We maintain our conviction on LTTS based on (1) Preferred pick in ER&D on diversified vertical mix (low concentration risk) and niche position in Process Industry and Industrial products, (2) At an inflexion point with stability/recovery expected in Telecom & Hi-tech vertical, (3) Strong account mining engine with T30 program (>USD 10mn client bucket had 3 additions QoQ). Expect USD rev/EPS CAGR at 12.5/15.2% over FY19-22E factoring USD rev growth at 10.1/12.2/15.1% and EBIT% at 17.1/17.0/17.5% for FY20/21/22E, respectively. Key risk continues to be macros, trade war escalation (Industrial products vertical). We maintain our BUY on L&T; Tech (LTTS) based on in-line performance, growth bottoming-out in 3Q on strong wins/pipeline and expectation of stability/recovery in Telecom & Hi-tech vertical. Our TP of Rs 1,790 implies 18x Dec-21E EPS (marginal EPS est change).