L&T Infotech (LTI) is a mid?cap IT Services company with revenue of US$ 887mn (FY16). Its business model is no different from any other large?cap or mid?cap IT Service companies. ADM accounts for 42.4% of its revenues ? with the share of new technology domains (ERD, Digital) much lower than the peers. It has high exposure to BFSI segment (47% of revenues) – while US/EU form 69.0%/17.4% of its revenues. The company has reported USD revenue CAGR of 12.1% over the last three years, with average EBIT margins of 17.5%.