4QFY2017 Result Update | IT

April 19, 2017

Infosys

BUY

CMP

`922

Performance highlights

Target Price

`1,179

(` cr)

4QFY17

3QFY17

% chg (qoq) 4QFY16

% chg (yoy)

Investment Period

12 Months

Net revenue

17,120

17,273

(0.9)

16,550

3.4

EBITDA

4,658

4,769

(2.3)

4,589

1.5

Stock Info

EBITDA margin (%)

27.2

27.6

31bp

27.7

39bp

PAT

3,603

3,708

(2.8)

3,597

0.2

Sector

Market Cap (` cr)

211,870

Source: Company, Angel Research

Net Debt (` cr)

(32,666)

For 4QFY2017 the results of Infosys were below expectations, on the sales front

Beta

0.7

the company has posted revenue of US$2,569mn v/s expectations of

52 Week High / Low

1,278/900

US$2,589mn, with 0.7% qoq growth. On CC (constant Currency) terms, the

Avg. Daily Volume

249,247

revenues have remained flat qoq. The volume growth during the period came in

Face Value (`)

at 1.2% qoq. On the operating margins front, the EBIT margin came in at 24.6%

BSE Sensex

29,319

v/s 24.6% expected. The PAT came in at `3,603cr v/s `3,708cr, a QoQ dip of

Nifty

9,105

2.8%. On guidance front, revenue guidance for FY2018 was given in the range

Reuters Code

INFY.BO

of 6.5-8.5% with EBIT margins expected to be in the range of 23-25%. We

Bloomberg Code

INFY@IN

maintain our BUY rating on the stock.

Quarterly highlights: In Rupee terms, revenues came in at `17,120cr v/s

Shareholding Pattern (%)

`17,244cr expected, down 0.9% qoq. In terms of the geographies on CC terms,

Promoters

12.8

USA posted 1.2% qoq growth, while Europe posted a dip of 1.6% qoq. India and

MF / Banks / Indian Fls

19.6

ROW posted a dip of 6.9% and 1.3% qoq respectively. In terms of Industries,

FII / NRIs / OCBs

56.9

ECS posted a qoq growth of 2.8%, while FSI posted a qoq growth of 0.5%. The

Indian Public / Others

10.7

verticals which posted dip were RCL, which dipped by 3.1 qoq growth, while

MFG & Hi Tech posted a flat qoq growth. On EBIT front, the company posted an

EBIT of 24.6% v/s 24.6% expected, down 49bps qoq. Consequently, PAT came in

Abs.(%)

3m 1yr

3yr

at `3,603cr v/s `3,708cr expected, recording de-growth of 2.8% qoq.

Sensex

7.6

13.6

29.6

Infosys

(3.0)

(25.5)

15.7

Outlook and valuation: For FY2018, Infosys has given the revenue growth

guidance in the range of 6.5-8.5% in CC terms, while EBIT is expected to be

around 23-25%. While the margin guidance is lower, a major part of the same is

on the back of the currency appreciation & proposed increase in onsite capacity

3-year price chart

to mitigate any potential regulatory headwinds. We maintain our BUY rating on

1,400

the stock.

1,200

Key financials (Consolidated, IFRS)

1,000

Y/E March (` cr)

FY2016

FY2017

FY2018E

FY2019E

800

Net sales

62,441

68,484

73,963

80,619

% chg

17.1

9.7

8.0

9.0

600

Adj. net profit

13,491

14,353

14,785

15,916

400

% chg

9.4

6.4

3.0

7.7

EBITDA margin (%)

27.4

27.2

26.0

EPS (`)

59.0

62.5

64.4

69.3

Source: Company, Angel Research

P/E (x)

15.6

14.8

14.3

13.3

P/BV (x)

3.4

3.1

2.8

2.6

RoE (%)

21.8

20.8

19.7

19.6

RoCE (%)

20.7

20.3

20.1

20.4

Sarabjit kour Nangra

EV/Sales (x)

2.8

2.6

2.3

2.0

+91 22-39357800 Ext: 6806

EV/EBITDA (x)

10.3

9.5

8.7

7.8

[email protected]

Source: Company, Angel Research; Note: CMP as of April 18, 2017

Please refer to important disclosures at the end of this report

Infosys | 4QFY2017 Result Update

Exhibit 1: 4QFY2017 performance (IFRS, consolidated)

(` cr)

