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1QFY2012 Result Preview
Infosys
Infosys is set to announce its 1QFY2012 results. We expect a modest performance by the
company, with revenue at US$1,664mn vs. US$1,602mn in 4QFY2011, up 3.9% qoq, led
by volume growth of 2.7% qoq. In rupee terms, revenue is expected to grow by 2.6% qoq
to `7,435cr vs. `7,250cr in 4QFY2011. EBITDA margin is expected to decline by 276bp
qoq to 29.3% due to negative impact of annual wage hikes, effective from April 1, 2011.
PAT is expected to come in at `1,689cr.
Key points to watch out for are a) management’s commentary on the macro picture
and b) revision, if any, in USD revenue growth guidance for FY2012, which we expect to
increase by 1% to 19–21% yoy. We maintain our Buy recommendation on the stock with a
target price of `3,424.
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