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HDFC Securities Report
Infosys Ltd.’s increase in revenue guidance to 2-3% constant currency terms for FY21 and margin guidance increase to 23-24% reflect Q2 outperformance and growth visibility for H2.
Growth visibility is predicated on -
1. strongest-ever deal wins with large deal total contract at 3,145 million U.S. dollar comprising 2,705 million U.S. dollar in new wins (including Vanguard deal),
2. strong commentary on banking financial services and insurance vertical (five large deal wins ex-Vanguard), Life-science and Hi-tech verticals and recovery in retail and consumer packaged goods vertical (three large deals),
3.better supply-side indicators of a wage increase, local hiring program (margin implications), and
4. traction in digital (47.3% of revenue and 25.4% YoY CC), supported by industry tailwinds of cloud migration/DX (digital) projects and vendor consolidation.
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