External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Infosys’ (INFO) performance volatility continued with revenue weakness and uninspiring guidance for next year</li><li>High discretionary portfolio, spending velocity of enterprise clients and elevated third-party costs have increased the volatility</li><li>While the guidance is muted at 1 to 3% CC impacted by a weak exit to FY24E, it still implies sequential growth acceleration</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys’ (INFO) performance volatility continued with revenue weakness and uninspiring guidance for next yearHigh discretionary portfolio, spending velocity of enterprise clients and elevated third-party costs have increased the volatilityWhile the guidance is muted at 1 to 3% CC impacted by a weak exit to FY24E, it still implies sequential growth accelerationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys: Extended Volatility Leading to Delayed Recovery. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q4FY24, Infosys Ltd (Infy) reported revenue of Rs 37,923 Cr, down 2.3% QoQ and 2.2% QoQ (in CC terms) which stood below our expectations.</li><li>The company’s operating profit, too, stood below our expectations at Rs 7,621 Cr, reporting a degrowth of 4.3% QoQ.</li><li>Its operating margins declined 40bps to 20.1%, which was largely on account of higher operating expenses and a wage hike during the quarter. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY24, Infosys Ltd (Infy) reported revenue of Rs 37,923 Cr, down 2.3% QoQ and 2.2% QoQ (in CC terms) which stood below our expectations.The company’s operating profit, too, stood below our expectations at Rs 7,621 Cr, reporting a degrowth of 4.3% QoQ.Its operating margins declined 40bps to 20.1%, which was largely on account of higher operating expenses and a wage hike during the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd - Weakness Continues; Tepid Guidance for FY25

<ul><li>In Q3FY24, Infosys Ltd (Infy) reported revenue of Rs 38,821 Cr, down 0.4% QoQ and 1.3% QoQ (in CC terms) which stood below our expectations.</li><li>The company’s operating profit, too, stood below our expectations at Rs 7,961 Cr, reporting a de-growth of 3.8% QoQ.</li><li>Its operating margins declined 100bps to 20.5%, which was largely on account of higher operating expenses and a wage hike during the quarter. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q3FY24, Infosys Ltd (Infy) reported revenue of Rs 38,821 Cr, down 0.4% QoQ and 1.3% QoQ (in CC terms) which stood below our expectations.The company’s operating profit, too, stood below our expectations at Rs 7,961 Cr, reporting a de-growth of 3.8% QoQ.Its operating margins declined 100bps to 20.5%, which was largely on account of higher operating expenses and a wage hike during the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd. - Weakness Continues; Lowers Guidance

<ul>
<li>In Q2FY24, Infosys Ltd (Infy) reported revenue of Rs 38,994 Cr, up 2.8% QoQ and 2.3% QoQ (in CC terms) which stood above our expectations.</li>
<li>The company’s operating profit, too, stood above our expectations at Rs 8,274 Cr, reporting a growth of 4.8% QoQ.</li>
<li>The company’s operating margins, expanded 40bps at 21.2%, largely led by lower operating expenses and a favourable currency mix during the quarter.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


In Q2FY24, Infosys Ltd (Infy) reported revenue of Rs 38,994 Cr, up 2.8% QoQ and 2.3% QoQ (in CC terms) which stood above our expectations.
The company’s operating profit, too, stood above our expectations at Rs 8,274 Cr, reporting a growth of 4.8% QoQ.
The company’s operating margins, expanded 40bps at 21.2%, largely led by lower operating expenses and a favourable currency mix during the quarter.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd. - Results Outperform; Outlook Skeptical

<ul><li>FY23 proved to be the year of volatility and uncertainty for demand across the world.</li><li>Despite this uncertainty and volatility, Infosys performed well and demonstrated its resilient enegmaent with its clients as well as its commitment to customer-centricity amidst these challenging times.</li><li>The company posted industry-leading revenue growth of 15.4% in FY23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY23 proved to be the year of volatility and uncertainty for demand across the world.Despite this uncertainty and volatility, Infosys performed well and demonstrated its resilient enegmaent with its clients as well as its commitment to customer-centricity amidst these challenging times.The company posted industry-leading revenue growth of 15.4% in FY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd - Robust Performance; Challenging Times Ahead in near Term

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Infosys Ltd (INFO IN)

Infosys: Extended Volatility Leading to Delayed Recovery. Maintain ADD

Infosys’ (INFO) performance volatility continued with revenue weakness and uninspiring guidance for next year. High discretionary portfolio,...

HDFC Securities

Infosys Ltd - Weakness Continues; Tepid Guidance for FY25

In Q4FY24, Infosys Ltd (Infy) reported revenue of Rs 37,923 Cr, down 2.3% QoQ and 2.2% QoQ (in CC terms) which stood below our expectations.

Axis Direct

Infosys Ltd. - Weakness Continues; Lowers Guidance

In Q3FY24, Infosys Ltd (Infy) reported revenue of Rs 38,821 Cr, down 0.4% QoQ and 1.3% QoQ (in CC terms) which stood below our expectations.

Axis Direct

Infosys Ltd. - Results Outperform; Outlook Skeptical

In Q2FY24, Infosys Ltd (Infy) reported revenue of Rs 38,994 Cr, up 2.8% QoQ and 2.3% QoQ (in CC terms) which stood above our expectations.

Axis Direct

Infosys Ltd - Robust Performance; Challenging Times Ahead in near Term

Despite this uncertainty and volatility, Infosys performed well and demonstrated its resilient enegmaent with its clients as well as its commitment...

Axis Direct