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

INFOSYS LIMITED

(INFY)
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Delayed Quote. Delayed NSE India Stock Exchange - 11/26 02:35:17 am
1108.3 INR   -0.66%
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India's Infosys raises revenue forecast, says ready for visa challenge

10/14/2020 | 11:27am EST
An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore

BENGALURU/NEW DELHI (Reuters) - Indian software services firm Infosys Ltd raised its annual revenue growth forecast on Wednesday as it posted a better-than-expected quarterly profit, buoyed by growth in demand for its digital services during the pandemic.

The Bengaluru-headquartered company said it expected annual revenue in the financial year to end-March 2021 to grow between 2% and 3% in constant currency terms versus the previous year, from an earlier expectation of revenue being flat to up 2%.

"There is lot of focus on enabling a remote place of working, a lot of focus on accelerated digital transformation, a lot of focus on migrating workflows to the cloud," said Pravin Rao, the chief operating officer at Infosys, which provides services such as cloud, data and analytics to global clients.

Infosys, which typically used H-1B visas to connect U.S. businesses with thousands of foreign engineers and programmers, has stepped up local hiring in the past three years and is ready to meet any challenges arising from changes to the U.S. visa regime, Rao said.

Rules notified by the U.S. earlier this month include limiting the validity of an H-1B visa to one year for workers placed at third-party worksites.

"We are very confident that we will be able to bring the right talent either locally or globally to our clients," Rao told reporters in a virtual news conference.

Infosys' consolidated net profit in the September quarter climbed 26.6% to 48.45 billion rupees ($661.35 million). Analysts on average had expected a profit of 45.19 billion rupees, according to Refinitiv data.

"Infosys results today ... signify how important it has become for enterprises to invest in IT to weather any disruptive situation - be it a pandemic or an economic recession," Forrester analyst Ashutosh Sharma said.

Revenue climbed to 245.70 billion rupees from 226.29 billion rupees in the quarter.

($1 = 73.2588 Indian rupees)

(Reporting by Vibhuti Sharma and Sankalp Phartiyal; Additional reporting by Philip George; Editing by Sherry Jacob-Phillips, Kirsten Donovan)

By Vibhuti Sharma and Sankalp Phartiyal


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
INFOSYS LIMITED -0.64% 1108.3 Delayed Quote.52.59%
SIGNIFY N.V. 0.76% 35.94 Delayed Quote.29.00%
TATA CONSULTANCY SERVICES 0.51% 2712.7 Delayed Quote.24.96%
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Financials
Sales 2021 986 B 13 356 M 13 356 M
Net income 2021 187 B 2 536 M 2 536 M
Net cash 2021 286 B 3 872 M 3 872 M
P/E ratio 2021 25,1x
Yield 2021 2,47%
Capitalization 4 733 B 64 151 M 64 112 M
EV / Sales 2021 4,51x
EV / Sales 2022 4,00x
Nbr of Employees 240 208
Free-Float 85,0%
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
Sell
Buy
Mean consensus BUY
Number of Analysts 35
Average target price 1 280,89 INR
Last Close Price 1 115,65 INR
Spread / Highest target 65,8%
Spread / Average Target 14,8%
Spread / Lowest Target -38,2%
EPS Revisions
Managers
NameTitle
Salil S. Parekh Chief Executive Officer, MD & Executive Director
Mohit Joshi Co-President
Ravi Kumar S. Co-President & Deputy Chief Operating Officer
Nandan M. Nilekani Non-Executive Chairman
U. B. Pravin Rao Chief Operating Officer & Executive Director
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