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ICICI Direct Report
Infosys Ltd. reported healthy set of Q2 FY21 numbers on the revenue and profitability front. Revenues increased 4.0% QoQ versus our estimate of 3.3%.
The company also reported healthy Ebit margin of 25.3% (versus our estimate of 23.8%).
Digital revenues increased 12.9% QoQ, 27.5% YoY and now account for 47.3% of overall revenues.
The large deal pipeline increased 80.7% QoQ mainly due to addition of Vanguard deal.
Further, Infosys has outperformed Tata Consultancy Services Ltd. in terms of revenue growth in YoY terms in which TCS’ dollar revenues declined 1.7% YoY versus Infosys, which increased by 3.2% YoY in Q2 FY21.
In terms of guidance, Infosys has revised its FY21E revenues guidance upwards from 0-2% YoY to 2-3% YoY and operating margin guidance to 23-24% from 21-23%.
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