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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Infosys Limited    INFY   INE009A01021

INFOSYS LIMITED

(INFY)
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Infosys raises revenue forecast as demand rises

01/13/2021 | 10:13am EST
An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore

BENGALURU/NEW DELHI (Reuters) - India's Infosys Ltd on Wednesday raised its annual revenue growth forecast, betting on a surge in client demand for digital services such as cloud computing and buoyed by large deal wins worth more than $7 billion in the quarter to December.

Companies such as Infosys and local rivals Tata Consultancy Services (TCS) and Wipro have become major global players offering services spanning back office work for banks to social media content moderation as well as more traditional technical support.

The country's IT and software services sector generated exports of more than $147 billion in revenues in the year to March 2020, according to sector lobby group NASSCOM.

Bengaluru-based Infosys, India's second biggest such firm by market value, secured a cloud partnership with German automaker Daimler AG and a strategic partnership with British aero-engine maker Rolls-Royce among other deals in its third quarter.

It said it expects annual revenue in the financial year to end-March 2021 to grow between 4.5% and 5% in constant currency terms versus the previous year, higher than the 2% to 3% forecast earlier.

"There is a huge move to accelerate digital spend, to do more things on the cloud and ...we are now ready to participate and play in(to)this strength massively," Infosys CEO Salil Parekh told an online news conference.

The December quarter is typically a weak one for India's IT sector as Western clients work fewer days due to the holiday season, but earnings in the period strengthened this year as businesses increased investment in digital services to support home working during the pandemic.

Infosys reported consolidated net profit of 51.97 billion rupees ($709.90 million), compared with 44.57 billion rupees a year earlier and an average analyst forecast, according to Refinitiv data, of 50.50 billion rupees.

Larger rival TCS, which counts Microsoft Corp and Malaysia Airlines among its customers, last week reported a rise third-quarter profit and forecast strong growth for the year ahead. Wipro, which provides content moderation for Facebook, also reported on Wednesday an increase in consolidated net profit and said the demand environment was steadily improving.

Infosys' revenue from operations rose 12.3% to 259.27 billion rupees with executives saying they were seeing broad-based growth across many industries in cloud services and data analytics.

"We feel a lot more optimistic about banking and financial services on the back of lot of large deal wins," chief operating officer Pravin Rao said, without giving further details.

The banking, financial services and insurance (BFSI) sector accounts for just over 33% of Infosys' total sales, its biggest revenue stream.

The company will hire around 24,000 staff from college campuses in India next year, Rao said, adding to the near 720,000 people already employed by Infosys and TCS.

($1 = 73.2070 Indian rupees)

(Reporting by Anuron Kumar Mitra in Bengaluru and Sankalp Phartiyal in New Delhi; Editing by Vinay Dwivedi, Kirsten Donovan)

By Anuron Kumar Mitra and Sankalp Phartiyal


© Reuters 2021
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Financials
Sales 2021 1 002 B 13 561 M 13 561 M
Net income 2021 194 B 2 626 M 2 626 M
Net cash 2021 285 B 3 849 M 3 849 M
P/E ratio 2021 27,3x
Yield 2021 2,28%
Capitalization 5 318 B 71 787 M 71 954 M
EV / Sales 2021 5,02x
EV / Sales 2022 4,33x
Nbr of Employees 249 312
Free-Float 84,9%
Chart INFOSYS LIMITED
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Infosys Limited Technical Analysis Chart | INFY | INE009A01021 | MarketScreener
Technical analysis trends INFOSYS LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 39
Average target price 1 541,82 INR
Last Close Price 1 253,30 INR
Spread / Highest target 69,5%
Spread / Average Target 23,0%
Spread / Lowest Target -42,6%
EPS Revisions
Managers and Directors
NameTitle
Salil S. Parekh Chief Executive Officer, MD & Executive Director
Mohit Joshi Co-President
Ravi Kumar S. Co-President & Deputy Chief Operating Officer
Nilanjan Roy Chief Financial Officer
Nandan M. Nilekani Non-Executive Chairman
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