Infosys Q1 Review - Strong Revenue Growth Offset By Weak Margin Performance: Prabhudas Lilladher
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Prabhudas Lilladher Report
Infosys Ltd. reported growth of 4.8% QoQ constant currency, 4.7% QoQ U.S. dollar (our estimate: 4.3%, consensus: 3.7%) led by strong broad-based demand across verticals and markets.
With full stack differentiated digital portfolio, the company continues to gain market share reflected by sustained strong growth in digital revenues (9.6% QoQ, 47% YoY U.S. dollar, 54% of revenue).
Strong deal momentum sustained with large deal total contract value of $2.6 billion, up 23.8% QoQ, up 49.4% YoY.
We note that net new wins at 30% were lower versus average 66% net new in FY21. the company raised FY22 revenue guidance to 14-16% YoY constant currency from 12-14%, in-line with our estimates.
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