Infosys Q4 Review - Momentum Intact, OPM Guidance Slightly Disappoints: Dolat Capital
An Infosys Technologies Ltd. sign is displayed. (Photographer Tony Avelar/Bloomberg)

Infosys Q4 Review - Momentum Intact, OPM Guidance Slightly Disappoints: Dolat Capital

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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.

Click on the attachment to read the full report:

Dolat Capital Infosys Q4FY21 Result Update.pdf

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