Sharekhan's research report on Infosys
Reported revenue stood at $4,939 million, up 1.7% q-o-q in constant currency (CC) terms, beating our estimate of $4,876 million. EBIT margins improved ~20 bps q-o-q to 21.3 %, beating our estimates. Company closed 17 large deals with TCV of $2.5 billion, up ~3% q-o-q/down 27% y-o-y. FY25 revenue growth guidance raised to 4.5-5% from 3.75-4.5% % in constant currency terms, while maintaining OPM guidance for FY25 at 20-22%.
Outlook
We maintain Buy with an unchanged PT of Rs. 2,270. At CMP, the stock trades at 30/27.5x/24.7x its FY25/26/27E EPS.
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