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    INFY   INE009A01021

INFOSYS LIMITED

(INFY)
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Delayed Quote. Delayed NSE India Stock Exchange - 09/17 07:14:05 am
1691.3 INR   -0.64%
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Infosys : India's Infosys raises revenue forecast, says ready for visa challenge

10/14/2020 | 11:27am EDT
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% 1691.3 Delayed Quote.34.68%
TATA CONSULTANCY SERVICES LTD. -1.93% 3827.85 Delayed Quote.33.71%
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Analyst Recommendations on INFOSYS LIMITED
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Financials
Sales 2022 1 184 B 16 073 M 16 073 M
Net income 2022 221 B 2 998 M 2 998 M
Net cash 2022 306 B 4 149 M 4 149 M
P/E ratio 2022 32,2x
Yield 2022 1,89%
Capitalization 7 087 B 96 186 M 96 172 M
EV / Sales 2022 5,73x
EV / Sales 2023 5,01x
Nbr of Employees 267 953
Free-Float 84,8%
Chart INFOSYS LIMITED
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Infosys Limited Technical Analysis Chart | INFY | INE009A01021 | MarketScreener
Technical analysis trends INFOSYS LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 36
Last Close Price 1 691,30 INR
Average target price 1 802,19 INR
Spread / Average Target 6,56%
EPS Revisions
Managers and Directors
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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