4QFY17

3QFY17

% chg (qoq)

4QFY16

% chg (yoy)

FY17

FY16

% chg (yoy)

Net revenue

17,120

17,273

(0.9)

16,550

3.4

68,484

62,441

9.7

Cost of revenue

10,324

10,405

(0.8)

9,893

4.4

41,550

37,689

10.2

Gross profit

6,796

6,868

(1.0)

6,657

2.1

26,934

24,752

8.8

SG&A expenses

2,138

2,099

1.9

2,068

3.4

8,330

7,723

7.9

EBITDA

4,658

4,769

(2.3)

4,589

1.5

18,604

17,029

9.2

Depreciation

446

435

2.6

369

20.9

1,703

1,409

20.9

EBIT

4,212

4,334

(2.8)

4,220

(0.2)

16,901

15,620

8.2

Other income

746

820

(9.0)

772

(3.4)

3,080

3,122

(1.3)

PBT

4,958

5,154

(3.8)

4,992

(0.7)

19,981

18,742

6.6

Income tax

1,330

1,446

(8.0)

1,394

(4.6)

5,598

5,251

6.6

Exceptional item

Reported PAT

3,603

3,708

(2.8)

3,597

0.2

14,353

13,494

6.4

Adjusted PAT

3,603

3,708

(2.8)

3,597

0.2

14,353

13,491

6.4

EPS

15.8

16.2

(2.8)

15.2

3.7

62.8

43.3

45.1

Gross margin (%)

39.7

39.8

(6)bp

40.2

(53)bps

39.3

39.6

(31)bp

EBITDA margin (%)

27.2

27.6

(40)bp

27.7

(52)bps

27.2

27.3

(11)bp

EBIT margin (%)

24.6

25.1

(49)bp

25.5

(90)bps

24.7

25.0

(34)bp

PAT margin (%)

21.0

21.5

(42)bp

21.7

(69)bp

21.0

21.6

(65)bp

Source: Company, Angel Research

Exhibit 2: 4QFY2017 - Actual Vs Angel estimates

(` cr)

Actual

Estimate

% Var.

Net revenue

17,120

17,244

(0.7)

EBITDA margin (%)

27.2

27.1

6.8bps

PAT

3,603

3,560

1.2

Source: Company, Angel Research

Revenues lower than expectation

For 4QFY2017 the results of Infosys were below expectations, on the sales front

the company has posted revenue of US$2,569mn v/s expectations of

US$2,589mn, with 0.7% qoq growth. On the CC (constant Currency) terms, the

revenues have remained flat qoq. The volume growth during the period came in at

1.2% qoq. Volume growth in the onsite was 1.9% qoq, while 0.9% qoq growth was

in the offshore. In Rupee terms, the company posted sales of `17,120 v/s

expectations of `17,244cr, a dip of 0.9% qoq.

In terms of the geographies on CC terms, USA posted 1.2% qoq growth, while

Europe posted a dip of 1.6% qoq. India and ROW posted a dip of 6.9% and

1.3% qoq. In terms of Industries, ECS posted a qoq growth of 2.8%, while FSI

posted a qoq growth of 0.5%. The verticals which posted dip were RCL, which

dipped by 3.1 qoq growth, while MFG & Hi Tech posted a flat qoq growth.

April 19, 2017

Infosys | 4QFY2017 Result Update

Exhibit 3: Trend in volume growth qoq (Effort wise)

4.4

4.0

3.3

3.1

2.7

2.32.4

2.2

1.9

1.8

1.2

0.9

0.6

0.2

0.1

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

Offshore

Onsite

Total volume growth

Source: Company, Angel Research

Exhibit 4: Trend in volume and USD revenue growth (QoQ)

3.9

2.2

4.0

1.2

2.4

2.2

1.9

0.2

0.0

(1)

(0.3)

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

Revenue growth (constant currency)

Volume growth

Source: Company, Angel Research

Industry wise, revenue from FSI, the company’s anchor vertical, which contributed

33.5% to revenues, grew by 0.5% qoq; in CC terms, revenue from FSI grew by

1.3% qoq. The Manufacturing industry vertical, which contributed 22.4% to

revenues, grew by 0.4% qoq. In CC terms, the revenue from this vertical

was flat sequentially.

