Infosys Q3 Review: Beats On All Count, Drives Guidance Upgrade On Growth, Profitability: Dolat Capital
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Dolat Capital Report
Infosys Ltd. reported revenue growth of 5.3% QoQ in constant currency terms (our estimate 3.8%) due to strong execution across verticals and a 5 basis points QoQ operating profit margin improvement to 25.4% (our estimate 24%) led by better utilization and offshore shift (about 100 basis points), forex (20 basis points) that covered up for headwinds.
Strong Q3 also led to upgrade in growth guidance for FY21 to 4.5%-5% in CC terms (up 200bps) and OPM guidance to 24-24.5% (from 23-24%).
Signed best-ever total contract value of $7.1 billion (73% of this is new) taking trailing twelve months TCV to $13.6 billion up 53% on YoY basis.
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