20 May 2020 Strong exit growth in FY20 coupled with healthy deal wins reiterates our confidence that L&T; Infotech (LTI) could be one of the few outliers reporting revenue/earnings growth in FY21. We keep our estimates largely unchanged and expect LTI to be a key beneficiary of the accelerated digital adoption in the post COVID-19 world. In 4QFY20, revenue (USD)/EBIT (INR)/PAT increased 16%/15%/13% YoY (v/s est. For FY20, Revenue (USD) / EBIT (INR)/PAT increased by 13%/1%/0% YoY. Reported growth (4.7% QoQ, CC) was stronger than our expectations (3%). Further, growth was broad-based across geographies and verticals. While RoW (18.1% QoQ, CC) growth was lumpy partly due to the low base, core geographies reported healthy growth despite the COVID-19 impact. Growth in the top-5 (-1% QoQ, CC)/Top-10 (2% QoQ, CC) accounts was weak due to the high base in Dec19. Overall growth during Mar20 was driven by (1) addition of new clients, and (2) mining/scaling up of small accounts.