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ICICI Securities Report
As enunciated in our sector note, we believe, in addition to industry-leading revenue growth (within large caps), our thesis around Infosys Ltd. is also anchored around strong headroom for margin expansion from FY20 levels.
Company has commendably been able to demonstrate the same in H1 FY21 by delivering margin expansion of approximately 300 basis points to 24.1%.
Infosys upgraded its guidance for FY21 revenues (by 2-3% in FY21E constant currency growth) and margin (23-24% in FY21E).
Backed by its strong deal win momentum (large deal total contract win at 3.1 billion U.S. dollar including Vanguard), we expect Infosys to lead the tier-I IT segment on organic revenue growth (FY20-FY23E sales compound annual growth rate: approximately 8.4%).
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