Please Share:: 
Back on track…
• Infosys reported stellar Q2FY15 earnings led by growth in the US,
Europe, energy and utilities vertical
• Constant currency (CC) revenues grew 3.9% while $ revenues grew
3.2% QoQ to $2,201 million, ($2,186 million, 2.5% growth estimate).
Consolidated IT services grew 3.6% QoQ, led by volumes (3%)
• EBIT margins improved 96 bps QoQ to 26.1% (25.5% estimate) while
net income came at | 3,045 crore vs. | 2,624 crore estimate led by
margin beat and higher other income
• Infosys maintained its FY15E US$ revenue growth guidance of 7-9%
YoY. The company announced a 1:1 bonus issue of equity shares
and 1:1 stock dividend of ADR shares. Infy also announced an
interim dividend of | 30/share
We estimate Infosys will report revenue, EPS CAGR of 8%, 12%,
respectively, over FY14-16E (with average 25.7% EBIT margins in FY15-
16E), slower than 18.2%, 12.2% reported during FY09-14 along with
average 28.1% margins. Though the earnings trajectory could improve
over time, the incoming CEO continues to impress with his strategic
direction. The FY16E EPS upgrade coupled with target multiple raise to
~19x, 10% premium to its FY09-14 one-year forward PE average of 17.7x,
leads to a revised target price of | 4500 and BUY rating vs. HOLD earlier.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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Back on track…
• Infosys reported stellar Q2FY15 earnings led by growth in the US,
Europe, energy and utilities vertical
• Constant currency (CC) revenues grew 3.9% while $ revenues grew
3.2% QoQ to $2,201 million, ($2,186 million, 2.5% growth estimate).
Consolidated IT services grew 3.6% QoQ, led by volumes (3%)
• EBIT margins improved 96 bps QoQ to 26.1% (25.5% estimate) while
net income came at | 3,045 crore vs. | 2,624 crore estimate led by
margin beat and higher other income
• Infosys maintained its FY15E US$ revenue growth guidance of 7-9%
YoY. The company announced a 1:1 bonus issue of equity shares
and 1:1 stock dividend of ADR shares. Infy also announced an
interim dividend of | 30/share
We estimate Infosys will report revenue, EPS CAGR of 8%, 12%,
respectively, over FY14-16E (with average 25.7% EBIT margins in FY15-
16E), slower than 18.2%, 12.2% reported during FY09-14 along with
average 28.1% margins. Though the earnings trajectory could improve
over time, the incoming CEO continues to impress with his strategic
direction. The FY16E EPS upgrade coupled with target multiple raise to
~19x, 10% premium to its FY09-14 one-year forward PE average of 17.7x,
leads to a revised target price of | 4500 and BUY rating vs. HOLD earlier.
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
http://content.icicidirect.com/mailimages/IDirect_Infosys_Q2FY15.pdf
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