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Q3FY23 Preview: Infosys : Revenues seen at Rs 378,303 million; PAT at Rs 64, 623 million

11 Jan 2023 , 11:36 AM

Result date: 12th January, 2023

Recommendation: BUY

Target Price: Rs 1800

Analysts at IIFL Capital Services forecast quarter-on-quarter (Q-o-Q) growth in revenue of 1.1% in the December quarter, in constant currency terms, for Infosys. Net profit is forecasted to increase Q-o-Q by 7.3% and Y-o-Y by 11.2%  The December quarter is seasonally a weak one for the sector. Deal momentum for the company is likely to remain healthy. 

Margins are forecasted to increase by 40 basis points, Q-o-Q, in the December quarter. Easing supply side pressures and depreciation in Rupee against the US dollar are expected to have a positive impact on margins. The company is expected to maintain its revenue and margin guidance for FY 23.

Important management insights to watch out for:

  • Deal wins and pipeline
  • Demand trends across key verticals
  • Clients’ technology budgets for FY 23
  • Potential impact on margins from easing supply side

Source: IIFL Research

  December quarter estimate Q-o-Q Y-o-Y  
Revenue ($ mn) 4601 1% 8.2%  
Revenue (Rs mn) 378,303 3.5% 18.7%  
Ebit (Rs mn) 82,675 5% 10.5%  
Ebit margin 21.9% 0.3% -1.6%  
Net income (Rs mn) 64,623 7.3% 11.2%  
EPS (rs) 15.4 7.3% 11.2%  
         

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  • Infosys
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