Dolat Capital's research report on Infosys
In the backdrop of an appreciating rupee and implementation of investments in sales, localization of workforce, and acquisitions to remain relevant, INFY’s margins have declined in almost all its business segments. Although there was topline growth and materialization of the deal pipeline into several large deals, ramping up these deals have not proved margin-accretive, as seen historically. The company completed several large acquisitions and has put the unsuccessful deals of the past behind.
Outlook
The management has said strategic investments will continue in FY20. Attrition also rose, as onsite opportunities fell.
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