LT 3QFY20 performance would have been classified as minor disappointment but for the positives on maintaining order inflow/rev growth guidance. Prospect pipeline for 4QFY20 at Rs 3tn remains robust. With LT win rate of 15% we are looking at Rs 450bn project order inflow (ex Rs 150bn services inflow). Resumption of AP orders, lifting of NCR construction ban and normalization of Mumbai coastal road project shall drive 4QFY20 revenue growth. Total slow moving orders (AP/Maharashtra, now moving into execution from 4QFY20) are ~Rs 350-400bn. NWC may have peaked at 23.5% and is likely to reduce with improving financial liquidity. LT remains a well diversified play on investment recovery. We maintain BUY. Key risks- (1) Delays in government infrastructure spend, (2) Delayed pickup in private sector spend and (3) Stressed payment cycles for government projects. We retain BUY on Larsen & Toubro (LT) despite Rev/EBIDTA miss (7.5/6%). Profit is inline, driven by lower tax rate. LT maintaining its growth/order inflow guidance vis-a-vis consensus expectation of a cut shall drive re-rating. Our SOTP of Rs 1,720 (vs Rs 1,703 earlier) is based on 22x Mar-21E EPS. Minor adjustments in execution and Mindtree consolidation has resulted in FY20/21E EPS upgrade by 0.32/0.53%.