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Nov 22, 2011, 03.30 PM IST | Source: Moneycontrol.com

Buy Infosys; target Rs 3214: Firstcall Research

Firstcall Research is bullish on Infosys and has recommended buy rating on the stock with a target price of Rs 3214 in its November 04, 2011 report.

Firstcall Research is bullish on Infosys  and has recommended buy rating on the stock with a target price of Rs 3214 in its November 04, 2011 report.

"Infosys Ltd. has reported net profit of Rs 19060.00 million for the quarter ended on September. 30, 2011 as against Rs 17370.00 million in the same quarter last year, an increase of 9.73%. It has reported net sales of Rs 80990 million for the quarter ended on September. 30, 2011 as against Rs 69470 million in the same quarter last year, a rise of 16.58%. Total income grew by 17.63% to Rs 84860 million from Rs 72140 million in the same quarter last year. During the quarter, it reported earnings of Rs 33.32 a share."

“During the quarter, Net sales rose by 16.58% to Rs 80990 million from Rs.69470.00 million in the same quarter last year and the Total Profit for the quarter ended September 2011 was Rs. 19060.00 million grew by 9.73% from Rs.17370.00 million compared to same quarter last year. The basic EPS of the company stood at Rs. 33.32 for the quarter ended September 2011 from Rs. 30.37 for the quarter ended September 2010."

"At the current market price of Rs. 2845.00, the stock is trading at 19.85 x FY12E and 17.52 x FY13E respectively. Earning per share (EPS) of the company for the earnings for FY12E and FY13E is seen at Rs.143.30 and Rs.162.36 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 20% and 14% over 2010 to 2013E respectively."

"On the basis of EV/EBITDA, the stock trades at 14.41 x for FY12E and 12.69 x for FY13E. Price to Book Value of the stock is expected to be at 4.76 x and 3.74 x respectively for FY12E and FY13E. We expect that the company will keep its growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of Rs 3214 for Medium to Long term investment, says Firstcall Research report.

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