Robust revenue growth of 14.2% YoY driven by large deals has given a sharp boost to L&T Infotech’s stock price. After the Q3FY20 results were announced, the sixth-largest IT firm hit an all-time high of Rs.2,003. But investors are not upbeat about EBIT margin contraction from 19.1% in Q3FY19 to 16% this quarter. Thus, after the initial euphoria, the stock lost steam and now trades at Rs.1,930. Still, the 29% rally over the past six months makes L&T Infotech one of the most expensive midcap IT stocks. It currently trades at 19x for FY21, whereas Mphasis and Mindtree trade at 13.8x and 18.5x, respectively, for FY21.