Sharekhan's research report on Infosys
Revenue was strong at $4,894 million, up 3.1% q-o-q in constant currency (CC) terms, nearly in line with our estimate of $4,897 million. EBIT margins was flat q-o-q at 21.1%, missing our expectations of 21.3%. The company closed 21 large deals with TCV of $2.4 billion, down 41% q-o-q/68% y-o-y. FY25 revenue growth guidance raised to 3.75-4.5% from 3-4% in constant currency terms while maintaining OPM guidance for FY25 at 20-22%.
Outlook
We maintain Buy with revised PT of Rs. 2,270 (valuing at 30x Sep26E EPS). At CMP, the stock trades at 31/27.2x/24.3x its FY25/26/27E EPS.
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