BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Infosys Ltd. reported a revenue growth of 2.0% QoQ in constant currency terms (our estimate 3.3%) lower due to off-shoring mix shift while volume growth was strong at 4.6% QoQ.
Operating profit margin stood at 24.5% (our estimate 24%) led by better utilization (82.2%) and lower than expected hike impact (130 basis points).
Announced dividend of Rs 15 and market buyback of Rs 9.2 billion.
Announced guidance for FY22 at 12%-14% in CC terms (in-line to consensus) and OPM guidance at 22-24% (FY21: OPM 24.5%) was a slight disappointment as they do not see much upside potential, citing gradual return of discretionary cost as reason for lower OPM Guidance.
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