The Retail, CPG and Logistics segment (RCL; contributed 22.7% to revenues)

reported a 3.1% qoq growth. In CC terms, the revenue from RCL grew by 2.7%

qoq. The Energy Utilities and Communications & Services segment contributed

21.4% to revenue, reporting a growth of 3.9% qoq in revenue and 2.8% qoq on

CC basis.

April 19, 2017

Infosys | 4QFY2017 Result Update

Exhibit 5: Growth trend in industry segments (Reported basis)

Particulars

% to revenue

% growth QoQ

% growth YoY

FSI

33.5

1.3

7.3

Banking and financial services

27.4

1.4

5.0

Insurance

6.1

0.7

18.6

Manufacturing

22.4

0.3

3.6

RCL

22.7

(2.7)

Retail and CPG

14.1

(2.7)

(1.3)

Transport and logistics

2.0

0.7

16.7

Life Sciences

4.6

0.7

(15.2)

Healthcare

2.0

(12.4)

5.0

ECS

21.4

4.1

12.4

Energy and utilities

5.0

0.7

1.0

Communication and services

9.9

9.6

20.9

Others

6.5

(0.8)

10.1

Source: Company, Angel Research

In terms of geographies, revenue from North America grew by 1.2% qoq in CC

terms, while other geographies such as Europe de-grew by 1.6% qoq and RoW de-

grew by 1.3% qoq (both in CC terms). India posted a 6.9% qoq de-growth in CC

terms.

Exhibit 6: USD growth trend in geographies QoQ (CC basis)

4.9

5.2

3.6

3.7

3.2

2.7

2.4

1.6

1.2

0.6

0.3

-0.6

(1)

(1.3)

(1.5)

(2)

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

North America

Europe

Rest of the world

Source: Company, Angel Research

April 19, 2017

Infosys | 4QFY2017 Result Update

Hiring and utilization

Infosys added 9,130 gross employees in 4QFY2017, of which 3,967 were lateral

additions. The net reduction number for the quarter stood at 601. Attrition (for

standalone entity) cooled down in 4QFY2017; it came down to 17.1% (LTM) v/s

18.4% in 3QFY2017.

Exhibit 7: Employee metrics

4QFY16 1QFY17 2QFY17 3QFY17 4QFY17

Gross addition

9,034

13,268

12,717

9,120

9,130

Net addition

661

3,006

2,779

(66)

601

Gross lateral emp. addition

5,266

5,260

5,752

4,000

3,967

Attrition - LTM basis (%)*

17.3

21.0

20.0

18.4

17.1

Source: Company, Angel Research, Note-* excluding subsidiaries

The utilization rate including trainees grew by 40bps qoq to 78.2% (77.8% in

3QFY2017); while excluding trainees, it grew by 10bps qoq to 82.0%.

Exhibit 8: Trend in utilization (Services and Consulting + Projects)

82.5

81.9

80.5

80.1

78.2

77.7

77.8

76.5

74.7

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

Including trainees

Excluding trainees

Source: Company, Angel Research

Margins dips

On the operating front, EBDITA and EBIT margins dipped by ~40bps qoq and

~49bps qoq to 27.2% v/s an expected 27.1% and 24.6% respectively. Margins

during the quarter were impacted because of INR appreciation to the tune of

35bps, while cross-currency movements and revenue hedges resulted in a tailwind

of 50bps. However, this was more than offset by a decline in realization and

increased costs, resulting in the 40bps decline.

April 19, 2017

Infosys | 4QFY2017 Result Update

Exhibit 9: Trend in EBIT margin

100

25.5

25.1

24.9

24.6

(50)

24.1

(100)

(140)

(150)

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

Margin movement (qoq)

EBIT margin (%)

Source: Company, Angel Research

Client pyramid

Infosys added 71 new clients (gross additions) during the quarter, taking its

total active client base to 1,162. The client addition was across the board. The

company bagged New deals with TCV of US$806mn, during the quarter. TCV of

deal wins on LTM basis is US$3.5bn, which is 10% higher.

Exhibit 10: Client metrics

Particulars

4QFY16 1QFY17 2QFY17 3QFY17 4QFY17

Top client (% of revenue)

3.6

3.5

3.1

3.3

Gross Client addition

Active client

1092

1126

1136

1152

1162

US$1mn-5mn

290

306

300

316

US$5mn-10mn

US$10mn-20mn

US$20mn-50mn

US$50mn-100mn

US$100mn-200mn

US$200mn-300mn

US$300mn plus

Source: Company, Angel Research

Concall Highlights

 Infosys won deals worth TCV of US$806mn during the quarter.

