BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Infosys Ltd. reported a revenue growth of 4.0% QoQ in constant currency terms (our estimate 2.1%) due to strong execution across verticals and a 268 basis points QoQ operating profit margin improvement to 25.3% (our estimate 22.8%) led by improved productivity (revenue productivity per employee 100 basis points), better utilization (80 basis points) and offshore shift (80 basis points).
Upgraded growth guidance for FY21 to 2%-3% in constant currency terms (earlier 0- 2%) and OPM guidance to 23-24% (from 21-23%).
OPM upgrade came as bigger surprise given weakness in past and wage hikes.
The OPM band is not sustainable as travel normalize and offshore shift reverses.
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