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Dolat Capital
Infosys (Accumulate)
CMP: ₹3,888.95
Target: ₹4,465
We believe CEO Dr Sikka has helped in loads of confidence restoration through its commentary on its positive interactions with all stakeholders (partners/ clients/ employees), 100 per cent variable payout for entire workforce in Q2. We believe the strong volume growth (3 per cent q-o-q), better outlook (commentary and total contract value of $600 million), improved trajectory (management has indicated better H2 over H1) and resilient OPM at about 25 per cent would help Infosys in its efforts on confidence restoration and would mean possible frequent upgrades as it keep on delivering in line with its achievable aspiration on improved volume/ profitability.
Infosys reported strong revenue growth of 3.2 per cent q-o-q at $2.2 billion (reported currency revenues at ₹13,300 crore — DE at ₹13,200 crore). We have broadly maintained our estimates with a revenue/earnings CAGR of 14 per cent/16 per cent over FY15-17E. Infosys reported strong revenue growth of 3.2 per cent q-o-q at $2.2 billion (reported currency revenues at ₹13,300 crore — DE at ₹13,200 crore).
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