Hold Infosys; target Rs 2450: ICICIdirect.com
ICICIdirect.com has recommended hold rating on Infosys with a target price of Rs 2450 in its research report dated July 12, 2013.
July 12, 2013 / 13:37 IST
ICICIdirect.com's report on Infosys
"Infosys reported Q1FY14 earnings, which were generally ahead of our and consensus estimates. Dollar revenues grew 2.7 percent QoQ (1.5 percent estimate) while those in constant currency grew 3.4 percent QoQ. Consolidated IT services revenues grew 3.4 percent led by volumes (up 4.1 percent). Gross margins improved 11 bps QoQ as margin headwinds from wage hikes were likely offset by tailwinds from rupee depreciation. At 23.6 percent, EBIT margins were in line with our 23.7 percent estimate. Net income was modestly higher (Rs 2,374 crore vs. 2,341 crore estimate) led by revenue beat and marginally lower taxes (26.8 percent vs. 27 percent estimate). Hold the stock with a target price of Rs 2450," says ICICIdirect.com research report. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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