and introduce FY22 financials. We forecast revenue (US$)/EPS CAGR of 14.9%/17.1% over FY20-22. We rollover to FY22E and increase our...