Buy Infosys; target of Rs 1738: Religare Retail Research

Religare Retail Research is bullish on Infosys has recommended buy rating on the stock with a target price of Rs 1738 in its research report dated April 19 2024.

Broker Research

April 19, 2024 / 10:49 IST

Buy

26 Aug, 2025 12:21

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Religare Retail Research report on Infosys

Infosys reported decline in Q4FY24 constant currency revenue growth by 2.2% QoQ but YoY was flat. Its revenue in rupee at Rs 37,923cr, de-growth of 2.3% QoQ but a growth of 1.3% YoY while dollar revenue stood at USD 4,564mn, a de-growth of 2.1% QoQ but up by 0.2% YoY. Amongst Verticals, growth was led by manufacturing, Hi-tech, energy, communications & life science while its 40-41% of business driven by financials service & retail witnessed de-growth. Amongst geographies, Europe drove the growth while North America & India business were muted. For FY24, its revenue in Rupee grew by 4.7% YoY to Rs 1,53,671cr while revenue in dollar was up by 1.9% to USD 18,562mn and growth in constant currency was 1.4% YoY. The growth was driven mainly by the Europe region as well as manufacturing, retail, energy & life science segments.

Outlook

On a financial front, we expect revenue/ EBIT to grow by 3.5%/6.1% CAGR over FY24-26E as we have incorporated management guidance for FY25. We continue to maintain our Buy rating and a same target price of Rs 1,738.

For all recommendations report, click here