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Result Review
Infosys Technologies – 4QFY2011
For 4QFY2011, Infosys reported revenue of US$1,602mn, tepid growth of 1.1% qoq,
primarily on the back of a 1.4% qoq decline in volume. Also, revenue from the BFSI
vertical, the company’s anchor vertical, declined by 0.7% qoq in constant currency (CC)
terms. This was primarily because of unstable macros, which led to a delay in budget flush
from few BFSI clients. In INR terms, revenue came in at `7,250cr, registering just 2.0% qoq
growth, aided by INR depreciation of 1.0% qoq against the USD in 4QFY2011.
The company’s EBITDA and EBIT margins declined by 120bp and 122bp qoq to 32.1%
and 29.0%, respectively, due to poor utilisation level, which dropped off by 550bp qoq
(excluding trainees) in 4QFY2011. PAT stood at `1,818cr, 2.1% qoq growth, aided by
higher other income of `415cr v/s `290cr in 3QFY2011.
The company has guided for 18–20% yoy growth in USD revenue to US$7.13bn–
US$7.25bn for FY2012. EPS guidance for FY2012 stands at US$2.83–US$2.88, growth of
8–10% yoy. We expect Infosys’ revenue and PAT to witness CAGR of 21.3% and 17.0%
over FY2011-13E, respectively. We maintain Accumulate view on the stock with Target
Price of `3,435.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Review
Infosys Technologies – 4QFY2011
For 4QFY2011, Infosys reported revenue of US$1,602mn, tepid growth of 1.1% qoq,
primarily on the back of a 1.4% qoq decline in volume. Also, revenue from the BFSI
vertical, the company’s anchor vertical, declined by 0.7% qoq in constant currency (CC)
terms. This was primarily because of unstable macros, which led to a delay in budget flush
from few BFSI clients. In INR terms, revenue came in at `7,250cr, registering just 2.0% qoq
growth, aided by INR depreciation of 1.0% qoq against the USD in 4QFY2011.
The company’s EBITDA and EBIT margins declined by 120bp and 122bp qoq to 32.1%
and 29.0%, respectively, due to poor utilisation level, which dropped off by 550bp qoq
(excluding trainees) in 4QFY2011. PAT stood at `1,818cr, 2.1% qoq growth, aided by
higher other income of `415cr v/s `290cr in 3QFY2011.
The company has guided for 18–20% yoy growth in USD revenue to US$7.13bn–
US$7.25bn for FY2012. EPS guidance for FY2012 stands at US$2.83–US$2.88, growth of
8–10% yoy. We expect Infosys’ revenue and PAT to witness CAGR of 21.3% and 17.0%
over FY2011-13E, respectively. We maintain Accumulate view on the stock with Target
Price of `3,435.
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