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Centrum Broking Report
Infosys Ltd.’s Q2 FY21 results were a strong beat on U.S. dollar revenues, Ebit margin and profit after tax.
Led by strong Q2 FY21 beat, we raise Infosys U.S. dollar revenue growth assumptions to 3.7/13.1% (versus 2.4/12.5% modelled earlier).
Led by strong margin beat, we raise Ebit margin assumptions to 23.9/23.4/23.5% for FY21/FY22/FY23E (versus 22.2/22.4/22.7% earlier).
This leads us to raise earning per share estimates by 6.4/4.5/4% for FY21/FY22/FY23E.
We believe FY21 will be second consecutive year in which Infosys is outpacing Tata Consultany Services Ltd. in overall revenue growth (We model TCS U.S. dollar revenues to decline by 1.5% for FY21 versus 3.7% YoY U.S. dollar revenue growth of Infosys).
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