Technology

For 3QFY2018, on sales front Infosys posted 1.0% sequential growth in USD revenues to US$2,755mn in line with expectations. In Constant Currency terms (CC), the company posted a 0.8% qoq growth. Volume growth during the quarter was 1.6% qoq. EBIT margin came in at 24.3% v/s. 24.2% expected, mainly driven by improved utilization levels (which came in at 84.9% v/s. 84.7% in 2QFY2018). Consequently, PAT came in at `3,697cr v/s. `3,587cr expected, a dip of 0.8% qoq. FY2018 revenue guidance has been kept at 5.5-6.5% in Constant Currency. Operating margin guidance unchanged at 23-25%. We maintain Neutral rating

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