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Jun 08, 2012, 10.47 PM IST
HSBC says has met Infosys management and was told the Indian software services exporter is "on track" to achieve April-June quarterly guidance of USD top-line growth of 0-1% quarter-on-quarter and 6-7.1% year-on-year.
HSBC says Infosys management has said banking and financial services remain "laggards" in the current quarter, while telecom, manufacturing, and healthcare and life sciences remain "weak." Infosys management has indicated retail "continues to grow strongly." HSBC says Infosys earnings may come under pressure for the 2012-13 year, because of disadvantageous exchange rates between the U.S. dollar vs the euro, the Australian dollar and the British pound. On the other hand, weaker rupee vs dollar would provide upside to earnings, HSBC says, adding management has told them "a large part" of the benefits would be shared with employees as bonuses or invested into initiatives. Overall, HSBC says remains "neutral" on Infosys. Adds rupee weakness, low valuations and low expectations could make stock "compelling" in near-term, but longer trend is negative for the IT sector because of a changing growth profile and a lack of catalysts. Infosys shares fell 2.2%.
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