CMP : 1,082
Target Price : 1,370
Infosys’ numbers for 1QFY2017 have come in lower than our expectations. Its
revenues grew 2.2% on a sequential basis to US$2,501mn (V/s US$2,548mn
expected); the growth was mostly volume led. In INR terms, revenues came in at
`16,782cr (V/s `17,072cr expected), up 1.4% qoq. In constant currency (CC)
terms, sales grew 1.7% qoq. On the oper..