Technology

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 CC (constant Currency) terms, the
revenues have remained flat qoq. The volume growth during the period came in
at 1.2% qoq. On the operating margins front, the EBIT margin came in at 24.6%
v/s 24.6% expected. The PAT came in at Rs3,603cr v/s Rs3,708cr, a QoQ dip of
2.8%. On guidance front, revenue guidance for FY2018 was given in the range
of 6.5-8.5% with EBIT margins expected to be in the range of 23-25%. We
maintain our BUY rating on the stock.

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