 Changes in the regulatory landscape around visa usage are anticipated.

However, the company has been driving local hiring, and reducing

dependency on H1B visas.

 Infosys maintained its guidance of EBIT margin band of 23-25% for the

medium term.

April 19, 2017

Infosys | 4QFY2017 Result Update

Investment arguments

Revenue guidance moderate for FY2018: The Management has given the revenue

growth guidance for FY2018, which is moderate. The company has guided for

6.5-8.5% CC growth. This implies CC revenue growth of 2.2-3.0% qoq for the

future quarters. The company faced multiple challenges in FY2017 among which

execution issues in Consulting and the loss of the RBS contract were the major

ones, resulting in a loss of revenue growth momentum. For FY2017, the company

posted a 8.3% growth in CC terms v/s a guidance of 8.4-8.8% growth (in CC

terms). Currently, we have factored a growth for FY2018 (INR and USD growth of

8.0% and 8.0% respectively). Over FY2017-19E, we expect USD and INR revenue

to grow at a CAGR of 8.5% and 8.5%, respectively.

Operating margin likely to be range bound in near term: For FY2018, the

company had guided for an EBIT margins of 23-25%, mainly factoring in currency

impact and investment in onsite facility. For FY2017, the EBIT margins came in at

24.7%, which was against the guidance of 24-26%. Over FY2017-19E, we expect

an EBIT CAGR of 6.1%, with FY2018E and FY2019E EBIT margins expected to

come in at 23.6% respectively. The moderation in margin is expected to be for the

near term, as the company plans to move towards automation, in order to

safeguard its EBIT margin pressures.

Outlook and valuation

The company has downgraded its USD revenue growth guidance for FY2018 to

6.5-8.5% on CC basis. We expect the company to post ~8.0% USD revenue

growth in FY2018. The company has changed its capital allocation policy from

paying out 50% of PAT to 70% of Free Cash Flow. Additionally, it would payout

US$2bn in FY2018, however, the mode and timeline would become clear over

time. The stock currently trades at a valuation of 14.3x its FY2018E earnings. We

recommend a BUY on the stock with a Target Price of `1,179.

Exhibit 11: Key assumptions

Parameters

FY2018E

FY2019E

Revenue growth - USD terms (%)

8.0

9.0

USD-INR rate

67.1

Revenue growth - INR terms (%)

8.0

9.0

EBITDA margin (%)

26.0

Tax rate (%)

28.0

EPS growth (%)

3.0

7.7

Source: Company, Angel Research

April 19, 2017

Infosys | 4QFY2017 Result Update

Exhibit 12: One-year forward PE (x)

1,750

1,500

1,250

1,000

750

500

250

Price

26x

22x

18x

14x

10x

Source: Company, Angel Research

Exhibit 13: Recommendation summary

Company

Reco

CMP Tgt. price

Upside

FY2018E FY2018E

FY2016-18E

FY2018E

(`)

(%)

EBITDA (%)

P/E (x)

EPS CAGR (%)

EV/Sales (x)

RoE (%)

HCL Tech

Buy

808

1,000

23.7

20.5

13.0

9.6

1.8

17.9

Infosys

Buy

922

1,179

27.8

26.0

14.3

4.4

2.8

19.7

TCS

Buy

2,309

2,700

17.0

27.6

15.5

8.5

3.2

33.1

Tech Mahindra

Buy

418

600

43.4

17.0

12.2

11.4

0.9

20.7

Wipro

Buy

494

583

18.0

18.1

12.1

4.0

1.7

17.6

Source: Company, Angel Research

Company Background

Infosys is the second largest IT company in India, employing over

2,00,364

professionals (as of FY2017). The company services more than 1,000 clients

across various verticals, such as financial services, manufacturing, telecom, retail

and healthcare. Infosys has the widest portfolio of service offerings amongst Indian

IT companies, spanning across the entire IT service value chain - from traditional

Application Development and Maintenance to Consulting and Package

Implementation to Products and Platforms.

