Arihant Capital’s research report on Infosys
Infosys (INFY) has reported robust Q3FY22 numbers, above our estimate on the revenue front, and raised growth guidance for FY22. Constant Currency Revenue growth +20.9% YoY/6.3% QoQ to (Mn USD) 4,250 against our estimate 4,124 (Mn USD).Infosys has reported consolidated revenue of INR 31,867 Cr, +22.9% YoY/7.7% QoQ in Q3FY22 against our estimate of INR 30,958 cr. Consolidated EBIT stood at INR 7,484 Cr, up by 13.6% YoY/7.3% QoQ against our estimate of INR 7,614 Cr. On the margins front, EBIT margin contracted by 193 bps YoY/ 7bps QoQ to 23.5% against our estimate of 24.6%. Consolidated PAT stood at INR 5,809 Cr, up by 11.8% YoY/7.2% QoQ against our estimate of INR 5,935 Cr. TCV of $2.53 Bn in Q3 against $2.15 Bn in Q2FY22. Raised revenue growth guidance to 19.5%-20.0%. (Expected 17.5- 18.5%).
We value Infosys at P/E of 28x to its FY24E EPS of INR 75.9, which yields a Target Price of INR 2,124 per share. We maintain our Accumulate rating on the stock.
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At 17:30 Infosys was quoting at Rs 1,897.00, up Rs 19.40, or 1.03 percent.
It has touched an intraday high of Rs 1,912.00 and an intraday low of Rs 1,867.55.
It was trading with volumes of 632,205 shares, compared to its thirty day average of 254,464 shares, an increase of 148.45 percent.
In the previous trading session, the share closed up 1.16 percent or Rs 21.55 at Rs 1,877.60.
The share touched its 52-week high Rs 1,914.00 and 52-week low Rs 1,230.00 on 03 January, 2022 and 24 February, 2021, respectively.
Currently, it is trading 0.89 percent below its 52-week high and 54.23 percent above its 52-week low.
Market capitalisation stands at Rs 797,805.73 crore.
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