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Last Updated : Oct 14, 2015 01:17 PM IST | Source:

Buy Infosys; target of Rs 1306: Angel Broking

Angel Broking is bullish on Infosys and has recommended buy rating on the stock with a target of Rs 1306 in its research report dated October 14, 2015.

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Angel Broking's report on Infosys

"Infosys posted better-than-expected results for 2QFY2015 on the top-line and net profit fronts, whereas the EBIT margin came in just in line with expectations. The company posted a 6.0% sequential growth in USD revenues to US$2,392mn V/s an expected US$2,339mn. Excluding the gains on termination of a contract, the company posted a 5.0% qoq growth in US$ terms. In Constant Currency (CC) terms, the company posted a 6.9% qoq growth in revenues. The EBITDA margin came in at 27.8% (V/s an expected 27.6%), an expansion of ~165bp qoq. The EBIT margin came in at 25.5%, just in line with our expectation, expanding by ~152bp qoq. Consequently, the PAT came in at Rs 3,399cr (V/s an expected Rs 3,345cr), a rise of 12.2% qoq. The revenue growth guidance in CC terms for FY2016 has been unchanged at 10-12% and dollar revenue guidance has been revised downwards to 6.4-8.4% V/s 7.2-9.2% earlier. The downward revision in US$ revenue growth guidance is to factor in the anticipated currency impact. We maintain our Buy rating on the stock with a target price of Rs 1,306", says Angel Broking research report.

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First Published on Oct 14, 2015 01:17 pm
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