April 19, 2017

Infosys | 4QFY2017 Result Update

Profit and loss statement (IFRS, consolidated)

Y/E March (` cr)

FY2014

FY2015

FY2016

FY2017

FY2018E FY2019E

Net sales

50,133

53,319

62,441

68,484

73,963

80,619

Cost of revenue

30,767

31,817

37,595

41,550

37,721

41,116

Gross profit

19,366

21,502

24,846

26,934

28,476

31,038

% of net sales

38.6

40.3

39.8

39.3

38.5

Selling and mktg exp.

2,625

2,941

3,431

3,591

4,068

4,434

% of net sales

5.2

5.5

5.2

5.5

General and admin exp.

3,107

3,663

4,292

4,739

5,177

5,643

% of net sales

6.2

6.9

7.0

EBITDA

13,634

14,898

17,123

18,604

19,230

20,961

% of net sales

27.2

27.9

27.4

27.2

26.0

Dep and amortization

1,374

1,066

1,503

1,703

1,775

1,935

% of net sales

2.7

2.0

2.4

2.5

2.4

EBIT

12,260

13,832

15,620

16,901

17,455

19,026

% of net sales

24.5

25.9

25.0

24.7

23.6

Other income

2,669

3,427

3,122

3,080

Profit before tax

14,929

17,259

18,742

19,981

20,535

22,106

Provision for tax

4,062

4,929

5,251

5,598

5,750

6,190

% of PBT

27.2

28.6

28.0

PAT

10,648

12,330

13,491

14,383

14,785

15,916

Exceptional item

219

(30)

Adj. PAT

10,867

12,330

13,491

14,353

14,785

15,916

EPS (`)

47.3

53.7

59.0

62.5

64.4

69.3

April 19, 2017

Infosys | 4QFY2017 Result Update

Balance sheet (IFRS, consolidated)

Y/E March (` cr)

FY2014

FY2015

FY2016

FY2017

FY2018E FY2019E

Current assets

Cash and cash equivalents

25,950

30,367

32,697

22,625

32,430

37,082

Available for sale fin. assets

2,197

874

9,970

Invest. in certificates of deposit

859

103

Trade receivables

8,351

9,713

11,330

12,322

12,426

13,544

Unbilled revenue

2,811

2,845

3,029

3,648

Derivative financial instrum.

215

101

116

284

Prepayments and other CA

2,636

3,296

4,448

4,856

4,290

4,676

Total current assets

43,019

47,289

51,798

53,776

63,119

69,275

Non-current assets

Property, plant and equipm.

7,887

9,125

10,530

11,716

11,916

12,116

Goodwill

2,157

3,091

3,764

3,652

2,157

2,158

Intangible assets

342

638

985

776

342

343

Available for sale fin. Assets

1,252

1,345

1,811

6,382

1,252

1,253

Deferred income tax assets

656

537

536

540

656

657

Income tax assets

1,522

4,089

5,230

5,716

Other non-current assets

220

238

735

797

1,793

1,794

Total non-current assets

14,036

19,063

23,591

29,579

23,832

24,037

Total assets

57,055

66,352

75,389

83,355

86,951

93,312

Current liabilities

Trade payables

173

140

386

367

173

174

Derivative financial instrum.

Current income tax liabilities

2,187

2,818

3,410

3,885

3,787

3,788

Client deposits

Unearned revenue

660

1,052

1,332

1,777

660

661

Employee benefit obligations

954

1,069

1,341

1,359

954

955

Provisions

379

478

512

405

379

380

Other liabilties

4,745

5,796

6,225

6,186

5,545

5,546

Total current liabilities

9,138

11,383

13,239

14,013

11,538

11,546

Non-current liabilities

Deferred income tax liabilties

160

256

207

Employee benefit obligations

323

115

153

323

324

Other liabilities

Total non-current liabilities

387

206

371

360

387

388

Total liabilities

9,525

11,589

13,610

14,373

11,925

11,934

Equity

Share capital

286

572

1,144

Share premium

3,090

2,241

2,356

Retained earnings

43,584

50,531

57,655

65,056

70,955

77,306

Other components of equity

570

739

426

571

572

Total equity

47,530

54,763

61,779

68,982

75,026

81,378

Total liabilties and equity

57,055

66,352

75,389

83,355

86,951

93,312

April 19, 2017

Infosys | 4QFY2017 Result Update

Cash flow statement (IFRS, consolidated)

Y/E March (` cr)

