Motilal Oswal's research report on Infosys
Analysis of the FY23 annual report of Infosys suggests that despite the adverse macros, enterprises continue to re-evaluate their cost structure and strengthen their business resilience. Additionally, they are adopting technological investments to foster agility. Enterprises are shifting their attention toward improving the personalized experience for their customers and delivering distinct value propositions by introducing new products and services. Key spending areas include Cloud, Generative AI, Cyber Security, IoT, and Immersive Technologies. In this economic downturn, the company continues to maintain close proximity to its clients with its near-shore delivery capabilities and localization strategy.
Outlook
Despite near-term weakness, we expect INFO to be a key beneficiary of acceleration in IT spends in the medium/long term. The stock is currently trading at 18x FY25E EPS. We value the stock at 21x FY25E EPS, implying a TP of INR 1,520.
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