Buy Infosys; target Rs 3103: Maximus Securities

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Buy Infosys; target Rs 3103: Maximus Securities

Maximus Securities is bullish on Infosys and has recommended buy rating on the stock with a target price of Rs 3,103 in its January 13, 2012 research report.

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Maximus Securities is bullish on Infosys and has recommended buy rating on the stock with a target price of Rs 3,103 in its January 13, 2012 research report.

"Infosys, India's second largest software exporter, reported a strong 31% YoY rise in consolidated revenues to Rs 9,298 crore for the quarter ended December 2011. OPM rose by 50bps to 33.7%, mainly due to decrease in cost of sales which decreased by 30bps. Other Income jumped by 46% to Rs 422 crore. Net profit grew 33% to Rs 2,372 crore YoY. The company added 49 new clients against 45 new clients during the preceding quarter. The number of active clients also increased from 647 to 665 during the same period. The results were better than the guidance given for Q3FY12 and were at par with market expectations."

"Quarter ending March 31, 2012 Revenues are expected to be in the range of Rs 9,391 crore and Rs 9,412 crore; YoY growth of 29.5% to 29.8% Earnings per share (EPS) is expected to be Rs 42.12; YoY growth of 32.4% Fiscal year ending March 31, 2012 Revenues are expected to be in the range of Rs 34,273 crore and Rs 34,294 crore; YoY growth of 24.6% to 24.7% Earnings per share (EPS) is expected to be Rs 147.13; YoY growth of 23.2%."

"We upgrade our outlook for the fourth quarter revenues to Rs 9,403 crore with YoY growth at 30%. We believe that moderation in demand is temporary in nature and is only a push back. There has been no cancellation in spending from their major overseas clientele. The Company aims to focus on long term growth by investing in platforms & solutions. This will accelerate innovation, thereby enhancing returns for clients & delivering higher business value. Although, we see near term pressure on the stock price, we remain bullish and maintain a strong BUY with a target price of Rs 3,103," says Maximus Securities research report.

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