Hold Infosys; target of Rs 1040: ICICI Direct

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ICICI Direct’s research report on Infosys
Infosys reported strong Q1FY18 earnings with performance better  than our e stimates on all fronts. US$ revenues grew 3.2% QoQ to  $2,651 million ( o ur expectation: $2637 mn, 2.6% growth QoQ) Rupee revenues dec lined 0.2% QoQ to | 17,078 crore and was abov e  our | 16,995 crore estimates At 24.1%, EBIT margins declined 50 bps QoQ and w ere above our  23.6% and 100 bps decline estima te led by strong revenue growth Reported PAT of | 3,483 crore was above our | 3,415 cr ore estimate  led by revenue and margin beat.

Outlook

Moreover, sustaining the margins taking into account  rupee appreciation and increased onsite hiring  will be closely watched.  Hence, we  change our stance to  HOLD recommendation  and revise our target price to | 104 0 (15x FY19E).

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