Hold Infosys; target of Rs 986: Geojit Financial Services

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Geojit Financial Services' research report on Infosys

Infosys reported a soft performance in Q4FY17 with consolidated net profit declining by 3% QoQ due to weak operating performance. Revenue also witnessed a decline of 0.9% QoQ reflecting slow pace of execution. However, dollar revenue grew marginally by 0.7% QoQ.

Outlook

We slightly toned down our revenue/PAT estimates for FY18E & FY19E by 2.7%/5.2% & 3.5%/6.1% to factor in lower growth estimates. Hence, we have slightly tapered down our target multiple from 14.5x (earlier) to 14x. Recommend HOLD with a revised TP of Rs 986 (earlier Rs 1,083).

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