10 Oct 2023 , 10:40 AM
Result date: October 12, 2023
Recommendation: Buy
Target price: Rs 1,530
Analysts at IIFL Securities are forecasting 1.3% cc QoQ revenue growth for Infosys, as volumes remain subdued and discretionary spend is yet to pick up. Deal momentum has further accelerated, given the mega deal announcements during the quarter.
They expect margins to expand 20 basis points sequentially, as wage hikes have been delayed, potentially to Q3. Infosys should maintain FY24 guidance of 1.0-3.5% cc YoY revenue growth and 20-22% EBIT margin.
The company is expected to post 7.2% sequential growth in Profit After Tax (PAT).
Important management insights to watch out for:
September 2023 estimates |
QoQ change |
YoY change |
|
Revenue (US$ mn) |
4,663 |
1.0% |
2.4% |
Revenue (Rs. mn) |
385,644 |
1.7% |
5.5% |
EBIT (Rs. mn) |
81,041 |
2.7% |
2.9% |
EBIT margin |
21.0% |
20 bps |
(50) bps |
Profit After Tax (Rs. mn) |
63,750 |
7.2% |
5.9% |
EPS (Rs.) |
15.4 |
7.2% |
7.4% |
Source: IIFL Research
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