External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY23E earnings of Rs 62.3/share to arrive at a TP of Rs 1,740/share, implying an upside of 10% from CMP.</p><div class="content-highlight"><em>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.</em></div>

We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY23E earnings of Rs 62.3/share to arrive at a TP of Rs 1,740/share, implying an upside of 10% from CMP.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: Revenue Beat, Margins Below Expectations; Upgrade in Revenue Guidance

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

Thematic (Sector/Industry)

<p><strong>Infosys</strong>: We maintain BUY on Infosys (INFY), following the decade best Q1 growth and a strong growth outlook. Revenue growth guidance for FY22E was increased to 14-16% CC (12-14% earlier) and the EBIT margin band was maintained at 22-24% (despite the near-term supply crunch). INFY’s growth trajectory remains strong, supported by (1) a strong deal pipeline (higher QoQ), release in pent-up demand to restart the delayed projects, and sustainable improvement in large deals (USD 9.8bn TTM new large deal wins); (2) momentum across verticals – BFSI (nine large deals in Q1 vs six in Q4), retail, manufacturing, life-science and utilities, notwithstanding the lower net-new bookings; (3) structural operational pivots of offshoring and utilisation mitigating the near-term impact from higher sub-contracting; (4) uptick in fresher onboarding (35k in FY22 vs. 25k planned earlier and 21k in FY21) towards demand fulfilment and offsetting the near-term attrition surge. We remain positive on INFY (top pick in tier-1 IT) with &gt;13% EPS CAGR and &gt;40% RoIC valuing the company at INR 1,730, based on 28x Jun-23E EPS.</p>
<p><strong>L&amp;T Technology Services</strong>: We maintain REDUCE on L&amp;T Technology Services (LTTS), despite a slightly better Q1 revenue performance. Revenue guidance has been increased to 15-17% growth for FY22 (13-15% earlier), which implies a decelerated trajectory of 2-3% CQGR (as compared to 4.2% QoQ delivered in Q1FY22), despite a base benefit (FY21 at -6%). Two wins with TCV &gt;USD 25mn (similar to Q4) will support growth in the transportation vertical. LTTS' historical volatility in the large accounts bucket (&gt;USD 20mn accounts) and volatility due to variability in segmental operating profile are reflected in the growth guidance of ~800bps below its strongest year.</p>
<div class="content-highlight"><em>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.</em></div>

Infosys: We maintain BUY on Infosys (INFY), following the decade best Q1 growth and a strong growth outlook. Revenue growth guidance for FY22E was increased to 14-16% CC (12-14% earlier) and the EBIT margin band was maintained at 22-24% (despite the near-term supply crunch). INFY’s growth trajectory remains strong, supported by (1) a strong deal pipeline (higher QoQ), release in pent-up demand to restart the delayed projects, and sustainable improvement in large deals (USD 9.8bn TTM new large deal wins); (2) momentum across verticals – BFSI (nine large deals in Q1 vs six in Q4), retail, manufacturing, life-science and utilities, notwithstanding the lower net-new bookings; (3) structural operational pivots of offshoring and utilisation mitigating the near-term impact from higher sub-contracting; (4) uptick in fresher onboarding (35k in FY22 vs. 25k planned earlier and 21k in FY21) towards demand fulfilment and offsetting the near-term attrition surge. We remain positive on INFY (top pick in tier-1 IT) with &gt;13% EPS CAGR and &gt;40% RoIC valuing the company at INR 1,730, based on 28x Jun-23E EPS.
L&amp;T Technology Services: We maintain REDUCE on L&amp;T Technology Services (LTTS), despite a slightly better Q1 revenue performance. Revenue guidance has been increased to 15-17% growth for FY22 (13-15% earlier), which implies a decelerated trajectory of 2-3% CQGR (as compared to 4.2% QoQ delivered in Q1FY22), despite a base benefit (FY21 at -6%). Two wins with TCV &gt;USD 25mn (similar to Q4) will support growth in the transportation vertical. LTTS' historical volatility in the large accounts bucket (&gt;USD 20mn accounts) and volatility due to variability in segmental operating profile are reflected in the growth guidance of ~800bps below its strongest year.
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.

HSIE Results Daily (Technology Services): Infosys, L&T Technology Services

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Expect a further upward revision in its guidance Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...</p><div class="content-highlight"><em>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.</em></div>

Expect a further upward revision in its guidance Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...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.

Expect a further upward revision in its guidance

<p>We recommend a BUY rating on the stock and assign a 26 x P/E multiple to its FY23E earnings of Rs 61.9/share to arrive at a TP of Rs 1,620/share, implying an upside of 10% from CMP.</p><div class="content-highlight"><em>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.</em></div>

We recommend a BUY rating on the stock and assign a 26 x P/E multiple to its FY23E earnings of Rs 61.9/share to arrive at a TP of Rs 1,620/share, implying an upside of 10% from CMP.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.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

<p>Adverse employee-mix ratio led to higher average wage growth, up from 3% in FY20 to 5% in FY21 despite offshoring at all-time high. Infosys's FY21 annual report titled Cloud Chaos to Clarity showcases how aggressive cloud adoption globally has opened many new avenues. Infosys believes that its dynamic Cobalt services will deliver accelerated cloud...</p><div class="content-highlight"><em>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.</em></div>

Adverse employee-mix ratio led to higher average wage growth, up from 3% in FY20 to 5% in FY21 despite offshoring at all-time high. Infosys's FY21 annual report titled Cloud Chaos to Clarity showcases how aggressive cloud adoption globally has opened many new avenues. Infosys believes that its dynamic Cobalt services will deliver accelerated cloud...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.

Annual Report Analysis - Well Equipped for Industry leading growth - BUY

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.

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Infosys Ltd (INFO IN)

Infosys: Revenue Beat, Margins Below Expectations; Upgrade in Revenue Guidance

We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY23E earnings of Rs 62.3/share to arrive at a TP of Rs 1,740/share,...

Axis Direct

HSIE Results Daily (Technology Services): Infosys, L&T Technology Services

We maintain REDUCE on L&T Technology Services (LTTS), despite a slightly better Q1 revenue performance. We maintain BUY on Infosys (INFY),...

HDFC Securities

Expect a further upward revision in its guidance

Expect a further upward revision in its guidance Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales,...

Motilal Oswal

Axis Annual Analysis:Infosys

We recommend a BUY rating on the stock and assign a 26 x P/E multiple to its FY23E earnings of Rs 61.9/share to arrive at a TP of Rs 1,620/share,...

Axis Direct

Annual Report Analysis - Well Equipped for Industry leading growth - BUY

Adverse employee-mix ratio led to higher average wage growth, up from 3% in FY20 to 5% in FY21 despite offshoring at all-time high. Infosys's FY21...

Prabhudas Lilladhar

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