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Research
Infosys - Q3 FY2013 Results First Cut - Microsec
Posted On : 2013-01-11 03:22:22( TIMEZONE : IST )
Infosys Ltd (INFY) announced its consolidated Q3 FY2013 results on 11 January 2013. Both the company's top line and bottom line, on organic basis, were in line with our expectations. However, INFY beat street expectations during the quarter.
While INFY's top line, including Lodestone, increased 5.7% q-o-q to Rs.10,424 Crores, its bottom line remained sequentially stable at Rs.2,369 Crores in Q3 FY2013. However, the revenues included contribution of Rs.214 Crores from Lodestone, except which, the revenues grew sequentially by 3.6%. Revenues came slightly above our estimates due to better than expected improvement in pricing that improved 1.8% during the quarter. The company reported a better than expected EBIDTA during the quarter, mainly by trimming on its Administrative Expenses. Among the components, reduced consultancy and professional charges and toned down provisions, with contraction of Rs.74 Crores, remained key contributors for this decline.
Although INFY slightly upped its FY2013 dollar revenues guidance, ex-lodestone, to $7.346 Bn from $7.343 Bn, the company expects top line, including Lodestone to stand at $7.45 Bn during the year. However, INFY kept its $ EPS guidance unchanged at $2.97 for FY2013. Nevertheless, the company expanded its organic Rs. revenue and EPS guidance to Rs.40,178 Crores and Rs.162.80 per share respectively. A quarter earlier, INFY predicted revenues to stand at Rs.39,582 Crores while it envisaged the EPS at Rs.160.61 in FY2013. Including Lodestone the top line is expected to stand at Rs.40,746 Crores during the year.
After several quarters of lower than expected performance, INFY cheered the street with slightly better than estimated numbers in Q3 FY2013. The current quarter performance may support the company's stock in the near term. However, the company's management continues to remain cautiously optimistic on the business environment. With this, advise investors to hold the stock at current juncture with a target of Rs.2,722 per share.
