We recently attended L&T Infotech\u2019s (LTI\u2019s) analyst meet. Key takeaways: (i) structural shift underway in the industry from legacy to digital transformation spends, wherein LTI enjoys early-mover advantage; (ii) the company is strengthening efforts to drive growth in under-penetrated verticals like life sciences, consumer packaged goods, etc; and (iii) its core businesses\u2014BFSI and energy & utilities\u2014continue to gain robust momentum. We expect the company to post industry-leading growth leveraging its capabilities in next-generation technologies. Execution remains strong with it winning large deals, adding marquee logos and effectively mining clients. We expect LTI\u2019s premium multiple to sustain owing to significant revenue growth outperformance. Retain Buy with target price of Rs 2,150 (22x FY20e EPS). Focusing on digital transformation and data We believe prescient investments in digital capabilities give LTI an early-mover advantage. This is exemplified by digital comprising 43% of deals. Management restated its value proposition of being a digital transformation partner and enumerated the capabilities it has built for this. It reiterated LTI\u2019s \u201coperate to transform\u201d model and highlighted occasions where it has helped clients digitally transform their businesses by leveraging technologies such as Machine Learning (ML), Artificial Intelligence (AI) and Blockchain. Effective client mining and large deal wins driving sales LTI\u2019s strategy of effective client mining and large deal wins, along with consistent brand building, has helped the company post industry-leading growth. It has won marquee logos and has already on-boarded 61 Fortune 500 companies (12 of which have been added in the past 10 quarters). We expect this momentum to be sustained. Outlook and valuations: Industry-leading growth; maintain \u2018BUY\u2019 We expect LTI to continue to deliver industry-leading growth due to superior digital transformation capabilities. We believe the company\u2019s strong fundamentals and high-growth prospects will continue to warrant a premium multiple. The stock is trading at 16.6x FY20e EPS. We maintain \u2018BUY\/SO\u2019 with target price of `2,150.