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KRChoksey Research Report
Infosys Ltd.'s Q3 FY22 performance was higher than with our estimate. Dollar revenue was up 6.3% QoQ and in constant currency term grew by 21.5% YoY to $4,250 million (our estimate: $4,136 million).
Rupee revenue grew by 7.7% QoQ to Rs 318,670 million (our estimate: Rs 310,343 million). Reported operating margin witnessed a meagre de-growth, down by 7 basis points to 23.5% QoQ.
Revenue acceleration, improving business mix, employee pyramid, right pricing in digital projects, automation and other operating efficiencies would support margins going ahead.
Reported net profit grew by ~7.4% QoQ to Rs 58,220 million (our estimate: Rs 59,670 million) with margin of 18.3%.
Infosys has raised FY22 revenue growth guidance by 250-300 bps to 19.5-20% (earlier 16.5- 17.5%), implying 0.5-2% QoQ growth in Q4.
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