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Infosys - Q2FY21 Result Update - ICICI Securities

Posted On: 2020-10-16 00:25:33


Infosys reported healthy set of Q2FY21 numbers on the revenue and profitability front. Revenues increased 4.0% QoQ vs. our estimate of 3.3%. The company also reported healthy EBIT margin of 25.3% (vs. our estimate of 23.8%). Digital revenues increased 12.9% QoQ, 27.5% YoY and now account for 47.3% of overall revenues. The large deal pipeline increased 80.7% QoQ mainly due to addition of Vanguard deal. Further, Infosys has outperformed Tata Consultancy Service (TCS) in terms of revenue growth in YoY terms in which TCS' dollar revenues declined 1.7% YoY vs. Infosys, which increased by 3.2% YoY in Q2FY21. In terms of guidance, Infosys has revised its FY21E revenues guidance upwards from 0-2% YoY to 2-3% YoY & operating margin guidance to 23-24% from 21-23%.

Valuation & Outlook

Infosys has consistently outperformed TCS over the past few quarters and also narrowed the margin gap between the two companies. In addition, healthy deal wins are expected to help the company make steady improvement in financials in coming quarters. Digital acceleration, large deal wins vendor consolidation and cost rationalisation remain key long term drivers. Further, Infosys has maintained healthy cash flow generation and has a consistent dividend payout policy. We remain positive on the stock and maintain our BUY rating on the stock with a target price of Rs. 1350/share.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Infosys_Q2FY21.pdf

Shares of INFOSYS LTD. was last trading in BSE at Rs.1108 as compared to the previous close of Rs. 1136.1. The total number of shares traded during the day was 2663595 in over 41182 trades.

The stock hit an intraday high of Rs. 1185 and intraday low of 1093. The net turnover during the day was Rs. 3032792678.


Source: Equity Bulls

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