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Dolat Capital Report
Infosys Ltd. reported a revenue growth of 7.0% QoQ in constant currency terms (our estimate: 3.3%) led by a strong execution. Ebit margin was down just 7 basis points QoQ at 23.5% (our estimate: 23.3%) as senior employee wage hike impact was negated by positive operating leverage and pyramid optimisation.
Strong Q3 growth has led to upgrade in growth guidance for FY22 to 19.5%-20.0% in CC terms which implies an unchallenging ask rate of 0.7% to 2% in Q4. Operating profit margin guidance has been kept unchanged at 22-24%.
Infosys signed total contract of $2.5 billion (up 17% QoQ with 25 large deals) taking trailing twelve months TCV to $9.3 billion (down 31% YoY as Q3 FY21 was $7.1 billion in TCV signings).
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