FY2014 FY2015

FY2016

FY2017

FY2018E FY2019E

Pre tax profit from operations

12,260

13,832

15,620

16,901

17,455

19,026

Depreciation

1,374

1,066

1,503

1,703

1,775

1,935

Pre tax cash from operations

13,634

14,898

17,123

18,604

19,230

20,961

Other income/prior period ad

2,669

3,427

3,122

3,080

Net cash from operations

16,303

18,325

20,245

21,684

22,310

24,041

Tax

4,062

4,929

5,251

5,598

5,750

6,190

Cash profits

12,241

13,396

14,994

16,086

16,560

17,851

(Inc)/dec in current assets

(2,271)

(1,942)

(2,968)

(2,187)

462

(1,504)

Inc/(dec) in current liabilties

2,852

2,245

1,856

774

(2,475)

(Inc)/dec in net trade WC

581

303

(1,112)

(1,413)

(2,013)

(1,496)

Cashflow from operating actv.

12,822

13,699

13,882

14,673

14,548

16,355

(Inc)/dec in fixed assets

(2,793)

(2,304)

(2,908)

(2,889)

(1,975)

(2,135)

(Inc)/dec in investments

(1,317)

2,089

789

(9,863)

(inc)/dec in sale of financial assets

(858)

(93)

(466)

(4,571)

5,130

(1)

(Inc)/dec in deferred tax assets

(583)

(2,448)

(1,140)

(490)

(116)

(1)

Inc/(dec) in other non current liab.

119

(181)

165

(11)

(Inc)/dec in other non current ass.

(138)

(1,248)

(1,517)

259

933

(3)

Cashflow from investing actv.

(5,570)

(4,185)

(5,077)

(17,565)

3,999

(2,139)

Inc/(dec) in debt

Inc/(dec) in equity/premium

1,099

450

889

515

(218)

(1,040)

Dividends

4,233

5,547

7,364

7,695

8,523

8,524

Cashflow from financing actv.

(3,134)

(5,097)

(6,475)

(7,180)

(8,741)

(9,565)

Cash generated/(utilised)

4,118

4,417

2,330

(10,072)

9,806

4,651

Cash at start of the year

21,832

25,950

30,367

32,697

22,625

32,431

Cash at end of the year

25,950

30,367

32,697

22,625

32,431

37,082

April 19, 2017

Infosys | 4QFY2017 Result Update

Key ratios

Y/E March

FY2014

FY2015

FY2016

FY2017

FY2018E FY2019E

Valuation ratio (x)

P/E

19.5

17.2

15.6

14.8

14.3

13.3

P/CEPS

17.3

15.8

14.1

13.2

12.8

11.9

P/BVPS

4.5

3.9

3.4

3.1

2.8

2.6

Dividend yield (%)

1.7

2.0

2.7

3.5

3.8

EV/Sales

3.6

3.4

2.8

2.6

2.3

2.0

EV/EBITDA

13.3

12.0

10.3

9.5

8.7

7.8

EV/Total assets

3.2

2.7

2.3

2.1

1.9

1.7

Per share data (`)

EPS

Cash EPS

Dividend

Book value

207

239

269

300

327

354

Dupont analysis

Tax retention ratio (PAT/PBT)

0.7

Cost of debt (PBT/EBIT)

1.2

EBIT margin (EBIT/Sales)

0.2

0.3

0.2

Asset turnover ratio (Sales/Assets)

0.9

0.8

0.9

Leverage ratio (Assets/equity)

1.2

1.1

Operating ROE

22.4

22.5

21.8

20.9

19.7

19.6

Return ratios (%)

RoCE (pre-tax)

21.5

20.8

20.7

20.3

20.1

20.4

Angel RoIC

43.7

39.5

36.7

33.3

39.2

41.2

RoE

22.9

22.5

21.8

20.8

19.7

19.6

Turnover ratios(x)

Asset turnover (fixed assets)

6.4

5.8

5.9

5.8

6.2

6.7

Receivables days

April 19, 2017

Infosys | 4QFY2017 Result Update

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public

offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

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contrary view, if any

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Disclosure of Interest Statement

Infosys

1. Financial interest of research analyst or Angel or his Associate or his relative

2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives

3. Served as an officer, director or employee of the company covered under Research

4. Broking relationship with company covered under Research

Ratings (Based on expected returns

Buy (> 15%)

Accumulate (5% to 15%)

Neutral (-5 to 5%)

over 12 months investment period):

Reduce (-5% to -15%)

Sell (< -15)

April 19, 2017