LTI reported a strong Q4FY20. Revenue grew by 4.7% QoQ in CC beating our forecast of +1.9%. EBIT margin of 16.7%, improved 45bps QoQ, vs. our forecast of 16.2% resulting in EPS of Rs24.5, +13%/+12.2% QoQ/YoY, being a big beat to our forecast. LTI has maintained the large deal momentum in Q4FY20 with 2 deals with net-new TCV of US$113 mn (US$332 mn for FY20). As expected, LTI has guided for weakness in Q1FY21 (mid-single digit QoQ decline in revenue) and expects QoQ growth from Q2. We factor Q4FY20 beat and increase FY21/22 revenue (in US$) 1.7%/0.6% and EPS by 7.4%/6.2%. We forecast revenue (US$)/EPS CAGR of 9.4%/12.5% over FY20-22. We...