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Infosys Ltd Research Report - 17th Jan 2017

IT | Published on Jan 17th 2017

IT

The Q3FY2017 result of Infosys was better than expected on the EBIT and Net Profit fronts. The company posted a 1.4% sequential de-growth in USD revenues to US$2,551mn v/s US$2,561mn expected. On Constant Currency (CC) terms, de-growth was 0.3%. The volume growth during the quarter was 0.2% qoq. On EBIT front, the company reported an EBIT margin of of 25.1% v/s 24.5% expected, up 20bps qoq. Consequently, PAT, came in at Rs3,708cr v/s Rs3,569cr as expected, a growth of 2.8% qoq. On guidance front, FY2017 revenue guidance was revised to 8.4% - 8.8% from 8.0% - 9.0% in constant currency. We maintain our BUY rating on the stock, with a Target Price of Rs1,249.

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CMP 1,038
Target Price 1,249
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)229,625.56
MCAP NSE (Rs in Cr)229,717.44
P/E (x)16.01
EPS (Rs.)62.46
BV (Rs.)280.37
Div Yield (%)2.43
FV (Rs.)5.00
P/BV (x)3.50
EV/Sales (x)3.16
EV/EBITDA (x)11.51

Shareholding Pattern (%)

Foreign57.0
Institution19.0
Promoter13.0
Public & Others10.0
Corporate1.0
Grand Total100.0

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